This account is ideal for your kids first savings account, to teach them the fundamentals of saving and good financial habits from a young age, and is available to kids 11 years old and under. By depositing a small amount each month and making no withdrawals, the account will earn the high variable bonus interest rate and you and your child can watch the balance grow. Another benefit is there are no account keeping fees.
Hume Bank Clancy Koala Account
- Maximum variable rate
- 5.30% p.a.
- Base interest rate
- 0.01% p.a.
- Minimum deposit
- $10
Our verdict
Teach your kids good saving habits and earn up to interest with this account.
This account also allows your child to earn rewards for their school through Hume's school banking program, which over 50 schools participate in.
Pros
-
No account-keeping or transaction fees - Kids keep everything they save.
-
Parental oversight - Option to link to family online banking so parents can guide savings.
Cons
-
Age restriction - Account is only available for children 11 and under.
Details
Key details
| Product Name | Hume Bank Clancy Koala Account |
| Maximum Variable Rate | 5.30% p.a. |
| Standard Variable Rate | 0.01% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $1 |
Key features
No monthly account keeping or transaction fees, with free internet and mobile banking through iBank and the Hume Bank App.
Be rewarded with bonus interest in months when you make a deposit by the end of the month and make no withdrawals. Check Hume Bank's current terms for the minimum monthly deposit.
How to apply
This account is available for kids aged 11 and under. To apply, visit your local Hume Bank branch and ask what identification you'll need for you and your child.
Your reviews
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Alison Finder
Editorial Manager, Money
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