Money magazine Comments - The best bank accounts for kids There are more than 40 bank accounts on the market for Aussie kids, so which offer the best rates and conditions to get your little ones saving? https://www.moneymag.com.au/feed/latest?story=141484091 Wed, 21 Feb 2018 21:00:33 +1100 Wed, 21 Feb 2018 21:00:33 +1100 en-AU Copyright 2026 Money magazine 5 Money magazine Comments - The best bank accounts for kids https://media.moneymag.com.au/prod/media/library/Money_Mag/Logo/Logo_401x133.png Comment by Craig ()

Hi Sally,
I think you will find your calculations for the BankWest Kids' Bonus Saver Account are wrong. I was investigating this account for my kids and in my research discovered that after 12 months, everything over $1.00 is swept into a linked 'Children's Saving Account' which earns a much lower interest rate, therefore every year you have to start earning bonus interest from scratch, it is not accumulative. This is why I didn't choose this account over others as the interest is not compounding.

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]]> Craig () Wed, 21 Feb 2018 21:00:33 +1100 Comment by Toni ()

Great pick up Craig! Can I ask which Bank and Product you ended up going with?

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]]> Toni () Tue, 16 Jul 2019 14:08:51 +1000 Comment by Gaynor ()

Hi Sally
My first son has a Kids Bonus Saver account with First Option Credit Union, who were voted best kids savings account by your magazine in 2014, 2015, 2016. We are now looking into the best option for the latest addition to our family. Do you have a current comparison for children savings accounts?
Thanks

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]]> Gaynor () Tue, 06 Aug 2019 11:55:51 +1000 Comment by Money ()

Hi Gaynor,

Here are the winners of our most recent awards for Best Kids Savings Account (announced November last year): https://moneymag.com.au/best-of-the-best-best-kids-savings-accounts/

Our next December/January Best of the Best issue will be on sale on November 28 - stay tuned!

- Money team

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]]> Money () Tue, 06 Aug 2019 12:29:10 +1000