When it comes to kids bank accounts here in Australia, they are often anything but straightforward. Headline rates might look appealing. But when you do a little digging, there are special conditions and bonus rates that can require you to jump through hoops.
Having worked in marketing for both the big banks and credit unions, there is a common saying from “womb to tomb”. Basically, that is the utopia of a banking relationship.
Having someone as a customer from when they are a child, through to when they are an adult is the best kind of customer a bank could ask for.
My friends over at the Spending Hacker talk about the hidden ‘tax’ we pay for being loyal.
This is also the case for kids bank accounts. The bank will sweeten the deal with an introductory or bonus rate, that then later converts to a low rate.
If you keep an eye on your kid’s accounts you can definitely maximise the value you get from them.
Here is my list of the top picks for kids savings accounts in August 2017. Note that rates may have changed since then.Continue Reading →