Looking for a savings account to help your child or young teen grow their stash? The Sydney Mutual Bank Young Saver Account could be the way to do it. This account is available for kids aged 0 to 17 years old and has no pesky ongoing fees. It also comes with a competitive 2.00% interest rate for balances under $5,000 and no monthly deposit requirements attached to it. It’s no wonder this account was given a 2020 Mozo Experts Choice Award in the best Pocket Money Saver category.
An important part of any savings account is the interest rate, and this is where the Sydney Mutual Bank Young Saver Account delivers.
For balances under $5,000, kids receive a competitive 2.00% interest rate - with no monthly deposit requirements at all, making it the perfect place to stash savings as often (or not) as you want. Just bear in mind though, the interest rate drops to a less hot 0.75% for balances between $5,000 and $10,000 and then plummets to only 0.01% on balances over $10,000.
You may be pleased to hear that when it comes to account fees, with the Sydney Mutual Bank’s Young Saver Account you won’t have to pay them. Plus, there is no minimum opening balance so your child can start saving straight away!
If you still need convincing take Mozo’s expert judges word for it. They thought this account was a top notch product and gave it a 2020 Mozo Experts Choice Award in the Pocket Money Saver category.
This account is a good option for kids that have a savings stash under $5,000 so they can take advantage of the competitive rate and watch their funds grow.
Just remember, this product is only for kids aged 0 to 17 years old not adults. And if your child is under 12, as a parent, you’ll need to be a member of the Sydney Mutual Bank in order to open an account but for kids between 12 and 17 they can be a Junior Member until they turn 18.
Balances from $0: 2.00% p.a.
Balances from $5,000: 0.75% p.a.
Balances from $10,000: 0.01% p.a.
n/a
n/a
$0.00
n/a
Unlimited phone and internet banking
n/a
n/a
n/a
$0.00
$0.00
n/a
$0.00
$0.00
n/a
$0.00
$0.00
Monthly
no
none
no
no
no
yes
no
yes
yes
no
no
none
none
0 to 17
SCU previously known as Sydney Credit Union creates a longer lasting relationship when it comes to banking. SCU offers great rates for customers, with accounts that have low or no fees attached. Products that SCU offer savings accounts, term deposits, debit cards, personal, car and home loans, credit cards, business finance and overdrafts facilities. SCU are generous when it comes to dealing with your money.
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