Border Bank Dynamo Kids Savings Account

Last updated: Jan 4, 2021

Be a savings dynamo with this educational and rewarding kids saving account.

The Dynamo Kid’s Savings Account a special purpose savings account for children. It’s low on fees, rewards savers with bonus interest and makes saving fun for kids. This account has a tiered rate of interest. Maintain a balance of more than$500 and deposit at least $20 a week to earn up to 1.8% p.a. interest. This account is a rewarding and educational way to teach kids about saving for a goal.

$20

Minimum deposit

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Product Name	Border Bank Kid's Dynamo Account
Maximum Variable Rate	1.8% p.a.
Standard Variable Rate	0.50%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	12

Pros

Bonus interest awarded as an incentive to save
No monthly account keeping fees
Quick and easy deposits

Cons

Available up to 18 years of age

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Key features

Interest

This account has a tiered interest structure. For example, an account with a $1,000 balance is subject to two interest rates. Balances $0 - $499 accrue interest at 0.25% p.a. Balances greater than $500 are rewarded with 0.5% p.a. interest.

Bonus interest

Earn more interest by making regular deposits. Deposit just $20 every month and make no withdrawals and Border Bank offer an extra 1.3% p.a. interest. The maximum interest rate you can earn when you meet the bonus interest conditions is a competitive 1.8% p.a..

Low fees

The Dynamo Kid's Savings Account does not charge an application fee and there are no monthly account keeping fees.

Account access

Link the Dynamo Savings Account to the Safeguard Transaction Account to access funds from an ATM. The Safeguard transaction account is an interest bearing transaction account with limited functions so the account can't be overdrawn. Money can be easily transferred between the Dynamo Kid's Saver and the Safeguard Transaction Account using the Border Bank internet banking facility. Remember bonus interest doesn't apply if there's a withdrawal from the Dynamo Kid's Savings Account. This account can also be managed using the Border Bank internet banking facility. Internet banking lets you view the savings account balance, interest earned and online statements. The level of account access depends on the age of the saver. The RediATM card and full access to the online banking tools are only available to savers aged over the age of 14.

Dynamo saver education

The Border Bank Dynamo Kid's Savings Account gives access to the Dynamo Savings Account website. This online portal is designed to teach kids about saving and help them reach their goal. The website has games and activities such as a Dynamo Count to help teach about the value of Australian banknotes and coins, a free printable poster to help savers reach their savings goals and SaveNSpend, an interactive game with tips on how to make earn extra pocket money when saving for a goal.

Joint account

This account is available for joint applications.

Eligibility

This account is available to applicants under the age of 18. Once the applicant reaches the age of 18, the Dynamo Kids Saver will automatically transfer over to the Border Bank Bonus Saver Account.

How to apply

Visit Border Bank website to start an online application for the Border Bank Dynamo Kid's Savings Account. You have to be under the age of 18 to apply for this account. If this is you, the application can be completed in under 10 minutes.

Have the following information on hand to complete the online application.

Identification

Basic personal contact information is required to apply for this account. Enter your name, date of birth, email, residential address and contact number.

Tax File Number

Enter a tax file number to avoid being taxed at the marginal tax rate, which is the highest personal income tax rate.

The second page of the application asks you for the best time to be contacted about your application for the Dynamo Kid's Savings Account. Once you submit the application can expect a call back from Border Bank about your application for the Dynamo Kid's Savings Account. Border Bank will also send an email if they require any additional information to complete your application.

Because Border Bank is a mutual banking institution, you become a member and part owner when you apply for one of their accounts. You're required to provide a $10 guarantee in the event Border Bank ever ceases operation.

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Border Bank Dynamo Kids Savings Account