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 - last updated 23 October 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    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.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    Details
  • Fast Track Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.

    Details

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

^See information about the Mozo Experts Choice Savings Account Awards

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