Savings for children - tips and tricks

Just because your kids are the sweetest, brightest-eyed customers in the bank queue doesn't mean they won't have to dodge a savings bullet or two. Here are our top tips to children's saving survival.

  • Look out for short term deals: These include introductory offers and year-long bonus rates that are then swept into a low-interest account. In either case, you'll need to be organised and keep moving the money to stay on top of the best rates.
  • If this doesn't sound like you (be honest), then you're probably better off opting for a longer term savings strategy.
  • Keep a wise parental eye out for accounts that wipe off your child's interest in the event of a withdrawal. Losing one or two months' interest a year can put a big dent in the overall savings earnt and make it worthwhile getting a more flexible children's saver account to begin with.

Keeping their eyes on the prize

Now that you've beaten the banks at the kids savings game, it's time to beat the children. Kind of.

Egg-and-spoon race over to our quick steps to maintaining savings excitement.

Savings Account Comparison Table - rates updated daily

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure.
  • Mozo Experts Choice 2021
    Bonus Saver Account

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.20% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Go to site
    Details
  • Serious Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.30% p.a. (for $0 to $1,000,000)
    0.15% p.a.(for $0 and over)
    Yes up to $250,000

    No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*

    $0 monthly account fee. Link to any Australian bank account.

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    Details
  • Hero Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.80% p.a. (for $0 to $250,001)
    0.01% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.

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    Details
  • Online Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% p.a. (for $0 to $500,000)
    0.35% p.a.(for $0 and over)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

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    Details
  • Flexi Saver

    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.25% p.a. (for $0 to $5,000,000)
    0.05% p.a.(for $0 to $5,000,000)
    Yes up to $250,000

    Increase balance by at least $300 in the month

    No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.

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    Details

Or skip straight to the high interest children's bank accounts.

^See information about the Mozo Experts Choice Savings Accounts Awards

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