Police and Nurses (P&N) Bank has structured a savings account especially for the youngest Australians. Providing a competitive rate of interest and a minimum amount of fees, your child learns the value of building a savings for the future at the same time that they are growing their own. This is knowledge that will prove to be invaluable once they are ready to begin making transactions on their own.
What are the features of the Police and Nurses Way Cool Saver?
With savings accounts for young people, you want to ensure that the features it possesses allows for them to be as involved as possible with the account activity. This will help to develop an understanding early on about how banking works, and the benefits of saving. Compare those features amongst various banks in order to choose the one where the rewards for your lifestyle are the greatest:
- Availability. The Way Cool Saver is an account specially constructed for children from the time they are born until they reach their 15th birthday.
- Membership. A mutual bank, P&N requires 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.
- Monthly account keeping fee. 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 without accruing any charges. 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. For some services, such as online and phone banking, access is only granted to the parent or guardian who can than give the child permission to use those features as well.
- Debit card. Children over 12 do have the option of linking a rediATM debit card to the account with the consent of their parent or guardian. This will enable them 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 .
- Interest payments. The interest is calculated on the daily balance and will be paid into the account monthly.
- Minimum balance. There is no minimum monthly balance requirement for the Way Cool Saver.
- No monthly account keeping fee
- Fee-free transactions
- Teach your kids how to save
- Just for kids aged between 0 -15 years.
How do I apply for the Police and Nurses Way Cool Saver?
You are given the choice of applying for the Way Cool Saver over the phone or in person at a local branch. Make this easier by clicking “Go to Site” and requesting an appointment. 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.
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.
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.