Ready to open up a bank account for my son age 7. Which Best one to go with?
Kids bank account
Layla11 on 23/01/2022 - 23:58
Comments
I like CBA as its free, has a debit card, its debit cards work with apple/android/samsung pay, has payID and the app is really user friendly
Seven-year-olds are not eligible for a debit card at CBA and digital wallets are not permitted for seven-year-olds as well.
has payID
PayID not available on CBA NetBank
Dollarmites
A piggy bank
He currently has all his money in a piggy bank but I would also love to add money into his account.
Just put the money through the slot.
What banks have a branch near you? I would probably go with any no fee account with a local branch that's easy to access, just in case there's a need, makes life easier.
My area only has one branch amongst 3 suburbs. The line wait is a killer.
A cold wallet and some hard assets.
Wallet in fridge. Have bought bricks. Instructions unclear?
We went with a CUA for our kids.
+1 CUA is now called Great Southern Bank
https://www.greatsouthernbank.com.au/bank-and-save/savings-a…
Yep I’m with them too and the rates are good.
The BEST ONE is one that is available at school or easy to get to after school or on saturday morning.
They all have zero interest rate and all of the banks will/should give the kids a piggy bank.
Spriggy
If your bank allows, have a separate account in your offset. That’s what we do for our kids
what a cracking idea!
why not just open another account in your existing bank? If you have a home loan with offset, why not just create another offset account and save interest on any savings in that account. I am doing that now and he's not even one yet. St George / Westpac allows up to 99 offset accounts! Plenty to cover all your offspring
Go for a mutual bank or credit union.
The challenge is they are effectively useless these days … with zero interest, the kids have no real interest as there's no "free money" every month … and even if there was the ability for them to earn any interest without being taxed into oblivion is next to non-existant
Save yourself the hassle and just get another fee free account at your existing bank in your name. Set up a weekly transfer of pocket money (and/or whatever else you want to do), print them off a statement every month and off you go.
I am surprised to see no one has mentioned revolut.
I use revolut and have created 2 kids account. Both have their own debit card. You can assign chores and add cash rewards which will automatically move money from your account to their account after your approval. Card can be used anywhere and you are always in full controlOh I didn’t know you can do that. No interest though is a bummer. That’s why I like Great Southern Bank the rates are great.
Ps wonder why someone negged you without a reason that is strange.
Revolut is not a bank.
It’s a financial institution though. Have to admit I’ve had a couple of issues when using them to transfer money. It was held as the senders name was theirs rather than mine. I just had to provide proof and then it was released. Still I get credit card points for topping up and then transferring so it’s worth the hassle.
But not an APRA authorized approved deposit-taking institution.
ASIC gave them permission to conduct business in Australia despite not having their own Australian Deposit-taking Institution (ADI) licence.
@Baysew: I won't recommend anyone to put their life's savings in revolut.
But for the kids account, its better than any other bank or financial instructions because of the controls it gives you for managing the account.
OP what are you looking for for the kid In a bank account? At that age most of the major banks will only provide an eftpos only card which is limiting.
Unfortunately if you do want to get them a card you're not going to find a free option. I recommended Spriggy to the extended family and friends and they seem to be happy. Also Revolut Junior may be an option as well but they both paid.
Check out Great Southern Bank
Youth eSaver Account
An online savings account for newborns to 17‑year‑olds.
On balances up to $5,000
2.40% p.a.https://www.greatsouthernbank.com.au/bank-and-save/savings-a…
Hope this helps!
Thankyou for all the comments. I will look more into each of these and choose from there. Your all amazing for taking the time out to reply . Much love ❤️
We've been using Spriggy for the last 4 years. Fairly happy with them. One little thing to know is they have a limit of $1000 balance. So for us, with 3 kids plus Parent Wallet, occasionally had to do some manoeuvring to allow one child to make a large purchase.
Anything with zero fees and a debit card.
You aren't opening a savings account these days for the interest rate.
I like CBA as its free, has a debit card, its debit cards work with apple/android/samsung pay, has payID and the app is really user friendly