julesandco

Can anyone advise on a good savings account for kids?

I want to be able to pay money in online (not necessarily every month).

Does anyone have any experience of good ones here with incentives for the kids to save? There used to be some good ones in the UK, but they don't appear to advertise them as much here.

Thanks for your answers

Jules x

ABCDiamond

ANZ have one, and it pays bonus interest in any month that at least $10 is deposited, and nothing is withdrawn.

I haven't checked on what the bonus rate is for sometime though.

It's the ANZ Progress Saver account.
http://www.anz.com/australia/persbnk...gressSaver.asp

Under 18 years, your account will be free of account service fees and transaction fees.

If you are a parent or guardian opening an account for a child under 12 years you will need to open the ANZ Progress Saver account in Trust for the child.

If you are a customer aged 12 to 17, and can sign a consistent satisfactory signature, the account can be opened in your own name.

TillyG

I have that ANZ Progress Saver one for my daughter. Paperwork/statements come addressed to me "in trust for xxxxxxx". It is linked to my internet banking (so I can look at my own accounts and her account on the same login, iykwim).

I transfer $10 every pay day (so twice per month) from my main account to hers. The interest rate isn't fantastic but it's better than nothing and we (DH & I) figured that it was just good to have a separate account for her.

Once this new baby arrives, I will set one up for him/her. Will also use some of the Baby Bonus money to "reimburse" DD as her account was only opened when she was 3 so I need to put extra money in to "make it fair" LOL