Which bank account for new baby???

[mamachops]

My Dad has given us some money for my new baby, and I want to 'invest' it wisely by opening a savings account for her, that we can deposit a small amount on a regular basis.

Being from the UK, I don't really know the best type of account for this.

Has anyone else done a similar thing? Any suggestions of banks or specific accounts that you've used?

[veve]

I love ING - but you can't open an account there until you are 16 ... and I wanted the account to be in my sons name (with me as trustee).

we ended up opening an ISaver account at the NAB - it has a slightly higher interest rate (I think a huge .01% LOL) - we put all of Jacks money into there- we can just transfer into it using our phone banking ...

xxx

[Mum2Lucas]

I opened a dollarmite account at the commonwealth bank for my son the other day. I had one when i was a kid and i still have a bank account there now so thats my main reason. But they're pretty good there.

[Pommy Mummy]

I can't actually suggest a particular account but just make sure that the money isn't eaten away by account keeping fees!

[Biene]

I went into Westpac the other day to get some advice about this, Westpac have a basic savings a/c which earns 3% interest, the a/c would be in your name acting as a trustee for your baby, I believe it had no a/c keeping fees if the balance as over $500, they also had an even better a/c which earned around 5% interest but in order to get this a/c you needed a pre-existing a/c with them which I don't have.

I'm making an appt next wk with one of their financial planners to look at some sort of investment a/c, this will probably be a better option for us in the long term. Go in and speak to the banks as there are so many choices available and they were really helpful.

[Melo]

I went into Westpac the other day to get some advice about this, Westpac have a basic savings a/c which earns 3% interest, the a/c would be in your name acting as a trustee for your baby, I believe it had no a/c keeping fees if the balance as over $500, they also had an even better a/c which earned around 5% interest but in order to get this a/c you needed a pre-existing a/c with them which I don't have.


Thats what we have for DS, we've only had it open for a 2 months and already have $0.50c interest (Not much I know but it all adds up!). And we've only got $100 in there, must transfer some more money into that account! Will do now, thanks for reminding me! :yelclap:

[2littleprincesses]

I'm having trouble reading all the replies, so I hope I'm not just doubling up here.

We used to have Progress Savers with the ANZ as our home loan was there, if you make at least a $10 deposit each month you earn the bonus interest. And you don't get charged any fees.

We've since swapped to a credit union for our home loan and so I thought while I was in the mood to review all the products, I came across the St George Happy Dragon account and a linked account with Ing called a Direct Saver or Dragon Saver. I put the accounts in my daughters names, with me as a signatory. Therefore, I don't have to claim the interest and earn just that tiny little bit more FTB. That's also a handy hint for you working mums. The Happy Dragon account is a passbook account which earns a tiddly little bit of interest, but now whenever people give my girls money "for lollies" (yes I have an almost 9mo and a 2.5yo), the money goes into their Happy Dragon, and we put an amount in their Direct Saver accounts each month. There was a deal when I joined that had 5.6%pa interest, I think it has dropped back to 5.4%pa but is still a good rate. You also don't have to put an amount in each month, there's no minimum balance either.

Have a look at their website www.ingbank.com.au. I'm happy with it so far, you also can transfer $ by phone and internet banking.

Edited to add - and there are no fees on either the Happy Dragon or Direct Saver accounts

[ThomasMum]

I love ING - but you can't open an account there until you are 16 ... and I wanted the account to be in my sons name (with me as trustee).

we ended up opening an ISaver account at the NAB - it has a slightly higher interest rate (I think a huge .01% LOL) - we put all of Jacks money into there- we can just transfer into it using our phone banking ...

xxx

Um actually Veve, it's not true because Thomas has an account with ING long ago under his name and everything. So I don't see why you can't open one for your lovely lil one :) , iSaver is not too bad as I've got one, but ING is better and faster he he. Plus no fees, how good is that! :thumbsup:

Good luck!

TM

[Nan]

Another good idea that someone told me was that if you know what school your child is going to, find out which bank they bank with and open a school saver type account. That way they can keep the same account when they go to school and put their little dollar in each week (or whatever). How cute! I still remember doing that when I was at school.
Love,
Nan. xx