Which account is right for the kids
Opening a savings account for your child provides practical experience in saving. Primary age children are unlikely to need a transaction account
Opening a savings account for your child provides practical experience in saving. Primary age children are unlikely to need a transaction account, so look for a savings account that charges no fees and offers a decent rate of interest. Watch out for any conditions that may be imposed for your child to earn the top rate.
Secondary school students are likely to need a more functional transaction account especially if they have a part time job. Parents can use this as an opportunity to explain how bank fees can be charged, and discuss steps your child can take to minimise the cost.
Along with an everyday account, it's a good idea for high school kids to have a savings account. The two can be linked so that only a small amount of cash is held in the everyday account while the remainder of their savings continues to earn reasonable interest.
Source: Fraser Coast Chronicle
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