Bank Accounts...

[Aussiemummy]

Do you have bank accounts for your children? & if so how do you work them?

Eg- Put a set amount in each month, or just deposit on Birthdays or money gifts from relatives etc and earn interest?
Started with the baby bonus?

Thanks in advance!

[Mummy2Noah]

I dont have a actual bank account for my DS but I deposit his money in my offset account and keep a record off it so while his money is sitting in the bank its saving me interest off my homeloan haha!!!:laughing:

[bcoprice]

Yep we have an account for our daughter. We get $10 transfered into her account every pay so we don't even realise its gone from our pay. it's added up really quickly. Just thought I'd mention that it's under our name thru the bank but it's labeled as her account on our paperwork. All her grandparents know the bank details so they can add to it if they want to.

A friend of ours has 5 children and rather than having a bank account for each child they have a "childrens account" that they put money into...I thought this was a good idea for large families who can't afford to put aside $10 each into each childs account...but you can still save for them untill they are old enought to know how to do it by themselves.

[cazzamumof3]

All mine are school aged , so we have a system at our school for school banking..

Its through Commonwealth bank, and each week there is a volunteer who collects all the bank books from each class and she does online banking for all the kids who have banked that week..

The accounts are called Doller Mite accounts..

so mine get their pocket money each week, and they can bank it then..

xx cazza

[Lipsmacker01]

I looked into that and decided not to since I already have an interest earning account for her (which i already pay tax on when I declare it on my tax return). I guess you would also need a tax file number too which you need to go to the tax file office for and personally show all your original documents (they dont accept copies any more).
She also has shares that she got when she turned 1 and cant access those funds till shes 18 years old which is another thing you could do if you havent done so already.

[Larski]

I didnt even know they had dollarmite accounts anymore! I had one at school and still remember the lady coming from the bank every week (?month) and I deposited 50cents. Ahhhh, those were the days.

I have a Netbank saver for my son, although its in my name. I put $50 per month in it as a direct debit. Enough to build up over his lifetime and earn some interest but not so much that it hurts!

I really must get around to going to the bank and opening his own account in his name (and transfer the balance).

[mummyrissa]

my daughter has a dollarmite account too lol
i started it with the baby bonus and her child support (when its actually, if ever paid) goes into there... im hoping she will buy me a house with it one day :laughing:
it has a high interest on it, and if u make one deposit per month u get 'bonus' interest, i think last month it earnt $7 interest, not much realistically but hey money is money!

[2s'nuff]

Our kids have a combined Bonus Saver account. We direct Debit $50 a month into it as well as any birthday/christmas money. Recently they had enough to set up a term depoit. So we've now got one of those going for them too.

[LittleMissyMoo]

DD has a children's savings account with Bankwest. They do 10% interest if you don't touch it, so its quite a little earner. We first put her baby bonus in there and we deposit $50 per fortnight. We'll set up the same thing for the next bub, its a great idea.

[jellybellybean]

Can anyone tell me if you need a tax file number for bub to open the account due to the interest earned?? I have been wanting to open Z a bank account as she has 6 very full money boxes but I heard she needed a tfn...

[nsmonkey]

Does ANZ offer a childrens account?

[mummyrissa]

Can anyone tell me if you need a tax file number for bub to open the account due to the interest earned?? I have been wanting to open Z a bank account as she has 6 very full money boxes but I heard she needed a tfn...

u dont need a tax file number until you turn 18 or start working