wavy_davy

I've been looking around for a savings account for our daughter as we like to try to put a little bit away for her if we can. I can only find accounts that pay something like 0.55% interest which is nothing and certainly wouldn't encourage her to save. I'm beginning to wonder whether it would be better to open an account in our name and pay the tax on the interest.

Can anyone recommend an account that is suitable for children and pays a good rate of interest?

Thanks!

jad n rich

Suncorp have account that pays about 5% interest on any balance, think there are limits on withdrawals tho.

Watch how much you put in a childs name, they can only earn about $600 before paying tax, not sure what it is now but I think we got told its the top tax rate.

wavy_davy

Oooh thanks for that tip! Looks like it might be worth opening a normal account in our name then and put her money in that.