So my 9yo has been getting a load of cash gifts for his birthdays and Christmases over the years, and would like to open an account so he can put his savings in. What do the people of OzBargain recommend? We are based in Western Australia in case that makes a difference.
Thanks
Do you give them interest?
i give them an interest in a roof over their head
When people give cash to kids they really mean to give it to the parents
I voted this up, but my son didn't like the idea …
My 10yo has a Stake account that I manage but let him choose all the stocks. Mostly invested in toys, confectionary, missiles, video games, etc. but performance has somehow been very good.
My 10yo has a Stake account
What is the min age they allow for their accounts?
Not sure. I made the account using my details.
That means you are liable to pay any taxes owed.
I'd use the same bank / financial institution as the parents use, just for the ease of access / management.
Good idea to choose a bank that won't start pummelling him with fees when he's 18. Or maybe it is a good idea to do that, to help him learn not to get too attached to the same bank his whole life and learn to change banks to save or earn more money.
Great Southern Bank
Youth eSaver
Generous interest rate without fees.
Total rate up to 5.50% p.a.
Available for balances up to $5,000
Comes with an Everyday Youth Account^.
Dip into your Youth eSaver savings when you need to without affecting your interest rate.
Check out the google doc in this thread, not sure how up to date it is though: https://www.reddit.com/r/AusFinance/comments/11ijrgo/austral…
Thanks, that was really helpful!! (FYI) Seems to be about 4 months current …
what i've done is have a branch off our offset for the kids accounts.