Children's Savings Accounts

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Children's Savings Accounts

Are you trying to find the best way to teach your kids the value of money? If so, the best place to start this exciting learning experience is with a children’s savings account. Children’s savings accounts are very much like ordinary adult online savings accounts, where there are usually a number of key features involved including:

  • Online access
  • An account number
  • Interest rate
  • Statements

Another main feature for children’s savings accounts that is also similar to their parent’s online savings accounts is that most financial institutions offer special conditions and rewards for saving more money. For instance, you may earn a bonus interest rate on top of the base interest rate for a minimum amount of money – such as $20 – deposited into the account each month.

Many children’s savings accounts come with special features that the financial institution offers such as exclusive offers and “club” membership, websites with games and activities, competitions and tips on saving. It’s a great way to encourage your kids to save their money, earn interest and watch it grow. It’s a lesson for a lifetime of good money management. Start browsing from the table above to find your child a savings account today.

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Company Product Base Rate Maximum Rate Bonus Conditions Maximum Interest Earned Go To Site
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Westpac Reward Saver - 12 to 21 0.01% 3.71% No end date Minimum one deposit per month, no withdrawals $6.19 per month Go to Site
Westpac Reward Saver - Under 12 0.01% 3.71% No end date Minimum of one deposit per month, no withdrawals $6.19 per month Go to Site
Westpac Choice - Under 21's 0.00% 0.00% No end date N/A $0 per month Go to Site

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Data last updated August 31st, 2014

Maximum rate includes base rate plus bonuses, if applicable. Interest Earned is indicative only, and based on the the maximum interest rate for this product over a one month period. Conditions may apply in both instances.

Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Read our detailed disclosure here.