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V.I.P. Pension Account - Joint

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Pros and Cons

Pros:
  • Has branch access
  • Has ATM access
  • Has EFTPOS facility
  • Has no ongoing fees
  • Has no minimum balances
Cons:
  • Must satisfy conditions

Features

Fees

FAQs

The process of opening a savings account for your child is broadly similar to opening one for yourself. If your child is under a certain maximum age (often 13-15, depending on the bank), you as the parent will have some joint ownership of the account.

Children over the maximum age will need to open their own standard bank account, though you may still need to provide some assistance, such as ID.

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