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Amused
12-06-2009, 16:30
Just wondering if anyone knows who can help with advice about setting up a savings account for a baby that can be added to over time and earns good interest? Is there an account that can be set up where the parents can decide at the time whether the child is responsible enough at a particular age to collect the money? Is it the case that if it is in the child's name no tax is payable?

Has anyone else investigated a savings account for their kids? What have you used?
Beckybug
13-06-2009, 17:37
I don't know if this can still be done but this is what my parents did for me.

They set up a trust fund type account when I was born and a certain amount was deducted from Dad's pay every week/fortnight/month and it earned REALLY good interest for a while. It went up and down with the Reserve banks rates so when it got really high with the Labour government years ago it earned lots.

I could not touch the money until I was 20 1/2. A date was set when the account was set up when the money could be touched without losing all the interest. It was through AMP, so you would have to look into weather they still do such things.

HTH! :D
*Need~More~Coffee~Please*
14-06-2009, 01:25
pretty much all banks offer a kids savings account
.........i think most banks are pretty much the same interest rates as each other , on the childerns accounts and they usually dont have fees attached
........I suggest opening one with your own bank.
I have opened DS a suncorp kids saver acc and if i put in a minimum of $20 per month he gets a bonus bit of interest(not sure of the % without checking)......this money is able to be automatically transfered from mine to his.....
not sure if this will help with what u needed to know :confused:

:)
ThomasMum
15-06-2009, 15:50
DS has an account thru ING Direct soon after he was born. We put all his baby bonus there and IS currently doing well :D
popetsmum
17-06-2009, 16:48
bank west has a bonus saver account for kids it earns 6% if a min of $25 is put in /mth and a max of $250. So i just put in 30/mth and the end of the year it gets cleared out and you start again.