NON-BANK GOLD WINNER: SELECT ENCOMPASS CREDIT UNION
BANK GOLD WINNER: HUME BANK
Hume Bank’s Clancy Koala S2 account has everything kids need to develop good savings habits from an early age with features that are simple enough for youngsters to grasp.
The account is fee free and children can earn 2.75% bonus interest if they deposit just $10 a month (that’s a mere $2.50 in weekly pocket money) and don’t make withdrawals in a single month. If these conditions aren’t met for that month the rate falls to the base of 0.01%.
There are no account fees, and deposits can be made in a branch, online or through a school banking program.
Select Encompass Credit Union’s Kick Start Saver could be just the account for kids earning pint-sized pocket money.
It pays a generous 5%pa for balances up to $5000 and unlike some of the other accounts there are no deposit requirements and restrictions on withdrawals to get that rate. It is available for children up to 17 years old.
Select Encompass CU has a range of fun sheets on its website to help children learn about money and also offers special certificates for their good saving habits.
See more from Best of the Best 2018 here or grab the December issue for full coverage.