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Our verdict

This is a savings account for customers under 17 designed to teach young Australians how to save money for later in life.

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.

Pros

no minimum balance or deposit
no account keeping, management or annual fees
savings rewards, i.e. education grants and achievement awards
direct credits and debits to and from the account

Cons

Only for members under the age of 18

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.

Details

Key details

Product Name	BankVic Little Copper Club
Maximum Variable Rate	3.95% p.a.
Standard Variable Rate	3.95% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0

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 3.95% p.a..

Special benefits and rewards for under 18s

The account comes with special benefits and rewards aimed at under 18-year-olds to keep them interested in using a bank account and saving for the future. These include competitions in newsletters, a free policeman moneybox and saving rewards. Rewards come in the form of education grants and achievement awards.

The annual education grant is available to members with a minimum of $250 in their account, at the end of June each year. Entry is automatic and subject to meeting this requirement. The savings rewards are based on balances on 1 December each year. These balances are then assessed and entered into a draw, with the size of the prize determined by the balance in the account.

Minimal fees

There are no applicable account keeping, management or annual fees that are charged to the account. The bank does hold the right to charge the normal dishonour, transaction, and other standard fees, which you can view in the BankVic Fees and Charges brochure, available on their website.

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 17. 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.

Identification. The identity of the minor will have to be verified by the bank even if the child doesn't operate the account. However, the child will need to be the account holder as the account holder needs to be under the age of 17.
Depository requirements. There are no requirements for a minimum account balance. Therefore, you are able to withdraw all of your available credit funds. Account holders also have the option of depositing any amount that they feel fit which makes the account very flexible.

Documentation needed

Proof of age. The bank will require proof that the account holder is under the age of 17 years before opening the account. They may also require a parent or guardian to sign the application form. The signatories, parents, or guardians, and the account holder will need to provide suitable identification as required by anti-money laundering legislation.
How to apply. BankVic makes applying for an account very easy and stress-free. You can phone them, visit a branch or lodge your application online, as the applicable application form is available on their website.

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BankVic Little Copper Club account (for under 18s)

Our verdict

Pros

Cons

Details

Key details