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  1. #1
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    Default Bank account for bubba? Which one?

    We're looking to open an account for our DD which will put money into for her future...

    I'm just hoping someone has a recommendation on a good account to open?

    Also what details do the banks need when opening an account for a minor?

    TIA

  2. #2
    Bonkers is offline wishes she was a glow worm. A glow worm's never glum, 'cos how can you be grumpy when the sun shines out of your bum?
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    Subbing. You need birth cert for these hey?

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    Witwicky's Avatar
    Witwicky is offline A closed mouth gathers no foot.
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    Bank west has a great kids account with an excellent interest rate. It has won quite a few awards.

    I'm pretty sure we had to show his birth cert, but my memory is foggy

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    Pixie83  (29-07-2012)

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    Yep all you need is the birth cert. I opened a bankwest one for my DS and put in $30 a month, u get bonus interest for depositing minimum $25 a month.

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    Pixie83  (29-07-2012)

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    We opened a normal online high interest saver in our own names for now. I figure a general account in DDs name would mean we had no control over when she can access it in her teens or tax breaks for us, whereas one day when get around to setting up some sort of trust account which means we can choose the terms.

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    Pixie83  (29-07-2012)

  9. #6
    hakuna matata's Avatar
    hakuna matata is offline The artist formerly know as babyhopeful
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    Bankwest here too. Were with commonwealth but they were so cr@p!

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    Pixie83  (29-07-2012)

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    We got the Bankwest Kids Bonus Saver account too. They setup the Bonus Saver account and a standard account. You get 10% interest whenever you put in minimum of $25 a month (but cant put in more than $250 in one month or it automatically gets shifted across into the standard account). You dont have to put money in every month though. I just showed the birth certificate.
    Last edited by HouseOfFun; 29-07-2012 at 19:10.

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    Pixie83  (29-07-2012)

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    BankWest kid savers accounts here for my two.

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    Pixie83  (29-07-2012)

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    Quote Originally Posted by kochanski View Post
    We opened a normal online high interest saver in our own names for now. I figure a general account in DDs name would mean we had no control over when she can access it in her teens or tax breaks for us, whereas one day when get around to setting up some sort of trust account which means we can choose the terms.
    Yeah we have an online one is our names too. I have thought about one in their names, I guess they don't really need to know there is one in their names until they are 18? I don't know.

    Disadvantage of it being in our names is we have to pay tax on the interest gained

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    Pixie83  (29-07-2012)

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    Quote Originally Posted by HouseOfFun View Post
    We got the Bankwest Kids Bonus Saver account too. They setup the Bonus Saver account and a standard account. You get 10% interest whenever you put in minimum of $25 a month (but cant put in more than $250 in one month or it automatically gets shifted across into the standard account). You dont have to put money in every month though. I just showed the birth certificate.
    This ^^^

    And if you don't deposit the whole $250 a month then just transfer the difference back in from the standard account to get maximum bonus intrest each month!

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    Pixie83  (29-07-2012)


 

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