expired Bankwest Kid Saver Account - 7% Interest Rate
Ok guys, I just want to share my experience for hunting the best kid saver account on the market.
I believe Bankwest Kid saver account currently offer the highest interest rate - 7%.
The issue with this product is after 1 year, the money will be transfer to another account that paying peanut only 1-2% only.
I just done my research. And I find out there are 3 options on the market that might suit you.
Westpac Kid Saver account - 5.45% (included bonus 1.55% for 4 months only), this promotional rate for accounts opened between 10 February 2010 and 8 March 2010. The true rate after promotion is 3.9%
Kids Savings Account - 4.75 %
ANZ Progress Saver account for those under 18 years - 3.71%
So the plan is open bank west kid saver account, after 1 year, transfer the money from Bankwest Children's Savings Account to one of the account above.
And remember to get bonus interest on one of the three above accounts, you still need make regular deposit once a month. Each products has different condition. Let said just put additional $20/month and no withdrawal, otherwise u won't get the bonus interest.
REMEMBER this is for your kid account not for your daily transaction account / regular saving account.