Product details
Learning how to save money is a vital skill for all children. By opening an interest-earning savings account for your child, you can help them understand the value of a dollar and how they can use interest rates and a disciplined savings approach to build a bigger savings balance. The First Saver Account from Bank First is a savings account that teaches Aussie kids how to save.
Available to applicants under the age of 18, it combines competitive tiered interest rates with no account-keeping or transaction fees to ensure that your child’s pocket money goes towards saving for a secure financial future.
- Product Name
- Bank First First Saver Account
- Maximum Variable Rate
- 2.20% p.a.
- Standard Variable Rate
- 2.20% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Minimum Age Requirement
- 1
- Maximum Age Requirement
- 17
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the Bank First First Saver Account?
Tiered interest
The First Saver Account offers competitive interest rates to help teach your child how to save money. Interest rates are tiered depending on your account balance, with balances of $2,000 and over earning a much higher rate than balances below this mark. Interest is calculated daily and applied to the account quarterly.
No fees
There are no ongoing account-keeping fees with the Bank First First Saver Account, nor are there any transaction fees. This means that the money your child puts into their account won’t be eaten away by fees and will instead go towards their savings goal.
Easy access
Your child can access their savings any time via Internet and phone banking. This means they can withdraw their funds whenever they want.
No minimum deposit requirements
There is no minimum deposit required to open an account and your child does not need to meet monthly deposit requirements in order to keep earning the highest interest rate available.
No minimum balance requirements
The Bank First First Saver Account does not have any minimum balance requirements, so your child has the freedom to withdraw as much of their balance as they want whenever they need it.
Under-18s only
This product is a children’s savings account designed for under-18s only.
Pros
- No account keeping fees
- No minimum deposit or balance needed
- Internet and Phone banking available
What you’ll need to know before applying
It's important to check that your child satisfies the eligibility criteria before you start applying.
- Age requirements. The Bank First First Saver Account is only available for children aged between 0 and 17 years.
- Residency requirements. Your child will need to be an Australian resident.
If you’re already a customer, you can download an application form from the Bank Firstwebsite. You’ll need to provide your name, address and contact details when filling out the form. You will also have the option to set up a regular deposit into your First Saver Account.
If you’re looking for a competitive savings account to help your child get off to the right financial start in life, the First Saver Account from Bank First is definitely worth considering. See how its features, fees and interest rates stack up against offerings from other banks before deciding which account is the best option for your child.
