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.
What are the features of the Bankwest Kids' 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 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.
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.
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.
This account is operated by a parent or legal guardian on behalf of the child.
You can set up direct payments to be paid into this account.
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.
- No account keeping fees
- Phone and internet banking available
- Simple bonus interest requirements
- Highly competitive interest rates
- 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.