Gift cards get better, but there are still some on the naughty list
RateCity has today revealed its annual ‘naughty and nice’ gift card list, as tough new rules abolish short expiry cards.
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Educating children about being responsible with money, for many parents, is a necessary and ongoing process to equip them for the adult world.
And one of the most popular ways to introduce them to the world of finance and establish a platform to learn many of those lessons is to set up a kids’ bank account.
Most banks and financial institutions offer bank accounts specifically designed with kids in mind. These kids’ bank accounts will vary slightly on a range of common features and allow you to eventually choose one that best suits your needs.
Depending on your child’s age, they will generally need a parent or guardian to help them set up their account online or at a branch, and the parent to retain a level of control.
Some institutions, however, will also have a minimum age limit over which a child can open a bank account themselves.
The individual policy of the particular bank or financial institution you use will detail all the documentation you need to open the account, so you can go along to the branch prepared. However the basic requirements you will usually need to open an account are:
Getting your child involved in the process of setting up the account from the very beginning can be a wise idea, so that depending on their age they have an appropriate level of understanding in relation to the process, the benefits and the responsibilities that go with having a bank account in their own name.
If you compare accounts based on the following features, it will allow you to make a more considered decision based on all the costs and benefits associated with each product offering.
Aside from parents just arranging for the regular transfer of money to be deposited into a kids’ bank account, there are several ways you can encourage children to grow their own balance:
If you’re looking to establish a kids’ bank account, there are a range of common-sense tips parents should be conscious of in relation to influencing a child’s attitude to money and educating them.
You are their first role model – How you treat money will consciously or sub-consciously impact how they treat it as well. If you’re generally disciplined with your own finances, you’re getting them off to a great start.
Income and expenses – Keeping money lessons simple by talking about the two sides to the financial ledger allows children to visualise the need to have balance with what they earn and what things cost.
Needs and wants – This is a critical element of spending that will carry a child well into adulthood and allow them to prioritise whether they need something or whether they just want something. It’s a simple but effective question to ask them early in life, so they realise they cannot have it all.
Pocket money – There are so many different approaches around what age is best to start an allowance, how much should be given and what tasks should be attached to children being given pocket money. However, it all comes down to individual families and how you align it with your specific values and lifestyle.
Credit – Once children reach their teenage years, the concept of credit and how it works should be particularly understood so they are aware of its role.
Online research – Encourage teenage children to carry out their own research online for any significant items they may be considering purchasing, so they can start to understand the financial value of comparing the range of offers from different providers. By shopping around, they will understand the savings that can be made on popular items such as phone plans, electronics, sports merchandise and fashion. These savvy dollar-saving habits will serve them well when they’re responsible for independently managing their own finances.
Nick Bendel is RateCity’s property and personal finance editor, and covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Smart Property Investment, Elite Agent, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
There are few better ways for a child to learn about money management than through savings. And there’s a plethora of bank accounts designed specifically for young people and children.
A bank account for a child can be opened online, over the phone or in a branch in a few easy steps. The minimum age a child can open a bank account for themselves usually ranges between 12 and 14.
If the child is too young to open the account, you can do it for them as their legal parent or guardian.
To do this, you would need to be over 18, have an Australian residential address and currently reside in Australia (or have proof of residency).
You would also need to provide:
Depending on the bank account, you might be able to choose what level of access the child has to their bank account (online and via the phone).
Yes, Australian bank accounts are frozen when someone dies. If you want to close the account of somebody who has died, you might have to provide proof of death and a copy of the will. You might also have to prove your relationship to the deceased person.
If you have a joint bank account with somebody who has died, you will generally be entitled to all the money in the account. Again, you might have to provide proof of death if you want to change the bank account from a joint account to a one-person account.
The good news for savvy young folks like you wanting to take charge of your finances is that there are many bank accounts available for under-18s.
For bank accounts that require you to be 18 or older, you’ll have to rope in a parent or guardian to open the account for you.
Otherwise, you can apply by yourself online or at the branch of the bank, credit union or building society that has the account you would like to open.
If applying online, you might be asked for a form of identification. For under-18s, this could be a Medicare card you’re listed on, your birth certificate and/or your current home address.
In most cases, you can verify your identity online (at the time of applying) or at the branch afterwards.
Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.
Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.
All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.
Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.
Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.
Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.
The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.
If you’re migrating, studying or working in Australia, you’ll be pleased to know that you can open an Australian bank account. For the most part, opening a bank account in Australia is a simple process which starts by comparing the types of bank accounts foreigners can open in Australia.
Once you’ve found a bank account that suits your needs, you can start the application process.
When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.
Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.
Opening a bank account online is a simple process and only takes between five to 10 minutes to complete. To get started you will need a computer or smartphone with internet access.
Information to have available when you’re ready to apply is:
In some cases, you might be asked to provide employment details. If you’re not able to verify your identity online, most financial institutions let you provide this in the branch at a later date.
There are some types of bank account that you can apply for only in a branch. However, most bank accounts can be applied for conveniently online.
Yes, you can open another account at the same bank if you already have an account there, but some banks place a limit on how many specific accounts you can open.
Generally, though, it is possible to have more than one everyday account, one personal account and one joint account, or have different types of accounts – such as a transaction account and a savings account.
Keep in mind that some bank accounts come with fees, so you could be charged twice for having two types of the same account at the same bank.
Also, if you have more than one high-interest transaction account at the same bank, only one account will be able to earn the highest rate of interest.
Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.
To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).
If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.
Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.
Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.
If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.
There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.
Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.
It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.