on 03-03-2017 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.
on 07-03-2017 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.