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Kid Saver

Posted by Sabrina Sabrina
Message 1 of 2 2,615 Views

Are there any plans to change the kids saver? 


The whole point of a kids saver is to put aside money for a number of years to give to them when they are older.


I understand  why you only want max of $250 per month, but you can't do this as well as moving all the money out once a year and making us start again. One negates the other. That means $250 x 12 month is only a maximum of $3000.


This completely defeats the purpose of a long term kids savings account. Please offer an alternative account that's actually logical so I don't need to change banks, because at the moment even using a competitors bank account at lower interest will give me more money because of this ridiculous design.



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Re: Kid Saver

Posted by LyndsC LyndsC
Message 2 of 2 2,602 Views

Thanks for your feedback on this @Sabrina, while I can understand where you're coming from our Kids Bonus Saver is a high interest account and not designed to be a long term savings account. This account works hand in hand with the Childrens Savings Account ( which also needs to be opened in order to have the Kids Bonus Saver). The Childrens Savings Account allows your to reach you long term savings goals and offers a tiered interest rate to get the most out of the funds that are swept over at the end of each year. You can view the rates for this account here.

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