Best Bank Account for Teens

oxonomo on 07/10/2021 - 18:18

My daughter is 11 (she'll be 12 in January) and I'm looking to open a bank account for her to use with her weekly money.

We had opened it at CUA (now Great Southern Bank) but I didn't like the service. So I would like to switch.

Can anyone point me to a bank to open this account that also has a good savings yield?
Thanks a lot!

Financial Bank Account Transaction Account

Comments

  • HairyChickens on 07/10/2021 - 18:33
    +3

    There's only one option…

  • pharkurnell on 07/10/2021 - 18:54
    +3

    What didnt you like about the service?

  • McBanjo on 07/10/2021 - 18:54

    A savings yield? In this economy? Try an ETF

  • rektrading on 07/10/2021 - 19:01
    -2

    There is no such thing as savings accounts. People deposits money in banks to see it go down to the right.

    https://usdsat.com/

  • It is Adam on 07/10/2021 - 19:14

    Have you considered a Neo Bank like Revolut ? Or an online only bank like UBank. Both will be fee free.

    • Kyle-K on 07/10/2021 - 20:07
      +2

      Have you considered a Neo Bank like Revolut.

      Just a heads up they're also not a bank.

      • vinnychase on 07/10/2021 - 22:39

        revolut gets this " for her to use with her weekly money" but not "also has a good savings yield"

  • Anoni Moose on 07/10/2021 - 21:45

    Agree about service for Great Southern Bank, but we haven’t found another that has as good interest rates

    • [Deactivated] on 07/10/2021 - 22:04

      what problems have you had with their service?

  • yellowfever on 07/10/2021 - 22:38

    When I opened at 16yo CBA gave me $50
    I'm still with CBA til this day, along with a few other banks.

  • thriftysach on 07/10/2021 - 23:50
    +1

    Invest into crypto.

    Diversify 70% into BTC and ETH, 30% in altcoins.

    By the time she is older, Bitcoin will probably be a payment method

    • rektrading on 07/10/2021 - 23:54
      +1

      Expect hate in 3, 2, 1…

  • Baysew on 08/10/2021 - 11:06

    Gateway Bank - Dollaroo Kids Account

    1.5% Interest Rate
    No account keeping fees
    Unlimited fee-free transactions with no minimum balance
    Available to children under 16
    Parent or guardian has full control over the account, until the child turns 16

    • rektrading on 08/10/2021 - 11:37
      -1

      It hurts to think that children nowadays have to grow up in a time where their savings are rekt by inflation.

      Their savings "grow" smaller with every birthday.

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