Bankwest Kids saver 7% interest - Now 10%

20 April 2009

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."

TOPICS:   Shopping

8 comments

  • samia786
    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.
  • golfwidow
    Thanks Wheadle. I have been looking for something better :)
  • golfwidow
    Updated OP as Interest Rate is now down to 6% from 7% http://bankwest.com.au/library/images/37/48.gif
  • Rebekah76
    Rate is back up to 7%
  • nod
    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
  • 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). 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.
  • nelly
    Rebekah76;111116
    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?
  • normie
    nelly;111149
    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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