BANK ACCOUNTS FOR BABY'S

Hi,

Just wondering if anyone has opened a bank account for their baby? If so what bank and do you get any intrest on the account? I really want to open an account for my son but not sure which bank to chose...

Thanks

DP parents open an account for her at St George... but they also deposited a couple of grand for her so she has a pretty good interest rate...

hey i havent got one for baby but we have a savings account with ING and they have a really good interest rate and at the moment, anything you save between now and 31st December get 7% interest!!!

I opened a bank account for my DS when he was 2 weeks old. I just put whatever amount of money I can afford into it each week. I went with Commonwealth bank as thats who im with and DS gets interest every now and again,its not much but it all adds up!

We use commonwealth dollar mite accounts and there are no fees as far as i know.

We have opened bank accounts for all 3 children. The kids deposit any money given to then for Birthdays, Easter and Christmas.
We are currently banking with Credit Union Australia. The other day the girls were talking to us about putting the eldest DD money into a long term deposit. The lady was saying that once the money hits over 1,000 they get better interest.

oh thats the other thing i was going to say, ING has no account keeping fees

we have an account for zoe with anz, cos thats who we're with. i dont think the fees are that high but there no fees and its conveinient.

i thought kids under 16 were charged bank fees anyway?? could be wrong though??

We are with ING aswell but it has to be directly linked to a bank account (We are with woolworths ezy banking) so we have a certain amount in ours that is Taylors. DP keeps track of it all and he make sure he gets all the interest he deserves! As emma said, the interest rate is 7% til end of December, its great! we're getting about $80 p/m interest!

I have my kiddies $ in term deposits with the Bendigo Bank. (I would be naughty if I didn't as I work for them!!) Term deposits are great when you have say over $2000 because there is no need to touch their money anyway and they are usually higher interest. You can't beat ING Directs 7% at the moment though and my own saving are with them, shhh!

CBA has an online account which is 6.25% for balances over $1. you do need a linked streamline account though to access it but being under 18 the child pays no fees on it.

hey,
we have a trust set up for both kids attached to our account. so it is kind of like having a s1 account for each of them,
i think they get interest and so long as we deposit $5 once a month they get a bonus intrest rate.
we are with the police credit union