How to help your kids build their savings

Set your kids up for future financial success with these handy tips.

1 minute read

If your child is aged 11 or under

From the age of 11, your child can open an Easy Transaction Account in their own name. While they can't open their own Bankwest account before that, here are some alternatives:

  • Open an account in your own name and give it a nickname in the app or via online banking to easily identify it as savings for your child – check out how to nickname your accounts here
  • If you have an Offset Transaction Account linked to your Bankwest home loan you can nickname it after your child, meaning that their savings could potentially reduce your home loan interest
  • Use a Hero Saver or Gold Term Deposit as a simple trust account to deposit money into on behalf of your child.

If your child is aged 12 or over

Once your child is 12, they can set up a Smart eSaver or Hero Saver in their own name. They can also open a Bankwest Term Deposit or Gold Term Deposit.

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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.