Customised for the youngest Australians, the PiggySaver Account helps to get them on the right track when it comes to saving. They’ll love the free money box and birthday rewards that come with banking their extra money, and you’ll like the competitive interest rate that they earn on it.
What are the features of the Bendigo Bank PiggySaver Account?
Children’s savings accounts provide an ideal way not only to help with future expenses, but also to teach them early the value of putting money aside. As you compare this type of account among a number of Australian banks be sure to look at the individual features to see where your child, and their piggy bank, will benefit the most:
- Monthly account keeping fee. You are not charged any monthly account fees with the PiggySaver Account.
- Transaction fees. You are allowed unlimited and free access to this account using phone and internet banking.
- Access methods. This account is accessed online or over the phone, and allows for transfers, BPAY, Pay Anyone and telegraphic transfers.
- Interest rates. With the PiggySaver Account a competitive interest rate is applied to every dollar.
- Interest payments. The interest is calculated on the daily balance and paid into the account each month.
- Kids perks. Upon the account being opened the child will receive a free money box from Bendigo Bank. They will also receive a birthday reward for every birthday when they are between the ages of four and ten.
- Minimum balance. There is no minimum balance requirement to maintain with the PiggySaver.
- Availability. This account is only available for children under 12 years of age, and the account must be opened in their name. A parent or guardian is required to act as a non-titled member.
- Account conversion. Once the child reaches 12 years of age, this account will automatically be converted to a Bendigo Student Account.
- No monthly account keeping fee
- Competitive interest rate
- Access to hundreds of branches in Australia
- No linked Visa debit card access
How do I apply for the Bendigo Bank PiggySaver Account?
This account can be applied for by visiting your local branch, calling them, or by filling out an online enquiry form which you can access now by clicking “Go to Site”. This form will allow you to schedule an appointment to apply for the account at your convenience. Before you begin, you should ensure that you are able to meet the following eligibility requirements:
- Minimum age. The PiggySaver Account can only be opened in the name of an individual who is under 12 years of age.
- Residency requirements. You must be an Australian resident with a residential address in order for your application to be accepted.
- Depository requirements. In order for the account to be activated you must make an initial deposit of at least one dollar.
You will also want to have certain documentation with you before talking with a bank representative in order to make filling out the application easier:
- Tax file number. Even though this is a child’s account, the interest earnings are still subject to withholding tax. Providing your tax file number (TFN) or exemption code will ensure that it is applied at the correct rate for your circumstance.
- Identification. Photo identification documents such as a driver’s licence or passport will be needed by the parent or guardian of the child, while an Australian birth certificate will serve as identification for the child.
After completing the application, you will be given the details of the account so that deposits can be made and you can begin earning interest and preparing for the future.