Looking for the best bank for under 18. St Georges free $50 doesn't seem too bad.
Best Bank for High School Students
bunnyrina on 04/02/2024 - 23:38
Comments
I have found it very handy to have my young teen's bank account with the same bank as my accounts. I could add their account onto my app, which makes it easier to keep an eye on their account and to move funds around for them. I'll be removing it when they're older and more independent, but for now it suits us both and being at the same bank makes everything a lot easier.
Agreed. Had ours with another bank and it just proved too difficult. Moved to NAB who were very good at linking to parents allowing easy movement of funds.
Other considerations might include whether it's account which will have frequent transactions running through, hold existing savings, or intended for savings with near-term employment.
Nowadays I think ubank and Up Bank remain pretty compelling, particularly for the higher interest rates and online apps.
CBA still does accounts from 14yo.
Not like when I was a kid and got 3.75% from the passbook account at school.Anything with a tla like BMW Bank etc…
Mum & Dad
Or mum & dad's home loan off set a/c
NAB won't slug them with fees when they turn 18.
Bank Australia, no fees and a great ethical bank that offers a good interest rate with a low savings requirement. with Osko payments it doesn't really matter about you yourself having access to the account.
Macquarie Bank
If you want to monitor their spending, then Spriggy is pretty good. Real time alerts for spending, can set up allowances, saving goals etc. $60/yr. Not free but not over the top for what you get, but has been handy for the kid at high school. Set jobs in the app they have to do to earn pocket money to spend.
ANZ Plus depending on age.
Great Southern Bank is pretty good.
Free kids transaction account with a Visa debit card, and linked savings account with >5% interest rate with (from memory) no saving requirements, etc. My kid has already got in the habit of moving money on the app from the savings account to the transaction account when he needs it, and then moving it back once done to earn that sweet, sweet "passive income".
Also includes a transaction account for a parent which can supervise the other accounts.
Open yourself a uBank account, put all your savings in there. Ensure you deposit $200 a month. It's not the best interest rate, but it's pretty solid and the easiest requirements to my knowledge.
For your transaction account, I recommend Up. You'll really appreciate what they offer feature-wise.
Unfortunately OP, you don't provide an age range so it's really going to depend on how old. Here's some of the age restrictions, for some of the accounts mentioned here already.
- Up - These accounts are available only to individuals over 16 years of age for private or domestic use.
- :ubank - To join us, you’ll need to be over 16 years old and an Australian citizen or permanent resident.
- Macquarie Bank - To open (and keep open) an Account, you must be over 12 years of age, reside in Australia at the time of application and have: a permanent Australian residential address, an Australian mobile phone number, and a valid email address.
- ANZ Plus - To be eligible for Accounts you must: be at least 15 years old, have an Australian residential address and be an individual and use your Accounts for mainly personal use (not business).
What are 'Your' parameters for 'Best'?
The online Comparison sites have so many search parameters you can use to suit your 'Best' wants.
I think you should invest in your relationship with the Bank of M&D.