These tips could help set children up for future financial success.
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Tips to help build children's savings
If your child is aged 11 or under
Children under 11 can't open their own Bankwest account, but 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
- Using a Hero Saver or Gold Term Deposit as a simple trust account (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
Open a savings account
Once your child turns 12, they can set up a Smart eSaver or Hero Saver in their own name. They can 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.
Need help?
You can message us in the Bankwest App or online banking, or call us – we’re here 24/7.
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.