Product details
If you want to teach your child how to save money and grow a bigger balance, the bcu Scoot Super Saver Account is well worth a look. Available to kids under the age of 13, this account pays bonus interest to reward good saving habits. If your child deposits at least $20 per month and withdraws no more than $5 in the same month, they can earn 2.75% p.a. bonus interest on top of the standard variable rate of 0.75% p.a.
There are also no monthly account fees and no minimum deposit requirements, while kids who open an account can also access a range of fun games and educational activities through Scoot’s Zone.
- Product Name
- BCU Scoot's Super Saver
- Maximum Variable Rate
- 3.50% p.a.
- Standard Variable Rate
- 0.75% p.a.
- Bonus Variable Rate
- 2.75% p.a.
- Introductory / Bonus Offer Conditions
- You must deposit at least $20 per month and make no more than $5 in withdrawals within the same month.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $20
- Internet Banking
- Yes
- Internet Transaction Fee
- $0.30
- Phone Banking
- Yes
- Joint application?
- Yes
- Minimum Age Requirement
- No Minimum Age
- Maximum Age Requirement
- 13
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the bcu Scoot Super Saver Account
The Scoot Super Saver Account offers a long list of features to kids aged 12 and under, including:
A competitive, variable interest rate of 3.50% p.a.
If your child deposits at least $20 into their account per month and does not withdraw an amount greater than $5 in that same month, they can earn a competitive bonus interest rate on their account balance. In months where these requirements are not met, their balance will still earn interest at the standard variable rate. Interest is calculated on the whole account balance and is paid monthly. The interest is variable which means it could move in line with the RBA Cash Rate.
No ongoing fees
There is no monthly account-keeping fee charged on the Scoot Super Saver Account, allowing your child to grow their savings balance as quickly as possible.
No minimum balance
There are no minimum balance requirements on this account, so your child is free to withdraw as much money as they want to pay for purchases.
Account access
The funds in a bcu Scoot Super Saver Account can be accessed via Internet, mobile and telephone banking. You can also make over-the-counter cheque and cash deposits and over-the-counter withdrawals, while ATM and EFTPOS access are available as well. Six free staff-assisted withdrawal, deposit and transfer transactions are available per month, but a fee applies to ATM transactions.
Scoot’s Zone
Kids who open a bcu Scoot Super Saver Account can also enjoy access to Scoot’s Zone. This online portal provides a wide range of fun games and activities that kids can play while learning about saving money at the same time. They can also develop a savings plan, ask Scoot a question about money or banking and access special deals and discounts at a number of partner retailers throughout the Coffs Harbour (NSW) region. If you like the features of these accounts it might be a good idea to look over some of the other bcu 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 account keeping fee
- Phone and internet banking
- Counter and ATM service
Cons
- Lack of bcu branches in Australia
What you’ll need to know before applying
If you think the bcu Scoot Super Saver Account could be perfect for your child, here is what you'll need to prepare for your application.
Eligibility to apply
If you’re the parent, grandparent or guardian of a child aged 12 years or younger and you’re already a bcu member, you can open a Scoot Super Saver Account online. If you’re not yet a bcu member, you won’t be able to apply online, but you can still open a Scoot Super Saver Account for your child by visiting your nearest bcu branch. You’ll need to remember to take your child’s ID documents with you in order to open an account.
Documentation for your online application
If you're applying online, you'll need the following details handy.
- Residential address and contact. Full name, address, contact details.
- Member details. bcu member number and your relationship to the child.
- Birth certificate. A certified copy of your child or grandchild's birth certificate and Medicare card (showing the child’s name).
What happens after I submit my application?
bcu will contact you for this documentation after your online application has been submitted. Alternatively, you can arrange for a bcu representative to call you and discuss opening an account. All you have to do is fill out an online form with your name, email address and phone number.
The bcu Scoot Super Saver Account is a great way to teach your child how to manage their money and reward them for developing good money-saving habits. Compare it with other children’s savings accounts at finder.com.au to find the right bank account for your little one.
Can I open a bank account for an unborned child?
Hi Fabian,
Thanks for reaching out to finder.
It’s not possible to open a bank account for an unborn child because a birth certificate will be required which shows the child’s gender and date of birth. Such information cannot be confirmed until the baby is born.
Once the baby is born, as a parent or legal guardian, you can then open an account in your baby’s name along with your name listed on it. You can ask your bank or any bank you are interested in opening an account with, for more information on the required documents and how to go about the process.
You can go to this page if you are still looking to compare savings account for newborns.
I hope this helps.
Cheers,
Charisse
Is there a maximum balance that must be maintained in order to get the higher interest rate?
Hi Nads,
Thank you for leaving a question.
There is no current maximum balance requirement for the BCU Scoot Super Saver account. You may read the content below on how to get the higher interest rate each month.
“If your child deposits at least $20 into their account per month and does not withdraw an amount greater than $5 in that same month, they can earn a competitive bonus interest rate on their account balance. In months where these requirements are not met, their balance will still earn interest at the standard variable rate. Interest is calculated on the whole account balance and is paid monthly.” Hope this helps!
Cheers,
Reggie
If the account has no transaction fees, why is there a 0.30cent internet transaction fee.
Also where are your branches in Victoria
Hi Lorri,
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
To answer your questions:
If the account has no transaction fees, why is there a 0.30cent internet transaction fee?
– According to our website, there is NO minimum opening deposit and NO monthly fees. However, it doesn’t show any information of NO TRANSACTION FEE, there is a $0.30 internet transaction fee.
Also where are your branches in Victoria?
– Please note that we’re a product comparison website and we do not represent any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you. You may refer to the BCU website to find the branches in
Victoria.
Hope this helps! Feel free to message us anytime should you have further questions.
Cheers,
Nikki
Hi Seth,
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
bcu Scoot’s super saver. Specifically for children under the age of 13, children are paid bonus interest on top of a competitive rate when they meet certain monthly terms. This also doubles as an everyday account, providing easy access to your saved funds.
In order to be able to open any account from bcu’s list of banking products you will first need to apply for membership. This is done online at the same time as you apply for your selected account or accounts. Online applications can be filled out by individuals aged 16 and older, and you will need to be able to provide an Australian residential address. They will attempt to verify your identity online by using your passport, driver’s licence or Medicare information, and once approved you will be given a call or sent an SMS with your bcu membership and account details. For more information to compare BCU Household Savings, view this page.
Hope this helps!
Cheers,
Nikki
Until recently grandparents could open accounts for their grandchildren.
Now I find that only parents & legal guardians can open accounts for their children. What are the new rules and when did they come into force?
Hi Richard,
Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
Please note that we’re a product comparison website and we hold no affiliation with any company we feature on our site. We provide general information on products to assist you in your buying decision process hence we cannot recommend product / service that is rightfully fit for you.
If you’re the parent, grandparent or guardian of a child aged 12 years or younger and you’re already a bcu member, you can open a Scoot Super Saver Account online. If you’re not yet a bcu member, you won’t be able to apply online, but you can still open a Scoot Super Saver Account for your child by visiting your nearest bcu branch. You’ll need to remember to take your child’s ID documents with you in order to open an account.
Hope this clarifies!
Cheers,
Nikki
If a child is born overseas with an overseas certified birth certificate and Aus citizenship certificate can I as a parent apply for a children’s accuount ?
Hi Fempowerment,
Thank you for reaching out to us.
Yes, as a parent you can apply for a BCU Scoot’s Super Saver account for your child even if he’s born in overseas provided that you meet all the eligibility criteria outlined in the “How to Apply” tab above.
You can also get in touch with BCU if you like to confirm or have some specific questions on account opening.
I hope this helps.
Please do not hesitate to reach out to us again if you have additional questions.
Cheers,
Ash
Im just wondering how i go about opening a new account for a newborn? Id like to open the account with the highest interest rate? And at the age of 13, what happens to the account?is it rolled into another package?or do i have to withdraw the monies??
Hi Carina,
Thanks for your inquiry. Please note that we are not affiliated with BCU or any company we feature on our site and so we can only offer you general advice.
If you are referring to BCU Scoot’s Super Saver, please visit their official site directly to inquire and submit an online application.
You can also have a look on this page and compare other options for bank accounts for your newborn.
Cheers,
Rench
I want to open an account for my granddaughter and transfer money every month but we live in the U.k. Is this possible to do without incurring any transfer charges.
Hi Liz,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to this page for options available in the UK that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
I hope this helps.
Cheers,
Danielle
Hi, I am not a BCU member but was interested in opening an account for my Son who is 1 year old. However, we live in Western Australia, just wondering if it is possible to open an account as it is not possible to visit a BCU as I don’t believe there are any branches in W.A. Cheers -Ben
Hi Ben,
Thanks for your inquiry.
No need to go to a physical address. You may apply for an account online @ https://www.bcu.com.au/kids/apply-online.
Hope this information helped.
Cheers,
Arnold
Hello,
How much per year can be deposited into the kids’ high interest account.
Hi Lois,
Thank you for your inquiry.
Basically, with BCU Scoot’s Super Saver you must deposit at least $20 per month and make no more than $5 in withdrawals within the same month. If you will compute the estimated to total required deposit that would be $20 X 12 months = $240 per year.
I hope this information has helped.
Cheers,
Harold