Credit Union SA Childrens Savings Account

Mozo snapshot:

Kids bank accounts come in all shapes and sizes and Credit Union has developed one to fit your child’s saving needs with its Children's Savings Account. With no monthly account or transaction fees, as well as a 1.70% special interest rate, this account offers some notable features and high points.

Key features:

The Credit Union SA Children's Savings Account is a great account for those under the age of 18 who want to start saving regularly. This account has a no minimum deposit amount, however to score the 1.70% special interest rate, savers must make at least one monthly deposit with no withdrawals otherwise the rate drops to a lower rate of 0.05%. As well as this, the Childrens Saving Account has no account keeping or transaction fees attached, which is great for any young saver.

This savings account is easily accessed through both internet and phone banking, and with ATM access and free over the counter withdrawals, this account is a great first step to introduce kids into the world of saving.

Who it's good for:

This account is great for young savers who are only just being introduced to meeting bonus requirements and who are able to take advantage of a great interest rate while only needing to put small amounts away every month.