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Best of the Best 2017: Best Kids’ Savings Accounts
By Money Team Published on December 1, 2016
GOLD WINNERS: HUME BANK (BANK), FIRST OPTION CREDIT UNION (NON-BANK)
Financial literacy is a crucial facet of your child's education.
According to research from 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 Australian 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 Best Kids' Savings Accounts have strict bonus rate conditions that should help teach kids the real value of their savings.
The Clancy Koala account from Hume Bank is a great high-interest account for kids aged under 11, paying out a total rate of 3% if they deposit $10 per month and make no withdrawals.
Our non-bank winner in the Best Kids' Savings Account category, the Kids' Bonus Saver account from First Option Credit Union's , is a four-time award recipient.
The account 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.
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Not anymore, they have reduced their interest rate!!!
Hi David,
The Money Best of the Best awards were announced in December 2016, so many banks have changed their interest rates since then.
The good news is the Money team is hard at work on the next Best of the Best edition, which will be out in December. Stay tuned!
– Money team