Set your kids on the path to success by teaching them how to save
P&N Bank has structured a savings account especially for the youngest Australians, up to the age of 15. With competitive interest earned, minimal fees and flexibility for both parent and child, this savings account can be an invaluable step on the path to good spending habits.
1.1% p.a.
Maximum variable rate
1.1%p.a.
Base interest rate
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Key features
Age requirements
The Way Cool Saver is available from the age of zero right up until a child turns 15.
Membership required
P&N is a mutual bank and required that all account holders are also members. Members can apply on behalf of their child under the age of 12, but kids aged 12 to 15 will have to pay the $10 shareholder fee and become a member before an account can be issued in their name.
No monthly account fees
You will not be charged any monthly account keeping fees for the Way Cool Saver.
Unlimited free transactions
With P&N Bank you are given a number of ways to make deposits and withdrawals with the account free of charge. This includes direct and payroll credits, transfers made online and over the phone, cheque and cash deposits, direct debits, EFTPOS, BPAY, manual and automatic electronic transfers and cash withdrawals.
Kids' account access
Children can access accounts through SMS banking, and parents can set permissions to determine how else kids can access funds
Debit card
Children over 12 have the option of linking a rediATM debit card to the account, with the consent of their parent or guardian, to make EFTPOS purchases and cash withdrawals at ATMs.
Interest rates
A variable competitive interest rate is applied to the entire balance of up to $5,000. Accounts with balances over this amount will not earn any interest.
Interest payments
Interest is calculated on the daily balance and is paid into the account monthly. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.
Minimum balance
There is no minimum monthly balance requirement for the Way Cool Saver. If you like the features of these accounts it might be a good idea to look over some of the otherP&N Savings Accounts, including ones designed specially for students, retirees and almost anyone else who wants to save more money.
To see how much interest you will actually earn, in real dollar amounts, you might also consider using a savings calculator to compare accounts in detail.
You can apply for the Way Cool Saver over the phone or in person at a local branch, and can request an appointment by visiting the P&N website.
Eligibility
In addition to those already mentioned above, there are some eligibility requirements that you will have to meet before you can submit an application:
Minimum age. Anyone up to the age of 15 can have a Way Cool Saver Account in their name. Parents or guardians are required to assist their children in applying for the account.
Residency requirements. In order to be eligible for this high interest savings account you must have an Australian residential and mailing address.
Depository requirement. You will not be asked to make a minimum opening deposit. Applicants over 12 will have the $10 shareholder fee deducted from the account.
Documentation needed
P&N Bank also recommends that you bring with you the following documentation to refer to as you fill out the application:
Tax file number. There is no obligation to provide your tax file number (TFN) or claim an exemption if applicable. If you don't, a withholding tax could be deducted from the interest earnings.
Identification. The parent or guardian applying on behalf of a child will need to have their own Australian driver's licence or passport to complete the application. They will also need to be able to provide the child's passport or their birth certificate.
What happens after I submit my application?
After the application has been accepted by P&N Bank, you will be given the details of the account and instructions on how to operate it. If eligible, you will also receive your linked rediATM card to help with making day to day transactions.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.