Looking for recommendation for 16 (still in school) and 17 (just finished school).
Not sure if there is a ozbargain preferred accounts for young people
Recommendation of Bank Account for Young Folks (16 and Almost 18 Year Old)
bin555 on 07/06/2022 - 23:50
Last edited 07/06/2022 - 23:56
Last edited 07/06/2022 - 23:56
Comments
Nab savings account - free for life, still has physical branches.
Both my kids (15 & 17) are on ING Orange Everyday Youth account, which transits to ING's normal Orange Everyday account when they turn 18.
You might also want to consider Up, which ranked well amongst OzBargainer in Best Day to Day Bank Account in 2022. The minimum age for Up account is 16, which should be fine in your case.
Thanks
There is no reason to use UP with their low interest rates
No Bank is allowed to charge kids for saving.
U-bank pays highest interest and does fastest transactions.
CBA is recommended if tertiary path is an option. But by all means grab ALL free money you can find on this forum!BoQ Future Saver paying 3% interest on deposits for U35's, but need to deposit $200/month
I'm 19. First bank I signed up to was CBA at the start of last year partly due to both my parents being solely with COmmbank. In july of last i got a letter with a Platinum Mastercard saying that theyve upgraded me for some random reason. Giving me extended warranty and some sort of price protection apparently.
In regards to encouraging them to save. I don't have a constant job but I do have a few paying flings in the IT industry throughout the year and my tendancy to splurge that money is directly proportional to how easy the work was. Like I think susbconsiouly I value the money less cause it was accrued more easily.
Use Westpac savings account and you will get 2%pa
Go with a HISA.