BankVic Little Copper Club account (for under 18s)

This is a savings account for customers under 18 designed to teach young Australians how to save money for later in life.

The Little Copper Club account is designed for young customers aged under 18, with the intention of helping them create a habit of saving for a rainy day. It offers special awards for saving and the chance to win an educational grant. The account is extremely flexible and allows day-to-day access.

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0.1% p.a.

Maximum variable rate

0.1%p.a.

Base interest rate

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Details

Product NameBankVic Little Copper Club
Maximum Variable Rate0.1% p.a.
Standard Variable Rate0.10%
Monthly Account Fee$0
Minimum Opening Deposit$0
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Review by


Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This account offers some interest on your balance and a great deal of flexibility. It's rare to find a savings account that allows complete day-to-day access to your balance, with no conditions. However, if you're under 18 you will be able to find a higher interest rate elsewhere in the market.

Key features

Access to the account is easy and as unrestricted as possible

Gain access to your account through various channels and platforms. This includes telephone, mobile, and internet banking. You can also go directly to a BankVic branch, and even a Westpac bank. The PayAnyone Mobile Email feature of mobile banking is also available for your use.

When making use of Westpac bank to withdraw funds, a specially encoded deposit book will be required, which is available from BankVic. All account information will be pre-coded on the deposit slips, saving you the effort of writing everything down and removing the risk of making substantial errors.

Earn interest on your balance

The interest on this account is calculated daily and credited on both the 30th of June and 31st of December. The current interest rate is 0.1% p.a..


How to apply

Here's what you need to know before apply.

Eligibility

  • Do you have a BankVic membership? BankVic is a member only bank, therefore, to be able to qualify for any account held at their organisation you have to apply for membership first. This is gained by being a member of the police force, emergency service, health service or public service. If you stay 5km from one of their offices, you will qualify for membership, if another member introduces you to the bank you will be deemed fit to apply for membership, subject to this member having at least 12 months standing.
  • Maximum age. This savings account is only available to those under the age of 18. When the account holder turns eighteen years of age, they will cease to be eligible for this account. The account will then be converted to a savings account. The bank will remind you of this prior this date.

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