Children’s bank account freebies

Encourage your kids to save with fun freebies and other rewards through your bank’s children’s banking program.

Children’s banking programs and bank accounts are designed to teach kids about managing their money and to encourage them to save. They do this in a number of ways, including interactive online games and a range of informative and educational classroom resources, but also by offering toys, games and other freebies to reward kids.

So, what free stuff can your child get their hands on simply by developing a good savings habit? Read on to find out.

CommBank School Banking Program

Australia’s biggest school banking program, CommBank School Banking has been running since 1931. Each time your child makes a deposit into their CommBank account at school, they get a silver Dollarmites token. Once they’ve gathered 10 tokens they can trade them for one of the school banking rewards on offer.

These rewards are designed with primary school children in mind and they have staggered release dates throughout the year. Each year, the toys and games on offer are based on a different theme to encourage kids to keep making deposits one year after another.

The reward theme for 2016 was an "Outback Adventure through the Canyon of Savings", with the following toy rewards available:

There are also regular competitions to encourage kids to participate in the program, with one lucky student in 2016 winning a family trip to Australia Zoo.

bcu Scoot’s Zone

Kids who open a Scoot Super Saver account with bcu automatically become members of Scoot’s Zone, an online club designed to teach kids how to manage their money. Members can access discounts at a number of partner retailers, including:

• 10% off at XS Surf
• 10% off at Cold Rock Ice Creamery Byron Bay and Coffs Harbour
• Half-price term of Kanga Kidz multi sports program including a free cap
• Discounted lessons at Solitary Islands Surf School
• Half-price term of children’s tennis coaching at The Harbour Tennis Academy

Hume School Banking

Kids who open a Clancy Koala savings account are rewarded with bonus interest if they deposit at least $10 a month and don’t make any withdrawals. They can also win prizes each term simply by saving money – information on the prizes on offer is available from Hume Bank or participating schools.

IMB School Banking

When kids join IMB Bank’s School Banking program and open an IMB Zoo Account, they get a $5 “headstart” deposited into their account. They also receive a Zoo Welcome Kit that includes a stationery kit and money box, along with access to the Reward Stamps program. As part of this program, students get a free gift for every 10 deposits they make into their account – contact IMB for details of what these gifts are.

The Mutual Bank@School

The Bank@School program from The Mutual gives kids a chance to join the Mighty Mutuals Club and become regular savers. There are also regular colouring and saving competitions held for club members, with prizes such as Apple iPads and Nintendo Wiis up for grabs.

Children’s banking programs are a great way to encourage kids to save money, especially when they’re rewarded for their financial discipline with free stuff. Get in touch with your school to find out whether it participates in a school banking program and if so, what type of rewards are on offer to motivate your child to start building their bank balance.

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Compare children's savings accounts in the table below

Initial Deposit

$

Monthly Deposit

$

Period

months

Calculate

		Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Maximum Age Requirement	Interest Earned
	Bankwest Kids' Bonus Saver Ongoing, variable 4.75% p.a. when linked to a Bankwest Children's Savings Account and you deposit $25-$250 each month. Available for children under the age of 15.	4.75%	0.01%	4.74%	15		More
	Bankwest Children's Savings Account Ongoing, variable 2.50% p.a. when you link to Kids’ Bonus Saver from Bankwest. Available on balances $20,000 and over	2.50%	2.50%	0.00%	15		More
	BCU Scoot's Super Saver Ongoing, variable 3.50% p.a. when you deposit $20+ each month and make no more than $5 in withdrawals within the same month. Available on the entire balance.	3.50%	0.75%	2.75%	13		More
	Commonwealth Bank Youthsaver Account Ongoing, variable 2.30% p.a. when you make at least one deposit with no withdrawals each month. Available on the entire balance.	2.30%	0.01%	2.29%	18		More
	People's Choice Young Saver Account Ongoing, variable 2.55% p.a. when you deposit $5+ each month and make no withdrawals within the calendar month. Available on the entire balance.	2.55%	1.45%	1.10%	18		More
	Suncorp Kids Savings Account Ongoing, variable 2.75% p.a. when you deposit $20+ and make only one withdrawal each month. Available on balances more than $0.01.	2.75%	1.50%	1.25%	18		More
	Westpac Reward Saver - Under 12 Ongoing, variable 1.50% p.a. when a deposit of any amount and no withdrawals are made each month. Available on the entire balance.	1.50%	0.01%	1.49%	12		More
	Bendigo Bank PiggySaver Account Ongoing, variable 1.25% p.a. .Available on the entire balance. Designed for kids under 12.	1.25%	1.25%	0.00%	12		More
	P&N Way Cool Saver Ongoing, variable 1.75% p.a. available on balances up to $4,999.	1.75%	1.75%	0.00%	15		More