Bank accounts for children
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Category: General Chat
Forum Name: General Chat
Forum Description: For mums, dads, parents-to-be, grandparents, friends -- you name it! And you name the topic you want to chat about!
URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=22319
Printed Date: 30 September 2025 at 2:21pm
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Topic: Bank accounts for children
Posted By: catisla
Subject: Bank accounts for children
Date Posted: 08 November 2008 at 7:49pm
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Any opinions on the best bank / savings account to open for our baby daughter?
We would be looking to put in a few dollars every week, plus any birthday or christmas money etc. We are with ASB at the moment ourselves but their kids account doesn't look too impressive to be honest cheers for any advice! ------------- |
Replies:
Posted By: peanut butter
Date Posted: 08 November 2008 at 7:59pm
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We have got a raboplus account for Tom. At the time I opened it they had a special going where they gave you a bonus $50 but that was last year. Its a bit of a hassle to open but they do seem to have the best interest rates most of the time.
He also has an ASB account (his main account where money goes in....and then straight to raboplus). |
Posted By: .Mel
Date Posted: 08 November 2008 at 8:07pm
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All of ours are with Westpac....
http://www.westpac.co.nz/olcontent/olcontent.nsf/Content/Childrens+bank+accounts - Linky My older two love playing the games that they have on their website just for the kids.... ------------- Mr Mellow (16) Miss Attitude (8) Destructa Kid (3) 
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Posted By: Bubbaloo
Date Posted: 08 November 2008 at 8:13pm
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James' is with ASB just because thats who I bank with. ------------- http://lilypie.com" rel="nofollow">  Was danni-chick Mum to James My Angel 28/07/08 |
Posted By: catisla
Date Posted: 08 November 2008 at 8:20pm
thanks for answers so far - would ideally like more interest than ASB offer - also am after more of a savings account type as the idea is to save the money for her to use when she is 18 for uni / car / OE whatever she fancies at the time (wish someone had done this for me  )------------- |
Posted By: HippyMama
Date Posted: 08 November 2008 at 8:42pm
We're with Kiwibank and so DD's account is the same - and we have $20 going in fortnightly I think, she's not doing too badly for a nearly 2 and a half year old !!  ------------- Mama to two earth walkers & two angels. Remember, you are not managing an inconvenience; You are raising a human being. ~ Kittie Franz Next Slingbabies! Meet - Friday 4th May !! |
Posted By: blondy
Date Posted: 08 November 2008 at 9:20pm
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we are with ASB, and although the kids account is crap, you just have to set one up before you can also have a fastsaver account for them, and just transfer all the money over to it! Really stupid situation, but all our other banking is with ASB, so it's easier for us, and Natalie ends up getting the best rate of interest too. -------------  
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Posted By: MrsH
Date Posted: 08 November 2008 at 9:21pm
This is something that hubby and I are thinking of doing as well. Whilst it's all good and well to say "Oh, you'll get X amount when we die" but chances are, they'll already be established hopefully with homes and families of their own. We'd much rather help set them up instead/also so we're probably going to set up something up which is conditional on being used as a deposit for a house or for tertiary education. The question is: Do you open an account in their name or do you just open another savings account? (and reality check: What if they turn out to be pr!cks of kids* and you don't want to do anything for them but you're stuck with this account that they know all about and is in their name??) *Sorry but I read that story about the son who ripped off his elderly parents to the sum of about $20k - money that they were going to use for their last holiday before they passed away. He got sent to prison and they consider him to be dead to them now - gosh, the news has made me a cynic!! ------------- http://lilypie.com">  http://lilypie.com">
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Susiec wrote:Posted By: blondy
Date Posted: 08 November 2008 at 9:28pm
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MrsH - the best option for that is probably to set up a trust for them (although you do have to pay lawyers fees I suppose). My mother passed away when my sister and I were quite young (under 18), and we had a trust with some money from her and my grandparents also, that was for only educational use or a house deposit, and was administered by my Aunt and Uncle (trustees). Then when we turned 25 we had full access, but of course that's up to you! -------------
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Posted By: Southlandmummy
Date Posted: 08 November 2008 at 9:30pm
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my boys have a bank account which there grandparents have set up, my daughters hasent been set up yet..
We are with Credit Union though My parents put $5 a week into kaylins account and hes got around $1100 in it now and every 3 months he gets 7% interest as it gets reinvested. His has a freeze on it so he cant touch it until hes 18. Spencers is the same but he only has $500 or $600 so far (cant remember exactly how much) But both there accounts are for uni or whatever, once they are 18 though.. ------------- Cindy - Princess and Princes Samia Isobel Joy born 9th September 2008 Spencer Graeme John born 29th May 2006 Kaylin Gavin Robert born 19 December 2004 |
Posted By: AnnC
Date Posted: 08 November 2008 at 11:07pm
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My kids have BNZ accounts.. they have a total money account where you all can get up to 8% on your savings etc.... and you get a free PIG piggie bank ------------- Ann 
Also Mum to Josh (15) and Brooke (10) |
Posted By: LeahandJoel
Date Posted: 09 November 2008 at 10:59am
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We set up an account at ANZ for Leah when we opened our business accounts there. We bank $10 a week into her account and at this point she has more money than us -------------  
 
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. Its set up so we have to prove that we are using the money for her we can't just take some out if we wanted to. We haven't done this yet but were thinking of education etc way down the track. We are setting Joel up in a couple of weeks as well.Posted By: mummy_becks
Date Posted: 09 November 2008 at 12:07pm
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BNZ as we have all our banking with BNZ. ------------- I was a puree feeder, forward facing, cot sleeping, pram pushing kind of Mum... and my kids survived! |
Posted By: peanut butter
Date Posted: 09 November 2008 at 1:29pm
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with both our ASB and Raboplus accounts they are in mine and Toms name. MrsH....just dont tell them the account exists
If you are after a pure savings account I would seriously look at http://www.raboplus.co.nz - www.raboplus.co.nz They have no fees, consistently high interest and its not too easy to get the funds out |
Posted By: peachy
Date Posted: 09 November 2008 at 3:04pm
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Same here nzpiper, Laurens is in her name and my name with the ASB. We are finanically setting her up for uni/O.E whatever she may choose at the time, but of course with our approval!!
My parents did this for me, I received it when I turned 21. I chose to go on an O.E, it paid for my tickets to the U.K and back and a 30 day contiki around Europe! I  my parents for thinking ahead as I had the experience of a life time while in the U.K!! ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: catisla
Date Posted: 09 November 2008 at 3:06pm
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thanks everyone. Think i will look into setting up the kids account with ASB and transferring it into the saver thing
ps. like the idea about not telling her about the account until i know she will be sensible enough not to blow the money! ------------- |
Posted By: emz
Date Posted: 09 November 2008 at 3:07pm
We won't be telling our kids about the accounts  My parents never told us they would help us with our weddings and, man, do you appreciate it more when you don't think its coming and then bam! Money money money (not much, but still better than a kick in the butt  )
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Posted By: kiwigal
Date Posted: 09 November 2008 at 4:40pm
| We are with ASB and both of our kids have HeadStart accounts |
Posted By: Nic01
Date Posted: 10 November 2008 at 8:55am
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If you're not worried about having it in her name, I would just set up a fast saver account in your name seeing you already bank with ASB. Otherwise if you set up a kids account & a fast saver account for her, you're paying base fees on the kids account which you won't really be using. The bank will just be making money off you..... ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: blondy
Date Posted: 10 November 2008 at 9:12am
Interesting, I didn't even think of that, as we haven't paid any fees on Natalie's account, even though there is a supposed $2 monthly fee.....I don't know if that is because there is no money in it (it's in the fastsaver account), or whether it's because we got a personal banker to set it up for us, and only wanted a savings account for Nat (and the kids account was a means to an end, so maybe they didn't put any fees on it). Also, if you do set up an account in your child's name, make sure you get an IRD number for them, as otherwise you will end up paying resident withholding tax on the interest, which is much higher. -------------
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