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Tip Store: Banking: Children's Bank Accounts

3.5% Interest Paid for Children's Saving Account

​A while ago we were looking for the best savings account for our 2 oldest kids. We found the children's account from Endeavour Mutual Bank to be the best as it pays monthly 3.5% in interest. At the time it was the highest paying we could find. it's an online account and upon sign up you receive information written for kids on saving money, creating a budget and other money related things. I can highly recommend it.
Contributed by Sandra Saunders, January 2019

Saving for Extracurricular Activities

​Further to the saving for un-budgeted school costs. We have started by opening high interest 10% accounts for our 6 month and 2 and half year olds and put $25 a month in each. We figure if we continue to shop around for kids accounts with high interest (they usually only last for 12 months with the high interest) we can put away some considerable extra-curricular activity money without a serious impact on the budget later on.
​- Contributed by Sarah, North Epping, 21st May 2009

​Free Money

Approximate $ Savings: $50 per child with FREE money!! Grab a copy of the July Money Magazine where you can open a NAB account for your children (as many as you have) and you will receive a $50 deposit into their account to get you started! What do you have to loose?
​- Contributed by Adi, Napoleons, 20th July 2009

Teaching Children

​Let your children help with the housework, shopping and bill paying. It's important that they learn how to look after themselves and their finances and their best teacher is YOU!