If you're looking to set savings aside for your child there are some options that could suit you.
If your child is aged 11 or under, you could consider:
- Opening an account in your name, but nickname it in the Bankwest App or Bankwest Online Banking to easily identify it as your savings for your child – see how to nickname your accounts
- Nicknaming your own Offset Transaction Account if you have one linked to your Bankwest home loan – this means your savings for your child could potentially help to reduce your home loan interest. Find out more about offset accounts and how multiple offset accounts could help you manage your money
- Setting up what's called a simple trust account using a Hero Saver or Gold Term Deposit (that's when you deposit money into an account on behalf of your child). Give us a call on 13 17 19 or visit your nearest branch to find out more
- From the age of 11, your child can open an Easy Transaction Account in their own name.
If your child is aged 12 or over:
- They can set up a Smart eSaver or Hero Saver in their own name. They could also open an Online Term Deposit or Gold Term Deposit.
It's important you consider the option that best suits you and your children. Our team can help you – simply give them a call on 13 17 19 or visit your nearest branch.
In the meantime, explore our bank and save options.
