For meeting the deposit and withdrawal requirements of the Bankwest Kid’s Bonus Saver, your child’s savings can grow almost as fast as they do. This account is linked to the Children’s Savings Account and provides access via Bankwest’s online banking program. If you are looking to teach your children the value of saving their dollars with a high interest savings account, this is an account worth considering.
Available for children under 15.
What are the features of the Bankwest Kid’s Bonus Saver?
Ensuring that your child’s financial future has a kickstart is not a decision to take lightly. Before choosing a savings account product for their money, compare the features of various bank’s similar accounts with those offered by Bankwest:
- Account keeping fees. There are no monthly account keeping or maintenance fees with this account.
- Interest rate. The base interest rate is a nominal fixed interest rate.
- Interest calculations. Interest is calculated on the balance daily and deposited into the account once a month.
- Bonus rate. If the terms of the account are met for the month, a special bonus interest rate is applied. This is a high variable interest rate that is subject to change.
- Bonus rate terms. 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.
- Linked account. In order to take advantage of the Kid’s Bonus Saver your child must also have a Children’s Savings Account. Every 12 months the balance of the bonus account minus one dollar will be swept into the Children’s Savings Account.
- Account control. This account will be 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 a fee free account that helps to teach young Australians the value of saving.
- No account keeping fees
- Phone and internet banking available
- Counter service available
- Strict conditions
- No ATM access
- Requires a linked account
How do I apply for the Bankwest Kid’s Bonus Saver online?
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.
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.
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.