Children's Savings Accounts with The Highest Interest Rate

AussieDolphin on 11/10/2019 - 19:30

Hi,

My three kids have Youth Saver Bank Accounts with the Commonwealth Bank. I'm looking at moving them elsewhere for a better interest rate. They do not withdraw from the account. My daughter just turned 16 and I noticed from the Google searches that I did most kids bank accounts for under 15's. I currently deposit $50 into each account monthly.

Who is the best provider? What about account holding fees?

Thanks =).

Financial Bank Account Savings Account

Comments

  • currentfad on 11/10/2019 - 20:41

    https://www.boq.com.au/personal/banking/savings-and-term-dep…

    Edit nvm min deposit $200/month

  • Skramit on 11/10/2019 - 21:13
    +1

    Do you have a mortgage? If so create the kids their own offset accounts and put the money in there instead. Interest rates are so low it’s not even worth having a savings account.

    • Kaz0551 on 11/10/2019 - 21:15

      That's what we do. CBA had unlimited with debit cards

    • dcep on 11/10/2019 - 23:06

      is that account separate or tied to the home loan ?

      say if you refinance away, the account gone as well ?

      • Maxdax on 12/10/2019 - 08:27

        The offset account is a separate account - not tied to the home loan - so if you refinance the loan away - the offset will change to a normal transaction account - it will be a smart access or complete access. While you have the mortgage and offset linkage the benefit is that you can SAVE up to 3% (or more, depending upon your rate) by keeping money here rather than earning a very low-interest rate on the children's savings account.

    • [Deactivated] on 22/11/2020 - 19:40

      How do you do that?

      • Skramit on 22/11/2020 - 20:19
        +1

        Depends on your bank but ask them for an extra offset account or three. I have 6 offsets all under my single loan account. It’s just handy for managing funds in separate buckets.

  • DeafMutePretender on 11/10/2019 - 22:31
    +2

    LOL, based on recent news, it made me think "can I get higher interest rates if I identified as a 16 year old kid? If you don't give me high interest, you're a bigot"

    • ribbonsofnight on 12/10/2019 - 10:39

      I think there's been one European man who unsuccessfully tried to get 20 years taken off his official age but he wasn't even trying to become a minor or otherwise take advantage of any laws or rules.

  • randomthought on 11/10/2019 - 22:33

    CUA youth saver, only up to 17 years old though

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