Buckscoop > Deals > Everything Else > Bankwest Kids saver 7% interest - Now 10%

Bankwest Kids saver 7% interest - Now 10%

Posted By: wheadle, posted 2009/04/20 22:44
Vague memory of someone chasing a bank account for thier kid. Saw this on the Bankwest site.

"The Bankwest Kids' Bonus Saver account offers Australia's highest rate on kids' savings and plenty more:
* Huge 7% p.a. bonus interest rate.
* Bonus interest paid each month when $25-$250 is deposited and no withdrawals are made.
* No account fees."
158°-+
  • samia7862009/04/21 09:01:31
    That was me...
    I ended up opening a bankwest smart esaver (with $45 bucky cash) but had to open it in my name. This is a good offer though, so i am considering opeing another.
  • golfwidow2009/04/21 14:28:25
    Thanks Wheadle. I have been looking for something better :)
  • golfwidow2009/07/08 10:42:21
    Updated OP as Interest Rate is now down to 6% from 7%

    http://bankwest.com.au/library/images/37/48.gif
  • Rebekah762010/02/01 11:34:17
    Rate is back up to 7%
  • nod2010/04/09 22:53:28
    Going to bump this as the offer is now 10% interest. Saw this as I was taking a look at the 6% savings offers around. Pretty awesome for the kids. Thinking of opening one
  • Rebekah762010/04/10 20:40:23
    There are some conditions on the kids saver - can't remember the exact details, but the max you can trsnfer each month is $250 and each year the money gets transferred back to the kids regular saver account (virtually 0% interest).

    I just have an automatic transfer from my bank account each month, then at the end of the year, transfer it all back and start again.. but at 10%, definitely worth it.
  • nelly2010/04/11 18:53:53
    Rebekah76
    There are some conditions on the kids saver - can't remember the exact details, but the max you can trsnfer each month is $250 and each year the money gets transferred back to the kids regular saver account (virtually 0% interest).


    Does that mean that at the end of the year you can't reopen the kids bank account or can you only have one open for your child for a year?
  • normie2010/12/21 21:12:42
    nelly
    Does that mean that at the end of the year you can't reopen the kids bank account or can you only have one open for your child for a year?


    After a year, everything over $1 will be swept into the Bankwest Children's Savings Account. Now you can start all over again and earn your child even more interest!

    http://www.bankwest.com.au/kids/

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