The Bank of Sydney Student Savings account could be a great account for children and teenagers to give their savings a boost without the hassle of excessive requirements. It has an ongoing interest rate of 0.20% and carries no account keeping or ATM fees as well as no minimum balances.
It’s never too early to encourage your kids to the explore the world of saving. The Bank of Sydney Student Saving account is designed for children under the age of 18, with an ongoing interest rate of 0.20% it can go a long way to boosting your children’s pocket money savings rather than an old-school piggy bank. 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.
While there is no minimum balance, there is a minimum opening deposit of $1. And once kids turn 18 the account converts to a Bank of Sydney Everyday Saver Account which has no interest on balances under $50,000, so they may want to reassess their banking needs then.
This is an easy first account to help your children track their savings, especially when there are no difficult account requirements.
Just remember kids will need to keep an eye on their savings as they approach 18, as they'll no longer be eligible for this account and the balance will convert to a Bank of Sydney Everyday Saver Account which has no interest on balances under $50,000.
Balances from $0: 0.20% p.a.
n/a
n/a
$0.00
n/a
Unlimited free branch deposits and withdrawals per month
$0.00
Bank of Sydney, rediATM
$0.00
$0.00
$0.00
$0.00
n/a
$0.00
n/a
$1.00
$0.00
Quarterly
yes
none
yes
no
yes
yes
no
no
yes
no
no
none
none
Under 18
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.70% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
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
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.70% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
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
MyState Bank
Bonus Saver Account
0.10% p.a.(for $0 and over)
1.20% p.a. (for $0 to $250,000)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
0.10% p.a.(for $0 and over)
1.20% p.a. (for $0 to $250,000)
Yes up to $250,000
Virgin Money
Grow Saver
0.10% p.a.(for $0 and over)
0.65% p.a. (for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.15% p.a.(for $0 and over)
0.30% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
0.05% p.a.(for $1 and over)
1.05% p.a. (for $1 to $250,000)
Yes up to $250,000
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
0.70% p.a. (for $0 to $250,001)
Yes up to $250,000
HSBC
Flexi Saver
0.05% p.a.(for $0 to $5,000,000)
0.25% p.a. (for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Starter Account
0.05% p.a.(for $1 and over)
3.00% p.a. (for $1 to $10,000)
Yes up to $250,000