Best of the Best 2017: Best Kids’ Savings accounts

Best of the Best 2017: Best Kids’ Savings accounts

GOLD WINNERS: HUME BANK (BANK), FIRST OPTION CREDIT UNION (NON-BANK)

Financial literacy is a crucial facet of your child’s education.

According to the Commonwealth Bank, if just 10% of children with poor financial literacy are taught to be money smart, it could create 15,000 new jobs and increase GDP by $6.2 billion.

Adolescents and young adults represent 42% of the least financially literate, so it’s important for parents to start teaching money management skills early.

Our winning accounts have strict bonus rate conditions that should help teach kids the real value of their savings.

Hume Bank’s Clancy Koala account is a great high-interest account for kids under 11, paying out a total rate of 3% if they deposit $10pm and make no withdrawals.

Our non-bank winner, First Option Credit Union’s Kids’ Bonus Saver, a four-time award recipient, offers a generous full rate of 5.15% for balances under $5000, provided a minimum of $5 a month is deposited and no withdrawals are made.

Read more from Best of the Best or grab the December issue of Money for full coverage.

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