Best Kids Savings Accounts 2018

Congratulations to the winners of Mozo Experts Choice Awards for Kids Savings Accounts for 2018. If you are looking for savings account for your kids or grandkids, this list of winners is a great place to start your search.

Experts choice awards hero 2018

What are the Mozo Experts Choice Awards?

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.

Pocket Money Regular Saver

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

bcu
bcu

Scoots Super Saver

3.50% p.a. (for $0 to $50,000)

Bonus interest paid when at least $20 deposited and no more than $5 withdrawn in the month.

Balances from $0: 0.75% p.a.
Balances from $50,000: 0.10% p.a.

Credit Union SA
Credit Union SA

Childrens Savings Account

3.25% p.a. (for $0 and over)

Minimum one deposit and no withdrawals in the month

Balances from $0: 0.25% p.a.

Endeavour Mutual Bank
Endeavour Mutual Bank

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.

Westpac
Westpac

Bump Savings

Major Bank Award

2.30% p.a. (for $0 and over)

Minimum one deposit and no withdrawals in the month

Balances from $0: 1.50% p.a.

Pocket Money Saver

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.

Bank of Sydney
Bank of Sydney

Student Savings Account

No Current Offer

n/a

Balances from $0: 1.85% p.a.

Beyond Bank
Beyond Bank

Junior Saver Account

No Current Offer

n/a

Balances from $0: 1.80% p.a.

Maitland Mutual Building Society
Maitland Mutual Building Society

Mighty Mutual

2.42% 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: 2.20% p.a.

Endeavour Mutual Bank
Endeavour Mutual Bank

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.

Westpac
Westpac

Bump Savings

Major Bank Award

2.30% p.a. (for $0 and over)

Minimum one deposit and no withdrawals in the month

Balances from $0: 1.50% p.a.

Pocket Money Management App: Commbank Youth

Key features

  • 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.

Judging Criteria

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.

FAQs

    Did you compare all kids savings accounts in the market for these awards?

    How should I choose a kids savings account?

    Are there age limits to kids accounts?

    Who are Mozo’s product experts?

    Where can I find more information about the criteria for the Experts Choice kids savings account awards?

    I work for a financial provider, how do we promote our award win?