bcu Scoots Super Saver

Mozo snapshot:

The bcu Scoot Super Saver offers a generous 2.10% for your kids savings stash. What’s more, there are no monthly account fees, making it a pretty sweet deal for young savers and an obvious pick for our 2020 Mozo Experts Choice Awards, where it won in the best Pocket Money Regular Saver category.

Key features:

It can be hard enough introducing kids to the ins and outs of finance, let alone encouraging them to save, but the bcu Scoot Super Saver is designed with just that in mind. Kids won't have to lift a finger to see their stash grow with the 2.10% interest rate on balances under $50,000. Couple that with the lack of account keeping fees and this should go a long way towards helping children save as much of their pocket money as possible.

Kids also get access to Scoot’s Zone, an online portal which helps them learn good money habits. There are a heaps of fun games and plenty of resources to make smart banking more fun, including a savings planner, handy financial tips, and a money Q&A with Scoot the dog.

Funds can be accessed using ATM, phone or internet without any fees. There is however a $0.30 EFTPOS fee (which should actually help minimise spending), and $1 over the counter deposit and withdrawal fees.

Who it's good for:

If you’re a parent looking to instil responsible savings habits in your child, bcu’s Scoot Super Saver could be a great pick. Encourage your child to keep spending to a minimum while making regular deposits and they’ll see their savings grow in no time.