The First Saver Account is a low cost, low frills savings account that makes saving easy for kids. The account operates with a tiered interest rate system - balances from $0 to $2,000 earn a modest 1.00%, while balances over $2,000 earn 2.20%.
Unlike a lot of other savings accounts, the First Saver Account calculates interest daily, meaning that customers' savings are working harder for them, and that kids can reach their savings goals sooner.
The First Saver Account also comes with unlimited free phone, internet and Bpay transactions and absolutely no account fees, making it very affordable for all young savers.
Who it's good for:
The Bank First Saver Account is great for any young 'uns looking for a simple and easy way to save their money.
The First Saver Account is only available to customers aged 17 years or younger.