Money's Best Children's Savings Account for 2022
A Finder survey shows 7% of Aussie children - that's 270,000 under-12s - are "kidvestors" who already have their own share portfolio.
But savings accounts reign supreme, with 58% of youngsters growing pint-sized savings.
The trick is tracking down a savings account worthy of your child's hard-earned pocket money.
Freebies like colouring books and stickers may be eye-catching, but they won't help your kids build a honey pot of cash. That's where Money's best children's savings account awards sort the wheat from the chaff.
Great Southern Bank's Youth eSaver dominates the leaderboard with a return for under-18s of 2.4% on balances up to $5000 - a rate many grown-ups can only dream of! Balances over $5000 earn 1%.
It's fair to say that generally the smaller banks offer impressive returns on junior accounts.
Our winner among the major banks is the Suncorp Kids Savings Account. Children up to age 18 can earn a total of 0.95% (includes bonus interest of 0.4%) if at least $20 is deposited each month and
no withdrawals are made.
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