Child Bank Accounts

[Melissa1983]

I think this has been posted before, but i wasn't sure...

I am wanting to open a bank account for my two girls. Do banks charge fees on children accounts, and how do i go about in opening the account? :confused:

[jkate]

Both of my boys have accounts, were we transfer money to help them start saving and where grandparents can put money in for christmas or birthday - they get plenty of toys from auntys, uncles and friends. I have found that most banks dont charge as much fees, and sometimes you only need thier birth certificate and ID for if you are the signature holder. Investigate what the different banks have, and go with the one which suits you the best. Hope this help.

[jordy&steph'smumma]

I have an account with Bendigo Bank here in Vic and kids don't get charged any fees until they are 16 so I think that some other Banks may do the same. Shop around and ak if they have kids accounts with no fees, like the Bendigo Bank.

Kylie

[Tam-I-Am]

I used to have a bank account with the Commonwealth Bank, and they didn't charge fees until after I stopped being a full-time student (including university). Having said that, I agree with JKat - shop around - call a few banks and query their policies on bank fees for kids accounts.

[natasha]

I opened up a bank account for DD with commonwealth bank and they are really good. You have to go to the counter (not the one where all the tellers are, the other one) with childs passport and birth certificate. They open the account right there and then. They get sent out a little letter, some stickers , colouring pencils and fun stuff in a pack when they open an account. You don't pay any fees at all. All their statments are written in big letters so the children can read it easily.:thumbsup: Its so cute.

Hope this helps.

[Melissa1983]

Thank you for that.

Do you know if ANZ do the same as commonwealth?

[Issey]

I just wanted to add that the National Aust Bank have a high interest rate account 5.45%, you can set it up as a trust account so it is in your name but has your babies attached to it. You have sign to get money out, so your little one can't just withdraw it when they get older. There are no fees and you can only do money transfers over the internet. I did this for the interest rate mainly.

[Cade's Mum]

St George also have childrens accounts with no fees, you can open it on the spot with your ID and baby's birth certificate.

[2littleprincesses]

My girls have Happy Dragon accounts with St George, plus the Direct Saver accounts (linked) which have 5.4% interest, no monthly fees, no minimum balance. Also they are in my girls' names, I am the signatory, so I don't have any interest to declare to Centrelink/tax office and doesn't affect my FTB payments