ohippy

I know that this has been asked before but these things change so quickly.

My eldest daughter (11) has just started working and needs a bank account. We're with the Westpac but every account has a fee and no interest unless you have over $3000 and she's not earning that much !!

Does anyone know of any accounts more suitable for her ? She only needs one account not a main account linked to a savings account.

Sam

We have our daughters money paid into her savings account with Westpac and when she wants some out, i just transfer it into mine and draw it out for her

edit: she gets interest and doesnt yet have $3000 in her account!

No charge for any of it

ohippy

is the savings account in her name ?

I've just checked out the accounts but it says that the savings account must be linked to a main account in the same name. The savings accounts are ok but the main accounts are the rip off ones.

Sam

Savings account in her name but linked to our joint account as shes a minor and can't hold her own bank account till 16!

ohippy

ah, excellent, I'll get her one of those then. Thanks Sam

Sam

NO worries mate


If it helps i went into the local branch and spoke to them about it and they were really helpful etc!!!


Mind you around here the local branch means the bank manager knows me!!

that took some getting used to, bank manager only used to know me coz i owed them money in the UK!!!!

curly

Sorry havent got info just curious...working at 11

mand8002

My daugher opened an account at the Commonwealth Bank at the age of 10 and does not get charged fees as she is under 16 and even then it will be free as long as she is a student. Granted she does not get interest on her money, but she also has a netbank saver fast start account linked to her everyday account where she can transfer money and I am sure she gains interest on every dollar in there (the fast start is for under 25s). She also has the netbanking so she can transfer money between the two accounts herself and when she wants to spend some she uses her eftpos card.

Sam

Delivering leafets

Sorry OH, not stepping on your toes just spotted this and knew the answer

Dorothy

Our kids have accounts at Commonwealth and don't pay any fees. Both my husband and I have signing authority, but they're not linked to any other accounts.

ohippy

no worries Sam !! Bleddy hard work I can tell you but she wants money we don't have !

worzel

Same here and it does pay interest - about 4% I think.

breezeboylan

My daughter (12) has a savings account with Bankwest and they pay 10% interest on it. She has her own efptos card and gets her statements sent to her every month. Best thing we ever did opening that account. She feels dead grown up and saves half if not more of her pocket money every week.
Tracie

worzel

10%!!! Wow. Have you transferred you life savings into it? I would remortgage the house and invest it in that account too.

breezeboylan

Thought about that, you can only put maximum $250 a month into the account Perfect for kids.
Tracie