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Kids bank account

Discussion in 'Finance & Banking' started by Waimate01, 19th Mar, 2011.

  1. Waimate01

    Waimate01 Well-Known Member

    Joined:
    26th May, 2008
    Posts:
    157
    Location:
    Sydney
    Hi all,

    Just wondering if anyone had any positive recommendations on kids bank accounts.

    Doing a bit of research, it seems that most of them offer pointlessly low interest rates, that only become decent if deposits are made each month. My 10 year-old daughter is only likely to make deposits a couple of times a year.

    The BankWest offering looks best, but that involves two accounts and $25 per month. The last thing this family needs is yet more bank accounts !

    What I'd really like to find is a single account with no fees and that pays a reasonable rate of interest without requiring the kid to jump through hoops.

    Anyone seen such a thing?

    Thanks

    -- Wally
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    What about just setting up an account in your own name and letting your kids deposit money and treat it as their own.