P&N Way Cool Saver

Last updated: Oct 7, 2020

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.

1.25% p.a.

Maximum variable rate

1.25% p.a.

Base interest rate

We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder.

Product Name	P&N Way Cool Saver
Maximum Variable Rate	1.25% p.a.
Standard Variable Rate	1.25%
Bonus Variable Rate	0.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Pros

No monthly account keeping fee
Fee-free transactions
SMS account access for kids
Parental permission required for internet, app and phone banking

Cons

Just for kids aged between 0 -15 years
No interest earned if the account balance is over $5,000

Shirley Liu

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.

Launch savings calculator

How to apply

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.

Ask an expert

To ask a question simply log in via your email or create an account.

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Subscribe to the Finder newsletter for the latest money tips and tricks

Notify me via email when there is a reply

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Ask a question

Get the Finder app 🥳 A better score could get you a better deal 🥳

Be money smart and pay a 0% balance transfer rate on your credit card.

Find a better personal loan deal

Find a better home loan

Want $0 monthly fees on your bank account?

Discover the top share trading platforms.

Discover top performing superannuation funds.

Sending money overseas?

Planning to travel soon? Check out one of our travel money location guides

How much will it cost? Calculate your home loan repayments

Banking

Investments

Banks

P&N Way Cool Saver