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 3.00% p.a. interest. This account is a rewarding and educational way to teach kids about saving for a goal.
What are the features of the Custom Bank Dynamo Kid's Savings Account?
- 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 1.25% p.a. interest.
- Bonus interest. Earn more interest by making regular deposits. Deposit just $20 every month and make no withdrawals and Customs Bank offer an extra 1.75% p.a. interest. The maximum interest rate you can earn when you meet the bonus interest conditions is a competitive
- 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 Customs 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 Customs 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 Custom 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 Customs Bank Bonus Saver Account.
- Bonus interest awarded as an incentive to save
- No monthly account keeping fees
- Quick and easy deposits
- Available up to 18 years of age
How do I apply for the Custom Bank Dynamo Kid's Savings Account?
Visit Customs Bank website to start an online application for the Customs 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.
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 Customs Bank about your application for the Dynamo Kid’s Savings Account. Customs Bank will also send an email if they require any additional information to complete your application.
Because Customs 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 Customs Bank ever ceases operation.