Bank of Sydney Student Savings Account

Mozo snapshot:

The Bank of Sydney Student Savings account is a great account for children and teenagers to give their savings a boost without the hassle of excessive requirements. It has a competitive ongoing interest rate of 1.85% and carries no account keeping or ATM fees as well as no minimum balances. 

Plus, the Mozo Experts gave it their tick of approval by naming it a winner of a 2019 Mozo Experts Choice Award in the Pocket Money Saver category.

Key features:

It’s never too early to encourage your kids to the explore the outer world of saving. The Bank of Sydney Student Saving account is designed for children under the age of 18, with an interest rate of 1.85% it can go a long way to boosting your children’s pocket money savings. Plus, with no monthly account keeping fees or minimum balances, their savings won’t be eaten up.

With guardian consent, if you’re aged between 14 and 18 you can qualify for a Visa debit card. This can be used to make unlimited free branch deposits and withdrawals, as well as EFTPOS and ATM use with no attached fees. Just bear in mind that while there is no minimum balance, there is a minimum opening deposit of $1.

Who it's good for:

This is an easy first account to help your children track their savings, with a competitive 1.85% interest rate and no difficult account requirements.