If you’re looking to stash your child's pocket money, it's important to open a children's savings account that's both flexible and fee-free. With no monthly fees and a minimum balance starting at as little as $2, this can certainly be said of the The Mutual's Mighty Mutual Youth savings account.
The Mutual's Mighty Mutual youth savings account could be a great way to start your kids on their money saving journey. The account offers a 4.30% interest rate which is paid every six months. You can also earn an extra 10% with the simple conditions that there are no withdrawals made in that period and that there is a minimum balance of $2.
The Mighty Mutual account has no account fees and offers free online and phone banking, as well as free branch deposits. Your children will also receive a free passbook with the account so they can become involved by tracking their savings and watching them grow.
This account is great for children who can be helped to make consistent deposits into the account without regular withdrawals in order to achieve the maximum bonus interest rate of 4.30%.
The Mighty Mutual youth account is only available to kids 12 and under, so after this the parents will need to look into an alternative account.
Balances from $0: 0.00% p.a. |
|
n/a |
|
Interest paid 6-monthly. If no withdrawals within that period, then an extra 10% of the interest earned is applied. |
$0.00 |
|
n/a |
|
Unlimited transactions. |
|
$0.00 |
|
n/a |
|
n/a |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
|
$0.00 |
$2.00 |
|
$2.00 |
|
Half-yearly |
no |
|
n/a |
|
no |
|
no |
|
no |
|
yes |
|
no |
|
yes |
|
yes |
|
yes |
|
no |
|
none |
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none |
|
Under 18 |
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
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
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
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% 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
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
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)
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)
Hero Saver
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
1.00% p.a.(for $0 to $5,000,001)
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
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
AMP Saver Account
1.20% p.a.(for $0 to $5,000,000)
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Hero Saver
1.00% p.a.(for $0 to $5,000,001)
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Life - 18-29 years old
2.00% p.a.(for $0 and over)
5.20% p.a. (for $0 to $30,000)
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