Now in their fifth year, the Mozo Experts Choice Awards provide a platform to highlight products in the marketplace we believe offer great value to Australians.
For the 2018 term deposit awards, 44 kids savings accounts from 37 financial institutions were compared by our money experts. The best kids account for your circumstance will depend on your savings goals which is why we have several awards in this category. For the pocket money management app award we looked at apps that help kids learn how to manage their money.
For details on how we crunched the numbers and determined the award winners see our methodology report.
Can your child can make regular deposits of their pocket money? If so, a savings account with an ongoing bonus rate could be the best interest earner. We reviewed all kids bonus rate savings accounts in our database and here’s the list of award winning kids accounts for 2018
Scoots Super Saver
No Current Offer
n/a
Balances from $0: 1.00% p.a.
Balances from $50,000: 0.10% p.a.
Childrens Savings Account
1.10% p.a. (for $0 to $50,000)
Minimum one deposit and no withdrawals in the month
Balances from $0: 0.05% p.a.
Kick Start Saver
No Current Offer
n/a
Balances from $0: 5.00% p.a.
Balances from $5,000: 2.00% p.a.
Balances from $10,000: 0.01% p.a.
Bump Savings
Major Bank Award
0.65% p.a. (for $0 and over)
Make a deposit and grow account balance
Balances from $0: 0.35% p.a.
Of the 44 children’s savings accounts we compared for this year’s Experts Choice Awards, here are the savings accounts identified with the best unconditional interest rate for children 8 years and over. Criteria for the award also included: no monthly service fee, unlimited free internet transactions, no notice period for withdrawals, no automatic sweep function and to be able to link to accounts at any institution.
Student Savings Account
No Current Offer
n/a
Balances from $0: 0.20% p.a.
Junior Saver Account
No Current Offer
n/a
Balances from $0: 1.00% p.a.
Mighty Mutual
0.99% p.a. (for $2 and over)
Interest paid 6-monthly. If no withdrawals within that period, then an extra 10% of the interest earned is applied.
Balances from $0: 0.00% p.a.
Balances from $2: 0.90% p.a.
Kick Start Saver
No Current Offer
n/a
Balances from $0: 5.00% p.a.
Balances from $5,000: 2.00% p.a.
Balances from $10,000: 0.01% p.a.
Bump Savings
Major Bank Award
0.65% p.a. (for $0 and over)
Make a deposit and grow account balance
Balances from $0: 0.35% p.a.
Specifically designed for U14s to teach real life money skills
Set goals and track spending and saving
Parental account controls gives you full visibility to your child’s accounts
The CommBank Youth App is a free app designed specifically for U14s to help them establish good money management skills. From checking balances and transactions, setting savings goals and chore lists to prompts that get your child thinking about their spending, the app helps make learning about and managing money fun! Your child will need to have a Youth Saver Account or Smart Access Account for Youth and if you want to take advantage of the parental controls you’ll also need to have a CommBank account. The Youth App doesn’t allow external money transfers and there is a 100% security guarantee which cover any loss due to unauthorised transactions on your child’s account as long as you notify the bank immediately of any misuse, theft or suspicious activity.
Every day Mozo keeps track of thousands of products in banking, energy and insurance.
The Mozo Experts Choice Awards recognise products that deliver exceptional value or benefits to consumers and in some awards categories, business customers. Providers don’t pay to be in the running and we don’t play favourites. Our Judges base their decision on hard-nosed calculations of value, using Mozo’s extensive product database and research capacity.
Experts Choice Awards are awarded to the top 10% of products that meet the selection criteria in each awards category.
No, but our experts analysed 44 kids savings accounts from 37 financial institutions in Australia ranging from the big 4 banks, mutual and challenger banks and credit unions to determine the winners list.
One of the biggest factors you should consider when choosing a children’s savings account is the frequency in which your child will be adding to the balance. If your child only makes deposits after their birthday or Christmas, they should choose a standard account that doesn’t have conditions attached. If they save money regularly, go for an account that rewards regular savings with bonus interest. Just be aware that some accounts do have special rate requirements like minimum deposit requirements or penalties for withdrawals in order to get the bonus interest.
For the experts choice awards, we compared accounts that were available for children 8 year old and older. There isn’t a standard maximum age limit across different banking providers so make sure you’re aware of any age restrictions because once the child reaches the age limit they will be rolled over to a new savings account which could possibly have a much lower interest rate.
Mozo has been researching and comparing financial products since 2008, and thousands of Australians use our comparison services each month. Our research team is headed by our Data Services Director and our Product Data Manager who have over 50 years of financial services experience and 23 years in online financial comparison.
Our awards methodology report is available for you to read, which includes information on the criteria for each award category in the Deposits award.
Please get in touch with us to discuss by emailing or phoning our advertising sales team on 02 9037 4368.