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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:

  • 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.

The latest in banking

Compare children's savings accounts in the table below

Rates last updated June 22nd, 2018
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Maximum Age Requirement Interest Earned
ANZ Progress Saver for Kids
ANZ Progress Saver for Kids
Ongoing, variable 1.71% p.a. when you deposit $10+ each month and make no withdrawals. Available on the entire balance.
 1.71% 0.01% 1.70% 18 Go to site More
Bankwest Kids' Bonus Saver
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
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
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
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
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
Suncorp Kids Savings Account
Ongoing, variable 2.60% p.a. when you deposit $20+ and make only one withdrawal each month. Available on balances more than $0.01.
 2.60% 1.40% 1.20% 18 More
Bendigo Bank PiggySaver Account
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
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

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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