Youth eSaver Account: 3.25% p.a Interest on Balances under $5K for Under 17 Year Olds @ Great Southern Bank

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WoodYouLikeSomeCash on 31/07/2022 - 15:42 greatsouthernbank.com.au (298 clicks)
Last edited 01/08/2022 - 12:56 by 1 other user

3.25% p.a - balances under $5,000.
1.00% p.a - balances over $5,000.

Only really worth it if your depositing less than $5K.

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Great Southern Bank

• 

  CrazyBargainCatcher on 31/07/2022 - 15:49

  +1

  3.00% up to $50k with BOQ (14-17 Age Requirement required with extra T&C's for 17-35)

  • 

    samfisher5986 on 31/07/2022 - 16:07

    -1

    I have this but honestly it doesn't seem like its going to be a great deal for very long at this rate…. they don't seem interested in increasing the rate.

    • 

      CrazyBargainCatcher on 31/07/2022 - 16:51

      GSB or BOQ?

      • 

        samfisher5986 on 31/07/2022 - 17:52

        -1

        BoQ.

        • 

          CrazyBargainCatcher on 31/07/2022 - 17:54

          @samfisher5986: Tthat's because they just increased from 2% to 3 lol

          • 

            dealsilike on 31/07/2022 - 22:54

            @CrazyBargainCatcher: It was 3% then they put it down to 2% then back to 3%

• 

  Jeffie on 31/07/2022 - 15:51

  +4

  Username checks out.

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  Jake T on 31/07/2022 - 16:01

  Wondering if I should set up this kinda thing for my newborn.

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  hardya on 31/07/2022 - 17:24

  +1

  For 'youth at heart' too? Pensioners can't keep eating dog food

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  countmein on 31/07/2022 - 20:46

  I dont have minor or teens who have work yet but what is the tax association with this kind of "investment"? Sorry for diff topic but I'm thinking to "give" a little bit of shares/LICs to my younger kid so they compound until he is 18 (he can manage his own)

  • 

    atlinus on 02/08/2022 - 02:11

    No difference as you have to file tax under your name. Not unless your kid able to work and earn their own money to invest and have their own tfn and file their own tax.

    If the investment on your child's name exceed earning on certain threshold, you have to pay 60% tax. This is to discourage hiding investment under child's name.

    • 

      WoodYouLikeSomeCash on 02/08/2022 - 18:27

      Incorrect, you can apply for a TFN at any age and lodge a tax return in your child’s name (which wouldn’t affect your tax earnings or increase your tax to be payed).

      • 

        atlinus on 02/08/2022 - 19:20

        Please provide more details how ? What is incorrect? interested to know what i missed reading the ATO website.

        Child without capacity to earn is taxed at 60%
        maybe a couple of hundreds as a gift can be considered but i dont think enough to buy shares. You need to prove whee the money comes from else it is taxed as 60%

        This policy has changed a few years ago as they use child name to hide investment to avoid paying tax.