What to do with the kids' money down under......
Dec 31st 2005, 12:09 am
#1
Birds of a feather . . .
Thread Starter
Joined: Oct 2004
Location: In my own home! Northern Beaches, Sydney
Posts: 1,788
What to do with the kids' money down under......
We have been here for three months and have spent all the kids money and now need to start repaying it! 
We cashed in their post office accounts when we left the UK, intending to put their savings into something equivalent over here but the money all got swallowed up in the move and we now need to set up accounts for them again before we forget how much we owe them. They got money from rellies for christmas too so, assuming they don't spend it all, this would help top up their balances nicely.
So, where's the best place for their money? (We are only talking a few hundred each - not megabucks!)
Binbird
We cashed in their post office accounts when we left the UK, intending to put their savings into something equivalent over here but the money all got swallowed up in the move and we now need to set up accounts for them again before we forget how much we owe them. They got money from rellies for christmas too so, assuming they don't spend it all, this would help top up their balances nicely.
So, where's the best place for their money? (We are only talking a few hundred each - not megabucks!)
Binbird
Dec 31st 2005, 12:12 am
#2
.
Joined: Nov 2004
Posts: 21,374
Re: What to do with the kids' money down under......
Originally Posted by binbird
We have been here for three months and have spent all the kids money and now need to start repaying it!
We cashed in their post office accounts when we left the UK, intending to put their savings into something equivalent over here but the money all got swallowed up in the move and we now need to set up accounts for them again before we forget how much we owe them. They got money from rellies for christmas too so, assuming they don't spend it all, this would help top up their balances nicely.
So, where's the best place for their money? (We are only talking a few hundred each - not megabucks!)
Binbird
We cashed in their post office accounts when we left the UK, intending to put their savings into something equivalent over here but the money all got swallowed up in the move and we now need to set up accounts for them again before we forget how much we owe them. They got money from rellies for christmas too so, assuming they don't spend it all, this would help top up their balances nicely.
So, where's the best place for their money? (We are only talking a few hundred each - not megabucks!)
Binbird
Dec 31st 2005, 12:33 am
#3
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Posts: n/a
Re: What to do with the kids' money down under......
Originally Posted by binbird
We have been here for three months and have spent all the kids money and now need to start repaying it!
We cashed in their post office accounts when we left the UK, intending to put their savings into something equivalent over here but the money all got swallowed up in the move and we now need to set up accounts for them again before we forget how much we owe them. They got money from rellies for christmas too so, assuming they don't spend it all, this would help top up their balances nicely.
So, where's the best place for their money? (We are only talking a few hundred each - not megabucks!)
Binbird
We cashed in their post office accounts when we left the UK, intending to put their savings into something equivalent over here but the money all got swallowed up in the move and we now need to set up accounts for them again before we forget how much we owe them. They got money from rellies for christmas too so, assuming they don't spend it all, this would help top up their balances nicely.
So, where's the best place for their money? (We are only talking a few hundred each - not megabucks!)
Binbird
We set up an account with the ANZ for ours. (They pay a bonus interest rate for any months with a deposit, but without any withdrawals)
Dec 31st 2005, 12:33 am
#4
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Joined: Oct 2004
Location: In my own home! Northern Beaches, Sydney
Posts: 1,788
Re: What to do with the kids' money down under......
Originally Posted by fraser
Anyone with sensible answers please!
Binbird
Dec 31st 2005, 12:35 am
#5
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Joined: Oct 2004
Location: In my own home! Northern Beaches, Sydney
Posts: 1,788
Re: What to do with the kids' money down under......
Originally Posted by ABCDiamond
Many of the schools set up "School banking accounts" for the children with the Commonwealth bank, I assume to try to create loyal paying customers for the future
We set up an account with the ANZ for ours. (They pay a bonus interest rate for any months with a deposit, but without any withdrawals)
We set up an account with the ANZ for ours. (They pay a bonus interest rate for any months with a deposit, but without any withdrawals)
Thanks ABC - that does ring a bell. I'll check with the school when they go back at the end of Jan. Until then I guess we just carry on spending their money! No income yet so needs must!!!
Binbird
Dec 31st 2005, 12:36 am
#6
A former regular of BE
Joined: Oct 2004
Location: Carramar, Perth
Posts: 6,241
Re: What to do with the kids' money down under......
Originally Posted by binbird
We have been here for three months and have spent all the kids money and now need to start repaying it!
We cashed in their post office accounts when we left the UK, intending to put their savings into something equivalent over here but the money all got swallowed up in the move and we now need to set up accounts for them again before we forget how much we owe them. They got money from rellies for christmas too so, assuming they don't spend it all, this would help top up their balances nicely.
So, where's the best place for their money? (We are only talking a few hundred each - not megabucks!)
Binbird
We cashed in their post office accounts when we left the UK, intending to put their savings into something equivalent over here but the money all got swallowed up in the move and we now need to set up accounts for them again before we forget how much we owe them. They got money from rellies for christmas too so, assuming they don't spend it all, this would help top up their balances nicely.
So, where's the best place for their money? (We are only talking a few hundred each - not megabucks!)
Binbird
We left post office accounts open in the UK. We did this as we figure she will probably head back to the UK for a few months after school so she will have some money to use when she gets there and an open account etc.
Dec 31st 2005, 12:36 am
#7
Sydney- North Shore
Joined: May 2004
Location: Sydney
Posts: 387
Re: What to do with the kids' money down under......
Originally Posted by binbird
Thanks Fraser - is that where your boys' funds are invested?!
Anyone with sensible answers please!
Binbird
Anyone with sensible answers please!
Binbird
you can also pay stirling cheques in which is handy for the grandparents to send them money etc
Last edited by jjonboy; Dec 31st 2005 at 12:37 am. Reason: typo
Dec 31st 2005, 12:38 am
#8
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Posts: n/a
Re: What to do with the kids' money down under......
The normal rate is 0.01% p.a. but with a bonus of 3.50% p.a. giving 3.51% p.a
Not bad for balances between $1 and $499
ANZ Progress Saver
No monthly Account Service Fee
1 Free withdrawal per month
Unlimited Internet Banking transactions
Not bad for balances between $1 and $499
ANZ Progress Saver
No monthly Account Service Fee
1 Free withdrawal per month
Unlimited Internet Banking transactions
