"In choosing the best savings account for your kids, having a higher rate of
interest is not necessarily the most important thing. If your child decides they
want to visit their bank frequently it could become a hassle unless you have
taken into account it's location. Having a bank that is conveniently situated to
where you do your shopping, or on a route that an older child can visit on the
way to or from school will save you the expense of extra fuel and the time in
making that special trip.
After location, then look for higher interest
rates and fee-free options. In fact, interest rates may not bother you at all if
the child does not have much money to put in. In this case, be sure you get one
without fees so that the little he does have is not gobbled up. Some banks even
charge for inactive accounts.
Some banks have programs or clubs
especially for children and these are good, keeping up the interest in saving
and teaching about finance generally. Others allow the children to view banking
facilities such as the safe or strong room. All these options are excellent
tools for teaching your children to save their money.
"
Help your kids
reach your savings goals sooner with perhaps the best saving account currently
on the market in Australia for kids.
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