Do you have a high interest savings account?

[perrywinkle]

We are looking at putting some money away for the kids schooling and have been told an interest account would be the best way. We were with ASG but have had many problems with them so not looking at going down that path again.

Does anyone recommend a bank or credit union and what interest rate is it?

Oh yeah does it have to be in our names or the kids names? Not sure about fees either!!

THANKYOU!!! :thumbsup:

[twinmum73]

We have an account with ING that we are using for our 2, it is in our name as we have to transfer the money from an account with the same name. It is totally fee free and the interest rate at the moment is about 6.65%. It goes up when interest rates do as well, they don't wait a few weeks to pass it on. They also do promotions to try to encourage you to save a bit more. I think BankWest also does a pretty good on-line account.
We also have an ASG account - can I ask what the problems were you had? PM if not able to post here. Good luck.

[perrywinkle]

Here's my reasons for pulling out-

There's no guarantee the kids would go to Uni

If they want to defer for the first year after Yr12 you wont get any money back

Payments have increased a lot too quickly

And the interest rate isn't that good!

[silvercat]

I have just recently opened a BankWest kids saver account to save for my sons education after folding my ASG account.There interest rate around 10%.A few ins and outs to it,which you can easily find out about over the internet,and so worth it long term!

[mtjt25]

We have one with ST George - I have just seenon their website they are offering 7.25% at the moment which is pretty good I think - there are no fees attached

[Susan Mac]

I have a bank west telenet saver, it's somewhere around 7%. The thing to watch out for if you put the account in your kids names is that if they earn too much interest it will be taxed. Check with the tax office what the limit they can earn is. I think the bank west kids account caps the interest they can earn to avoid that problem.

[Eggflip]

We have a savings account with Heritage I think its 6.5% and the money isn't locked into a term deposit. The interest per month pays off almost a double payment on our GE mastercard that we have an interest free furniture loan on.

[Yummy_Mummy]

if you open up a net saver account with commonwealth bank it is nearly 7% interest per month & it doesnt matter if you use a little of the money coz you still get all the interest on the money still in there :D

[Tasha83]

:iagree: we have a net saver and our interest rate is 6.75%. No fees and it seems pretty good to me.

Our son has an account but its just a junior saver and is at 3% pa and as long as you dont take money out each month it pays on that rate. We only opened it for a savings though.

Am thinking of looking into something alitttle more to help with funding for schooling for the Kids.

[ThomasMum]

ING is the best one, no fee no nothing. Thomas's baby bonus (all $3000 of it we havent spend any cent because its belongs to Thomas) is doing well at the moment, he will be a happy lad when he turns 18 :laughing: