Bankwest Kids' Bonus Saver

Bankwest Kids' Bonus Saver

Maximum Variable Rate

4.75

Standard Variable Rate

0.01

Give your kids a kickstart on their savings with a bonus interest rate from Bankwest.

  • Access your account online and using phone banking
  • Available to children over 15
  • No minimum deposit required
  • Deposit restrictions between $25-$250 apply

Product details

The Bankwest Kid's Bonus Saver account makes it easier to save, by earning up to 4.75% p.a. in interest. You'll need to meet the account requirements to earn this exceptional interest rate, but fortunately it's not too difficult. All you need to do is deposit $25 or more per month and not make any withdrawals. You will also need to have a linked Bankwest Children's Savings Account, where funds over $1 will be swept after 12 months. The high interest rates mean you cannot deposit more than $250 initially or per month.

To take full advantage of the outstanding interest rates, make sure you're hitting the $250 monthly deposit limit.

Product Name
Bankwest Kids' Bonus Saver
Maximum Variable Rate
4.75% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
4.74% p.a.
Introductory / Bonus Offer Conditions
Child must also hold a linked Bankwest Children's Saving Account in his or her name. Applies each month if no withdrawals are made and deposits total at least $25 - $250.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$25
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Maximum Deposit
$250
Joint application?
Yes
Minimum Age Requirement
No Minimum Age
Maximum Age Requirement
15
Age Conditions
Available to children under 15 years only with parents supervision.
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Bankwest Kid’s Bonus Saver?

Before choosing a savings account product for your child, compare the features and downsides of equivalent accounts from other banks. If your goal is to earn as much interest as possible, it may be worth comparing interest rates side by side. The Bankwest Kid's Bonus Saver account can deliver returns of up to 4.75% p.a., so that might be the figure to beat.

$0 Account keeping fee

There are no monthly account keeping or maintenance fees with this account.

Interest calculations

Interest is calculated on the balance daily and deposited 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.

Bonus rate

Each month you deposit at least $25 and make no withdrawals, the account earns 4.74% p.a. on its current balance. If you miss it one month, you can still get it the next.

Maximum monthly deposit

You cannot deposit more than $250 into the account per month, and the competitive interest rates mean it might be a good idea to aim for these maximums every month.

Linked account

In order to take advantage of the Kid’s Bonus Saver your child must also have a Bankwest Children’s Savings Account. Every 12 months all money in the bonus account over $1 is swept into the Children’s Savings Account where it will keep earning interest, albeit at a lower rate than in the bonus account.

Account control

This account is operated by a parent or legal guardian on behalf of the child.

Direct credits

You can set up direct payments to be paid into this account.

Accessibility

This account can be accessed through online banking.

Children’s Saving Account

The linked Children’s Savings Account is also fee free, and also earns interest. This Kid's Bonus Saver Account is simply a separate addition for those who want to earn more. 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.

Launch savings calculator

Pros

  • No account keeping fees
  • Phone and internet banking available
  • Simple bonus interest requirements
  • Highly competitive interest rates

Cons

  • No ATM access
  • Requires a linked account
  • Cannot deposit more than $250 per month

How do I apply for the Bankwest Kid’s Bonus Saver online?

Before you begin, you should check first to make sure that you qualify for this account.

Eligibility to apply online

  • Minimum age. This account is available for children aged 15 and younger.
  • Residency requirement. You must be an Australian resident with a verifiable Australian residential address in order for your application to be considered.
  • Depository requirement. There is no minimum initial deposit that needs to be made, but you should deposit at least $25 a month to earn the bonus interest for that period.

Documentation for your online application

If you qualify for this account, gather the following documentation before heading to a Bankwest store in order to make it easier and faster to process your application:

  • Tax file number. A tax file number (TFN) or TFN exemption code is not compulsory, but it does help ensure that the interest earnings are not being taxed at the highest marginal rate.
  • Identification. If you are an existing Bankwest customer you will only need to provide your personal details on the application. New customers will need to first prove their identity by providing a driver’s licence or passport. For the minor under the age of 18, only an Australian birth certificate is necessary.
  • Linked account details. In order to open this account you will need to have a Children’s Savings Account already in operation. The details of that account will be needed in order for the two to be linked.

What happens after I open an account?

If you meet the eligibility requirements and have all of the necessary documentation, your Kid’s Bonus Saver will be opened by Bankwest once the details have been verified.

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8 Responses to Bankwest Kids’ Bonus Saver Savings Account

  1. Default Gravatar
    Jess | January 23, 2017

    Do we have to withdraw the cash after 12 months? What does sweep the account mean?- which account?

    • Staff
      May | January 23, 2017

      Hi Jess,

      Thanks for your question.

      The Bankwest Kids’ Bonus Saver account actually involves a Sweep Facility. This means that annually, the funds from this account will automatically be transferred to the Children’s Saving Account that is held by the child. At the end of each anniversary date of the account opening, Bankwest will transfer the balance of the account above $1.00 to the Children’s Saver Account.

      Cheers,
      May

    • Default Gravatar
      Jess | January 25, 2017

      Thank you for your reply.
      Can I ask what the point of sweeping it back the standard account would be?
      Can it be moved back over, say after a week, to get the high interest again for the following year?

    • Staff
      May | January 26, 2017

      Hi Jess,

      Thanks for getting back.

      Basically, with the Bankwest Kid’s Bonus Saver account, the maximum opening deposit is $250 and the maximum amount(s) which may be deposited in any calendar month is also $250. So in case that in any calendar month you would exceed $250, the deposit will not be accepted by Bankwest’s system.

      So if more than $250 is accepted unintentionally (for instance Bankwest’s systems are down or if the deposit is made by direct credit), the deposit will be swept automatically to the linked Children’s Savings Account. This will be treated as never having been made to the Kids’ Bonus Saver Account. So, the same is true that at the end of each anniversary date of the account opening, any amount that exceeds $1 in the account, their system will automatically identify the balance (more than $1) and sweep this off to the child’s Children’s Savings Account.

      If you want to invest again on Kid’s Bonus Saver, you can arrange it with Bankwest directly.

      Cheers,
      May

  2. Default Gravatar
    Sabrina | September 6, 2016

    Hi,

    I would like to open an account for my 6 months old son. What documents are required to open one? Is birth certificate sufficient?

    • Staff
      Clarizza | September 6, 2016

      Hi Sabrina,

      Thanks for your question.

      As the legal guardian opening a kids bank account for your son, you will need to provide a driver’s licence or passport. For your son, you will need to provide his Australian birth certificate.

      Hope this helps.

      Clarizza

  3. Default Gravatar
    Sara | August 27, 2016

    I have a 4 year old. I’d like to deposit 5k initially and 250 per month there after.
    Is this ok??

    • Staff
      Chester | August 28, 2016

      Hello Sara,

      Thanks for your question.

      Yes that would be okay. Just make sure that In order to qualify for the bonus rate each month, the total deposited must be at least $25, but cannot exceed $250. In addition, no withdrawals can be made. If you fail to meet those conditions for one month you still have the opportunity to meet them the following.

      Also In order to apply for the Kid’s Bonus Saver account you will need to either go to your nearest Bankwest store or call them. Before you begin, you should check first to make sure that you qualify for this account:

      * Minimum age. This account is available for children aged 15 and younger.
      * Residency requirement. You must be an Australian resident with a verifiable Australian residential address in order for your application to be considered.
      * Depository requirement. There is no minimum initial deposit that needs to be made, but remember that if you don’t make at least a $25 deposit each month you will lose the chance to earn bonus interest.

      I hope this helps.

      Cheers!
      Chester

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