Was hunting around for a bank account for my kids that actually paid some interest (Revolut despite the cool debit cards the kids can draw doesn't pay anythinyg.
Westpac gives you $50 bonus if you deposit $100 when opening the account in first month.
To be eligible you must:
Be under 18 years of age.
Not have held a Choice account and/or Bump account with Westpac (applies if you’ve also been a joint account holder).
Open a new Choice account and Bump account and deposit at least $100 into the new Bump account within 30 days of opening the first required account. Accounts must be active and ready to use.
Deposit must be customer-initiated and does not include interest payments into the account.
Please note that joint accounts are not eligible.
If you meet the above:
You’re entitled to one $50 payment, regardless of the number of accounts you hold.
The $50 payment will be made to your Choice account within 50 days of you meeting these Terms and Conditions in full. If you open more than one Choice account, the $50 will go to the account you opened first.
This promotion is not available in conjunction with any other offer. We reserve the right to change or withdraw it at any time.
My head popped when i saw the tax charged on kids interest….WTF
Up to $416: The first $416 of interest earned in a financial year is tax-free.
**$417 to $1,307: The income is taxed at a rate of 66% on the amount over $416.
Over $1,307: The entire amount of interest is taxed at 45%.