Best bank account for a teen/pre-teen

singlemalt72 on 07/03/2017 - 14:13

I want to set up a transaction account for my daughter (11, going on 12) so that she can start learning the value of "invisible" money rather than just assuming anything can be bought because "You can just use your card".

I'm looking for something that may have linked saving and transaction accounts with the lowest fees possible ( I seem to seek kids/youth accounts are offered with little or no fees). I'll transfer her pocket money in fortnightly and she will become responsible for managing her account (with a little oversight).

Prefer first-hand experience rather than just google results.

Thanks in advance.

Financial

Comments

  • TakaHas on 07/03/2017 - 14:20
    +2

    Commonwealth Bank - Everyday Account Smart Access

    Our Everyday transaction accounts make it easy for you to access your money. Both come with:
    * $0 monthly account fees while you’re under 21
    * The option of a Debit MasterCard® to pay for things with your own money – online, over the phone, in-store and overseas
    * Access to the CommBank app plus over 4,000 ATMS and 1,000 branches
    * Zero monthly account fees for full-time students.

    I don't have much money going in and out when I was young, I assume majority of other banks would have similar offerings as they don't get much out from these accounts (other than social responsibility).

    • tomsco on 07/03/2017 - 14:23
      +1
      • $0 monthly account fees while you’re under 21

      Interesting.

      While I was a uni student, I had to go in once a year to show my eligibility for the student fee waiver. In the end I just closed the account and went with NAB.

      I'm pretty sure I closed in under 21 though, so I'm wondering if this under 21 clause has always been the case.

  • jaybmate on 07/03/2017 - 14:40
    +2

    Ubank banks accounts show a graph showing your money going up/down over time, I use it, and I think it might be helpful for a younger person learning about money to see a picture etc, instead of just numbers on a screen.

    Of course Ubank savings and transaction accounts are free (for everyone in fact).

    Has really all other features that you would want (that the big banks have). Eg, free debit card, Owned by NAB and you can use NAB atms for free, backed by Aust Government, etc.

    • singlemalt72 on 07/03/2017 - 14:49

      This looks interesting, even for myself. I'll read up on it :)

      • hashtagbargain on 07/03/2017 - 15:39

        Macquire bank also has an excellent visual representation of where your money gets spent.

  • tinx on 07/03/2017 - 21:53

    there is banking program at my son's school. they use commbank. and called youthsaver account.

    they bank at school and get dollarmites token to get reward.

    this is primary school.

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