A savings account geared towards young Australians, the Money Minder is a good way to teach your children the value of money. This is a passbook account that records each transaction, allowing kids to watch as their savings grow.
What are the features of the Newcastle Permanent Money Minder Savings Account?
Savings accounts for children are designed to show them the benefits of putting money aside for the future. Before choosing one for your child, compare the features that various banks provide with similar accounts to the ones that are a part of the Money Minder Savings Account to see which is best suited for your family:
- Monthly account keeping fees. With the Money Minder Savings Account you are not charged any monthly account keeping fees.
- Transaction fees. There are no charges for making deposits or withdrawals from the account.
- Birthday bonus. Each year on the child’s birthday, they will receive a birthday card from Newcastle Permanent along with free passes to local attractions.
- Availability. This account can only be opened in the name of a child under the age of 12, but a parent or guardian will need to be an authorised user on the account.
- Accessing the account. You can make withdrawals and deposits at a Newcastle Permanent Branch, over the phone and online using a personal computer or mobile device.
- Mobile banking. The Newcastle Permanent app is available for android and iOS mobile devices, and can be downloaded at the Google Play Store or the Apple App Store.
- Withdrawal limits. There is a daily limit for withdrawals made at a branch of $1,000.
- Transaction record. Online statements can be obtained, but your child will also be able to see their account activity and growth with their passbook.
- Electronic transactions. Direct credits are allowed to be made into the account.
- Interest rates. The variable interest rates are tiered, giving the account a higher rate of return for higher balances.
- Interest payments. The interest is calculated every month and paid into the account every six months.
- Children aged from 12 years old below can open their account
- No transaction accounts
- $0 ongoing monthly fee to pay
- Free internet and phone banking
- Receive a birthday card and entry passes to local attractions
- Minimum opening balance of $1
How do I apply for the Newcastle Permanent Money Minder Savings Account?
If the Money Minder Account works in with your plans for your child’s financial future, you can call Newcastle Permanent or visit a branch to apply for the account. You will be asked first if you are able to meet certain eligibility requirements:
- Minimum age. This account can only be opened in the name of a child under the age of 12, and in some circumstances will require a parent or legal guardian to be authorised to access it. Once the account holder turns 16, they will be asked to switch to a different savings product.
- Residency requirements. Applications are only accepted from permanent Australian residents with a residential address.
- Depository requirements. In order to activate the account you will need to make an initial deposit of at least one dollar.
In order to make sure that you can open the account immediately, bring the following documentation with you when applying:
- Tax file number. Your tax file number (TFN) or TFN exemption code is used by Newcastle Permanent to make sure that the correct withholding tax rate is applied to any interest earnings.
- Identification. Adults acting on behalf of the child as an authorised user will need to have a driver’s licence, passport, or Medicare card in order for your identity to be verified. If none of those are available you may use a combination of non-photo identification documents to prove your identity. A copy of the child’s Australian birth certificate will also be asked for in order to verify their age.
Once the application has been submitted and information verified, the details of the account will be given to you along with a passbook to use to make your deposits. This account can be used by your child up until they turn 16, at which time it will be converted to a more suitable savings account.