Bankwest Kids Bonus Saver Account - 10% interest

17 November 2007

This has been around for a while but I could not find it in a Buckscoop search (please correct me if I'm wrong and tell me what I could be doing wrong!)

The BankWest Kids' Bonus Saver account is going to be responsible for a generation of cashed up kids.

The huge 10% p.a. bonus interest rate is anything but child-sized, and there are no account fees to eat into kids' funds - so savings just keep growing!

By linking to a BankWest Children's Savings Account and depositing between $25 - $250 per month, children under the age of 15 can take advantage of the Kids' Bonus Saver account.

Super-sized features of the Kids' Bonus Saver include:

Huge 10% p.a. bonus interest rate
No account fees
Bonus interest paid each month when $25 - $250 is deposited and no withdrawals are made
Fast parent/guardian access to funds through BankWest branches, Phone Banking and BankWest Online Banking

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7 comments

  • nod
    Hot vote from me. Great idea to get kids to start saving
  • geo78
    the trick is that you can only save $250/month and at the end of one year, all savings go to another account and you cannot earn 10% on them. you need to start all over with another maximum of $250/month. but you get up to $167 interest at the end of the year if you start with the maximum deposit and every month deposit the maximum amount...a nice bonus
  • lisss
    geo78;25653
    the trick is that you can only save $250/month and at the end of one year, all savings go to another account and you cannot earn 10% on them. you need to start all over with another maximum of $250/month. but you get up to $167 interest at the end of the year if you start with the maximum deposit and every month deposit the maximum amount...a nice bonus
    At the end of each year the savings are transferred to a normal account where you earn approx 4.5% interest (although this will probably go up now due to the rate rise). You then start again with the 10% account :)
  • nod
    still a nice offer :)
  • admin EDITOR
    thats a bit scummy of them, although 4.5% isnt too bad on a transactional account - but still - $167 isnt too bad on 3k. Dunno about nowadays but I used to get $12 for a days work once a week and $4 pocket money. I had a savings account that I used to go and withdraw huge amounts (like $2) to go blow on space invaders and to pay off my running account at the butchers on the way home from school where I used to get given red sausages that I'd eat - still dont know whether they were cooked or not but they tasted good.
  • lisss
    admin;25823
    thats a bit scummy of them, although 4.5% isnt too bad on a transactional account - but still - $167 isnt too bad on 3k. Dunno about nowadays but I used to get $12 for a days work once a week and $4 pocket money. I had a savings account that I used to go and withdraw huge amounts (like $2) to go blow on space invaders and to pay off my running account at the butchers on the way home from school where I used to get given red sausages that I'd eat - still dont know whether they were cooked or not but they tasted good.
    I actually think its pretty good. You have to look at what else is out there. For eg the CBA's Youth Saver account: If the balance of the account is $100,000 and over, you get 4.68% but if its $0 to $1,999, you get 3.04% (and rates gradually increasing up to 100,000) http://www.commbank.com.au/personal/accounts/youthsaver/rates-fees/default.aspx You'd have to do the sums and obviously if your kids were saving WELL over 100,000 per year then maybe CBA would be a better option... but I'm guessing that if parents had that sort of money for their kids they wouldnt leave it sitting in a bank anyway (they'd be investing it in better ways).
  • schlemster
    showing your age there admin :D withdrawin $2 hey?

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