Replacement for First Option Kids Bonus Saver account after Letter Received

bobwokeup on 30/09/2017 - 19:40
Last edited 30/09/2017 - 19:41

So I just received a letter in the mail from First Option saying that unfortunately, they can't continue to offer such high rates for the Kids Bonus Saver account. I think we were getting just over 5%pa which was great and just a $5 minimum deposit. I was a bit shocked to see that they have dropped it to 3%pa for under $5k and 1% for over $5k balance.

So I did a bit of googling and here are the top 3 kids accounts I found:

1) Select Encompass Credit Union - Kick Start Saver 5%pa (up to $5k) with no min deposit
2) BankWest - Kids' Bonus Saver 4.75%pa (balance transferred to linked Children's Savings Account after 12 months which I personally don't like) min $25 deposit
3) CUA Credit Union - Youth eSaver Account 4%pa (up to $5k) with no min deposit

Have I missed anything? Thoughts?

Financial

Comments

  • [Deactivated] on 30/09/2017 - 21:17

    we use the cua and transfer $250 to the bankwest bonus saver account every month which is their maximum per month or it will sit in just the normal bankwest kids saver earning about 0.75%. The $250 max and all gets transferred out per year stinks but interest rate is good that's why we have the cua earning 4%

    • bobwokeup on 01/10/2017 - 19:29

      That makes sense…For us our kids are both 6 and under so we are only putting in a small amount each month for the bonus interest.

      I think I might go with the Select Encompass account and review again in a year or 2 when they are both old enough for pocket money.

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