Product details
Designed for Australian children under the age of 15, the Bankwest Children’s Savings Account pays a competitive rate of interest so that kids can see how fast their money can grow. There are no fees eating away at the savings, and parents are able to quickly access the account through online banking or over the phone.
Interest rate displayed applies to balances $20,000 or more. See below for more details.
- Product Name
- Bankwest Children's Savings Account
- Maximum Variable Rate
- 2.50% p.a.
- Standard Variable Rate
- 2.50% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Minimum Age Requirement
- No Minimum Age
- Maximum Age Requirement
- 15
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the Bankwest Children’s Savings Account?
A savings account geared towards children helps to teach them financial responsibility at a young age. The Bankwest Children’s Savings Account’s features are structured to meet that goal.
Compare those with what you get with other Australian banks and their kids savings accounts to see which will provide you and your child with the most financial benefit while showing them the rewards of good saving habits:
Monthly account keeping fee
You will not be charged any account keeping fees with the Children’s Savings Account.
Interest rates
The interest rates for this account are variable and tiered to give you the most value for higher balances.
| Tier | Interest rate |
|---|---|
| $0 to $2,999.99 | 0.75% p.a. |
| $3,000 to $9,999.99 | 1.25% p.a. |
| $10,000 to $19,999.99 | 1.70% p.a. |
| $20,000+ | 2.50% p.a. |
Interest calculation
Interest is calculated daily on the end of the day balance and credited into the account once a month. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.
Minimum balance
You are not required to maintain a minimum balance with this account, nor do you have to meet any terms such as withdrawal limits in order to earn interest.
Accessibility
Parents or guardians are able to access this account using Bankwest’s online banking platform.
Direct credit
You can set up electronic payments into the account to help build the savings quickly.
Bonus savings
This account can be linked to the Kids’ Bonus Saver from Bankwest, which is a high interest savings account that rewards your child with bonus interest each month when no withdrawals are made and a minimum deposit requirement is met. After 12 months, the balance of this account over one dollar will automatically be swept into the Children’s Savings Account.
Availability
This account is for Australian children under the age of 15.
Account holder
The child is the account holder, but not an authorised signatory for the account. Only the parent or guardian is permitted to make withdrawals from the account online or over the phone. If you like the features of these accounts it might be a good idea to look over some of the other Bankwest Savings Accounts, including ones designed specially for students, retirees and almost anyone else who wants to save more money.
To see how much interest you will actually earn, in real dollar amounts, you might also consider using a savings calculator to compare accounts in detail.
Pros
- No fees and charges
- Parent/guardian access via phone and online banking
- Earns credit interest
Cons
- Can only link to a Bankwest account
How do I apply for the Bankwest Children’s Savings Account?
The Bankwest Children’s Savings Account gives you a lot to consider when it comes to setting up your kids’ financial future. If you think that these features give you the most benefit, you can apply for the account by visiting a local branch or over the phone.
Eligibility to apply online
Before making the trip to Bankwest, check to ensure that you are able to meet the eligibility requirements:
- Minimum age. Account holders must be aged 15 or younger, while the assigned signatory for the account needs to be at least 18 years of age.
- Residency requirements. Australian residents who have an Australian residential address can apply.
- Depository requirements. There is no opening deposit needed in order to activate this account.
If you are already a Bankwest customer, they will already have most of the information needed in order to complete your application.
Documentation for your online application
If you are new to Bankwest you will need to bring the following documentation with you when applying:
- Tax file number. Your tax file number (TFN) and/or exemption codes are used on interest earning accounts to ensure that the withholding amount on your gains is correct.
- Identification. Original copies of your photo identification such as a driver’s licence or passport. If neither of those is available you can provide one non-photo ID along with one secondary ID. For the child account holder you will need to bring their Australian birth certificate.
What happens after I open an account?
Once Bankwest has confirmed the information provided on the application, they will contact you with the details of your Children’s Savings Account including account number so that you can begin emptying the piggy bank into an interest earning savings account.
