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Police Bank Dynamo Kids Savings Account

Advertiser disclosure
Interest rate
0.40% p.a.(for $500 to $50,000)
Maximum rate
1.70% p.a. (for $500 to $50,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Police Bank Dynamo Kids Savings Account

Last updated: 11 February 2021.

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What's hot
  • 2021 Mozo Experts Choice Award
  • 1.70% maximum rate
  • Zero monthly account fees
What's not
  • $2 over the counter withdrawal fee
Mozo snapshot

Looking for an award-winning account built to help introduce kids to the idea of regular saving? With a maximum rate of up to 1.70% and no account fees to worry about, the Police Bank Dynamo Kids Savings Account could prove the right match. Plus if you need more convincing, the took out a 2021 Mozo Experts Choice Award in the Pocket Money Regular Saver category!

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Key features

With the Dynamo Kids Savings Account, there are a few different interest rates young savers will be able to earn on their money depending on their balance and the regularity of their deposits. Here’s the breakdown: 

  • $0-$499: Savers will earn a base interest rate of 0.25% on their balances, or a maximum interest rate of 1.55% if they deposit at least $20 and make no withdrawals in the month

  • $500-$49,999.99: Savers will earn a base interest rate of 0.40% on their balances, or a maximum interest rate of 1.70% if they deposit at least $20 and make no withdrawals in the month

Savers also won’t have their savings balances eaten up with any pesky costs like monthly account fees or fees to deposit money over the counter in a branch, however, there is a $2 charge to withdraw any funds over the counter. 

Just remember that this is purely a savings account without an attached eftpos or debit card, so kids won’t be able to withdraw their savings at an ATM or use them to make purchases.

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Who is it good for

The Dynamo Kids Savings Account from Police Bank could be a great savings option for young savers who can keep up regular contributions to their account in order to hit that maximum 1.70% maximum rate. Just be aware that once a savings balance hits $49,999.99, any balance above this will earn 0% interest. 

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Any catches

This account is only available for children up to the age of 13. Once they turn 13, the Dynamo Kids Savings Account will automatically switch to a Flex Account.

Details

Rates and fees information correct as at 27 February 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.25% p.a.
    Balances from $500: 0.40% p.a.
    Balances from $50,000: 0.00% p.a.

  • Balances from $0: 1.55% p.a.
    Balances from $500: 1.70% p.a.
    Balances from $50,000: 0.00% p.a.

  • Minimum deposit of $20 and no withdrawals in the month

Fees
  • $0.00

  • n/a

  • unlimited free transactions from internet and phone banking

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • Up to 13

Customer Reviews

How are Police Bank savings accounts rated by the Mozo community?

Overall
8.6/10
Price
7.9/10
Features
7.3/10
Customer service
8.9/10
Convenience
7.3/10
Trust
9.0/10
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About Police Bank

Police Bank has specially designed its financial products to offer financial solutions to the employees and families of the Police service. Police Bank offers a range of financial products and services in savings accounts, home, car and personal loans, term deposits, credit and debit cards and a range of insurance products, ensuring that its members financial needs are taken care of.

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