A quick review about the task at hand, I'll be talking about the 5 banks in Australia that has a youth savings account and it's interest rates. First up, Commonwealth Bank, if a child were to top up there savings account with the total amount under $50,000 dollars, or more of a realistic rate say around $2,000, their interest rate would be 0.01% p.a but there is also a bonus interest which is 0.29% p.a. The Australia and New Zealand Bank, ANZ has a simple interest rate for youth savers under the age of 18 which is 0.01% p.a which you can deposit $0+. If you have the deposit of at least $10, no fees, no withdrawals or no charges that were taken from the account in the previous month, you'll attract a special interest rate which is 1.81% p.a.
Moving on to Westpac, the basic interest rate is higher compared to the other banks where if you deposit any amount (without the bonus rate) you'll find yourself with 1.50% p.a interest. To get a bonus rate, each month you'd have to make a deposit into your savings account, you'd have to make the amount of money you have now bigger than before you made the deposit and at all costs, you'd have to keep your accounts money higher than 0. Bendigo Bank, you can open a savings account for your child who is under the age of 12, the simple interest rate is going to be 1.25% p.a.
NAB, the age limit should be under the age of 18 to create a savings account for kids, the basic interest rate would be 1.00% p.a but also there's a bonus rate which is 1.35% p.a, if you received both interest rates, you'd get an interest rate of 2.35% p.a. If you topped up your account and left your account with no withdrawals for a long time, you'd get a reward interest. The interest rate for would be 0.01% p.a but that's not all, there's another interest rate as a bonus which is 2.60% p.a. Together your interest rate would be 2.61% p.a.
In conclusion, you don't have to pay any fees if you have a children savings account and Westpac alongside Bendigo Bank has a decent interest rate that will attract family's who want to open up a kids account and gain some money, thank you.
this was from last year, have fun with that if you australian
YOU ARE READING
My school life in a book
Non-FictionDo You really want to see my school work? Here's a book! Pretty much most of the stuff isn't school related so just witness an Insomniac's life
