anyone know the best free account to get for teenagers? Usually they have high interest as well
Best Free Savings Account for Teenagers
yjun355 on 14/09/2020 - 05:37
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And if you have enough savings to give you a significant amount of interest over time, then you'd probably be better off putting that money somewhere else anyway to earn you even more for your efforts.
3% is higher than some loan interest rate
Plus it used to be 4% last year.
Usually they have high interest as well
yeah that ship has sailed!
you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month
you must make 5 eligible purchases with the debit cardWestpac wants the customers to pump the account every month and then spend to get the 3%. This is the opposite of saving.
was wondering if there were any Catches.
i only skimmed it but think some users posted "workarounds"
(am still planning to open one once i can find out the potential downsides..)
We just recently opened an account for our teen and Westpac youth was the best we could find with the least difficult terms and conditions in our specific case.
I don't know if the promo is still ongoing, but it if is, then if you deposit 500 into the account and make 5 qualifying card transactions in the then it is entitled to a bonus $50 as well. There is no requirement that the $500 stay in the account either. edit - the promo is still ongoing until the 6th of October.
Anyway, the everyday transaction account + "high" interest account are fee free. And there are no other ongoing spending requirements. The only requirement for the bonus "high" interest is that the balance of the savings account be higher than it was at the beginning of the cycle. My son has been transferring $1 into it every month.
Finally, the "high" bonus rate for this account isn't really high at all. It's just a total of 1.1% In it's favor, it's "normal" rate is 0.55%, so even if the requirements aren't met, the account still earns a tiny amount.
This is in contrast with the link above which is only open for 18-29 years olds. It does appear to have a total of 3% interest, but does have the extra requirements of spending involved.
People are doing it wrong if they think keeping their money in banks will give them a high-interest rate. Those days a long gone.