Savings for children - the Mozo guide
Bringing up a savings-savvy kid could save you a fortune in averted financial delinquency later on, so it pays to get them excited about hoarding their, alright, your cash in the best child savings account around.
Children's bank account features
The key kid features you'll want to look for include:
- No fees: Most children's bank accounts don't have monthly or maintenance fees, which might otherwise eat a hole in their pocket money.
- Bonus interest rate: Many savings accounts for children offer high interest deals, typically with a couple of conditions such as: Minimum monthly contribution No withdrawals
- No maximum monthly deposit: Often, higher-interest children's savings accounts will impose a maximum deposit (eg, $250); so if you may be making irregular (and large) contributions look for flexibility here.
- Child-friendly facilities: From statements and online graphs to show how much they're saving to special tools such as the Commonwealth Bank Dollarmites club.
- Various access options may only apply from the age of 12: Online or phone banking withdrawals EFTPOS & ATM Direct debit facility
How to find the right children's account
There are several different types of high interest accounts for kids, with several different types of bank traps to sidestep if your children are going to save up faster (and, yes, support themselves sooner).