Kids bank account - do bankbooks exist?

lentildude on 11/04/2017 - 19:19

Just wanted to open a bank account for my 7yo to bank his pocket money.
It would be a valuable learning experience if banks still printed bank books.

Does any bank offer this service???
Is there a bank that generally does the right thing for kids? ie no fees.

BTW - I was in Japan and ATMs have a slot to stick in your bank book to print an update balance.

thanks

Financial

Comments

  • holdenmg on 11/04/2017 - 19:21

    What comes with your Account?

    Money Box
50 page deposit book
Wallet/holder for your deposit book

    https://www.banksyd.com.au/personal-bank-accounts-kidz-a-you…

  • Clear on 11/04/2017 - 19:33
    +1

    YouthSaver with Commbank has no fees and is used in the Dollarmite program.

    • Mummy2 on 11/04/2017 - 20:19
      +1

      We do dollarmites through school banking. There is no bank book (just a deposit book in which you can keep your own tally of funds if you want). I am not sure if it is different if you do it directly with the bank.

  • retiredfeline on 11/04/2017 - 19:35
    +3

    Next thing you know your kid will ask: Where's the app for this? ;)

  • indium on 11/04/2017 - 20:07
    +1

    I don't even know what a bank book is

    • holdenmg on 11/04/2017 - 20:08
      +1

      Never mind that…

      What is a Bank?

  • Savas on 11/04/2017 - 20:30
    +2

    I feel so old

  • Findo on 11/04/2017 - 20:38
    +1

    Aren't bankbooks usually offered for seniors' accounts?

  • oscargamer on 11/04/2017 - 22:47

    Bendigo bank does the old school bank books

  • Diji1 on 11/04/2017 - 23:14
    +1

    I'm not really sure why you think depositing money using a bankbook is such a wonderful lesson.

    • holdenmg on 12/04/2017 - 02:42
      +1

      It depends on what value you place on having tangible evidence of depositing funds and the concept that said funds will be able to be redeemed or withdrawn.

      A child's passbook creates the belief or instills some concept of saving for whatever.

      It doesn't however flag the reality that inflation (generally) outstrips the value of the funds on deposit.

      Think of it as an alternative to a box under the bed and a vehicle among many investment opportunities to choose from.

  • lentildude on 12/04/2017 - 22:39

    thanks for comments, ideas. Depositing hard earned pocket money into an online account only encourages more screen time, thus looking for a printed book for the child to hold on to.

  • rickb on 13/04/2017 - 15:34

    A friend of mine (40 something) still does his banking using a bank book (sigh - don't ask).

    He banks with CBA.

  • coolsteps on 13/04/2017 - 23:13

    get your kid a bendigo kids bank book account it pays crap interest but they send your kid a birthday voucher to take to a branch to get a gift every year thus i only deposit 1 cent and open them a bankwest kids account as it pays the highest interest rate

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