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.
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.
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.
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.
- No account keeping fee
- Phone and internet banking
- Counter and ATM service
- 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.