on 02-03-2017 08:02 AM
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.
Solved! Go to Solution.
on 06-03-2017 03:08 PM
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.
Was this helpful? Then give it 'Kudos'!
If your question was answered, select 'Accept as Solution' to make it easier for others to find.