Looking for an award-winning account built to help introduce kids to the idea of regular saving? With a maximum rate of up to 2.05% and no account fees to worry about, the Police Bank Dynamo Kids Savings Account could prove the right match.
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-$49,999.99: Savers will earn a base interest rate of 0.05% on their balances, or a maximum interest rate of 2.05% 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.
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 2.05% maximum rate. Just be aware that once a savings balance hits $49,999.99, any balance above this will earn 0% interest.
This account is only available for children up to the age of 12. Once they turn 13, the Dynamo Kids Savings Account will automatically switch to a Flex Account.
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Balances from $0: 0.05% p.a. |
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Balances from $0: 2.05% p.a. |
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Minimum deposit of $20 and no withdrawals in the month |
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$0.00 |
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n/a |
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unlimited free transactions from internet and phone banking |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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n/a |
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no |
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no |
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no |
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no |
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no |
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yes |
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yes |
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yes |
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no |
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none |
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none |
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Up to 12 |
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
2.00% p.a.(for $0 to $250,000)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Progress Saver
0.01% p.a.(for $0 and over)
4.25% p.a. (for $0 and over)
Yes up to $250,000
