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.
standard variable rate
Children's and Kids Savings Account Offer
Only available to those aged 14-24. Ongoing, variable 4.00% p.a. when you link to an BOQ Day2Day Plus Account and deposit $200+ into the Day2Day account each month from an external account. Interest rate only applies for balances up to $10,000. Balances between $10,001 and $250,000 will earn an interest rate of up to 2.80% p.a. when deposit conditions are met.
- Maximum Rate: 4.00% p.a.
- Standard Variable Rate: 0.50% p.a.
- Monthly deposit required: $200.00
- Monthly fees: $0.00
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:
- Flying Snake Tail
- Wildlife Writer Set
- Mud Splat Handball
- Outback Pat Bag Tag
- Backtrack Eraser Pen
- Jump and Skip Rope
- Bush Fly Fan
- Wriggly Glow Worm
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.
Compare children's savings accounts in the table below
Looking for a prepaid card for your kid's pocket money?
Check out Spriggy. You can link the app with a prepaid card for your child to help them manage their pocket money, learn the concept of saving and track their progress.