Bank accounts for kids
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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=24089
Printed Date: 10 October 2025 at 10:40pm
Software Version: Web Wiz Forums 12.05 - http://www.webwizforums.com
Topic: Bank accounts for kids
Posted By: BugTeeny
Subject: Bank accounts for kids
Date Posted: 27 January 2009 at 8:58pm
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Hannah was given some money for her birthday.
DH and I were going to spend it on toys/clothes, but she was so spoilt that we've decided to start a savings account for her instead. Which bank and which account do you use for your kids? And just to be extra nosey, why? (no fees? high interest? Bonuses for regualr deposits? etc) TIA  ------------- 
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Replies:
Posted By: BugTeeny
Date Posted: 27 January 2009 at 8:59pm
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Oh man. Hee hee... done! ~Katherine -------------
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Posted By: arohanui
Date Posted: 27 January 2009 at 9:01pm
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Lol there must have been a rude typo in the title! Awesome!
We just opened another account with the bank we're with... we really should research and find out the best sort though, so I'll be watching this thread with interest. We do have a savings account with RaboPlus actually that I'm thinking we should change Harry's account over to. It's quite a high interest rate (sorry can't remember how much) and you can only 'get money out' by transferring it to your normal bank account. ------------- Mama to DS1 (5 years), DS2 (3 years) and... http://alterna-tickers.com" rel="nofollow"> 
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Posted By: BugTeeny
Date Posted: 27 January 2009 at 9:03pm
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hehe Liz, the typo certainly tickled me -------------
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Posted By: arohanui
Date Posted: 27 January 2009 at 9:04pm
Really, you did it on purpose didn't you  ------------- Mama to DS1 (5 years), DS2 (3 years) and... http://alterna-tickers.com" rel="nofollow">
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Posted By: BugTeeny
Date Posted: 27 January 2009 at 9:10pm
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Posted By: peachy
Date Posted: 27 January 2009 at 9:25pm
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We just opened an account with the same bank that we bank with when Lauren was born. Her account is attached to my online banking so I can access it easily. ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: busymum
Date Posted: 27 January 2009 at 9:25pm
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Hahaha the typo gave me a giggle!!
We have our girls' savings in our own savings account and I keep a spreadsheet at home so that I know how much is whose: mostly because we have a weekly amount from our budget towards each of the kids' savings. That way I feel everyone gets the best interest/fees because it's all together. -------------  |
Posted By: Freesia
Date Posted: 27 January 2009 at 9:42pm
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We opened one for Livvy with our same bank. It's not a kids account specifically but it's a higher interest account and has no fees if the balance is a certain amount and no withdrawals. It's under her name but both DP and I have authority on the account. We're hoping to not tell her about it until she's of an age where she'll actually spend it wisely and not blow it on a party or something like that.
It's quite depressing though, she already has more money than we do  -------------  
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Posted By: lizzle
Date Posted: 27 January 2009 at 9:42pm
| we are in the process of opening the boys an account with PSIS - no fees!!! Yah!! |
Posted By: Bobbie
Date Posted: 27 January 2009 at 9:47pm
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I set Rowan's up with ASB as we're with them and they have set it up so that I can manage her account via our internet banking account.
Honestly I joined with them because they gave $10 a balloon and a Kashin money box. Yeah I'm easily bought
OK actually it was just convienience because I was setting up KiwiSaver for her through them. ETA: The thread title made me chuckle -------------  
 
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Posted By: Snappy
Date Posted: 27 January 2009 at 9:51pm
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Ive just opened an Account for Janaya at National Bank, if we put in $20 they will top her up with another $20. I think the promotion is only running for this week.
There are no fees either. Always a bonus. ------------- Mummy to two beauties... Formerly Kaiz. |
Posted By: Bobbie
Date Posted: 27 January 2009 at 10:02pm
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oh yeah the ASB one has no fees either and reasonably high interest.
Wow kaiz that's a good promo! -------------
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Posted By: jack_&_charli
Date Posted: 27 January 2009 at 10:52pm
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our kids have an account with kiwibank....don't ask me why.....i think it was just that i was wanting an account for our renovations that i couldn't touch and i got talked into opening a couple of kids accounts at the same time
so don't ask me what the rates are etc.....no fees that's all i know  ------------- http://www.alternatickers.com"> 
http://lilypie.com"> 
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Posted By: Snappy
Date Posted: 28 January 2009 at 7:51am
SURE IS! National have a Green Ribbon promo going until the 5th February. There are a few good deals going at the moment, if you open an e-saver account you get a special premium interest rate. And there are some home loan and credit card specials going too. ------------- Mummy to two beauties... Formerly Kaiz. |
Bobbie wrote:Posted By: fire_engine
Date Posted: 28 January 2009 at 8:12am
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Oooh, thanks for the tip about NB. We have $20 sitting here that Daniel was given for Christmas! ------------- Mum to two wee boys |
Posted By: lilfatty
Date Posted: 28 January 2009 at 8:25am
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Issy has an account at the NBNZ .. but I transfer out of it on a weekly basis to her Raboplus account.
Basically the NBNZ is kind of a "holding" account as its easy for us to deposit into. ------------- Mummy to Issy (3) and Elias (18 months) I did it .. 41 kgs gone! From flab to fab in under a year  http://www.femininefitness.co.nz/category/blog - LFs weight blog
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Posted By: Peace
Date Posted: 28 January 2009 at 8:54am
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We're with ANZ for 4.5% (can't remember the name of the account but it's not the typical kids account they do) and when the $$ gets to $2000 we can move it into a 7% account ------------- DD1 May 2006 DD2 March 2011 DD3 August 2012 |
Posted By: ElfsMum
Date Posted: 28 January 2009 at 9:32am
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I'll have to read this all properly later on but can i open an account in a bank we aren't with..we don't want him stuck with Westpac like us and we are in the same situation as MP.. lol at typo I can imagine:) ------------- Mum to two amazing boys! |
Posted By: BugTeeny
Date Posted: 28 January 2009 at 10:10am
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hahaha thanks Katherine
And thanks for your replies. I might have a chat to a few different banks first
In the meantime, the cheque is written out to me, so it's all mine -------------
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Posted By: Shezamumof3
Date Posted: 28 January 2009 at 10:40am
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We opened an account for Caden when Adam and i got a joint account just after he was born.
we are with ASB and its a "Headstart" account, I dont think it has fee's on it., looking at the statement there has been none taken out at all since we opened it. We just put $5 a week in there and we use that money for when he needs things and as he gets older and knows about money and stuff we will put his pocket money in there.------------- |
Posted By: emz
Date Posted: 28 January 2009 at 11:28am
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We just have an account attached to ours that we have named 'Jackson' on our IB so I know where to put money in! He doesn't get money so he has probably $30 in there! It's purely savings though, everything he needs we just pay for.
When we are back on 2 incomes we will start proper savings and then buy Bonus Bonds once a year with half of the savings. |
Posted By: peanut butter
Date Posted: 28 January 2009 at 1:17pm
| Tom has an ASB account, again as a "holding" account and a raboplus account for savings. We chose raboplus as they had a promo like the nat bank where they gave us $25 to open it and if we regularly contributed for 5 months we got another $25. Poor mite, we only put $10 a month in....but he got a head start from his grandparents so he has more than us. Once James' birth cert comes in we will do the same for him. In reality though, ASB fastsaver is practically the same interest these days. |
Posted By: whitewave
Date Posted: 28 January 2009 at 2:12pm
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Raboplus is great, because of the generally higher interest rate and its harder to get the money out, since you have to move it to another account first. And don't need to worry about shifting your other accounts or anything like that. I'm thinking of starting a new account for our baby that is kind of "attached" to our main Raboplus account.
Nothing is going in there at the moment though, its all being spent getting prepared for baby!
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Posted By: ElfsMum
Date Posted: 28 January 2009 at 3:03pm
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so if you aren't with say raboplus..can you open an account for your child with them? ------------- Mum to two amazing boys! |
Posted By: Twinboys2b
Date Posted: 28 January 2009 at 3:08pm
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We already have an account with RaboPlus & opened another for the boys (by the way we couldn't do a joint account so we chose Jacob as the 'owner' because he's the 'oldest' - poor Eli). I'm sure you can open an account for your boy if you don't have one with them.
DH looked into what was the best & he though RaboPlus was. ------------- 3yr old gorgeous ID twin boys. |
Posted By: ElfsMum
Date Posted: 28 January 2009 at 3:20pm
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cool thanks..i just dont want E stuck with Westpac!:( ------------- Mum to two amazing boys! |
Posted By: bluebird
Date Posted: 28 January 2009 at 9:00pm
| What problems are you having with Westpac? I was going to open an account with them for my daughter... |
Posted By: ElfsMum
Date Posted: 30 January 2009 at 4:56pm
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beth sorry not problems exactly just the fees are crap and there are much better deals with everyone else.. ------------- Mum to two amazing boys! |
Posted By: freckle
Date Posted: 31 January 2009 at 9:55am
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We have a westpac account for each of the kids with no fees at all, and they get a decent interest rate for savings. We are with Westpac too and as long as we only use westpac accounts and electronic statements we don't pay a cent in fees... Ours in a fairly new account so maybe it different from yours KA?! ------------- mum to 3 lovely girls :D |
Posted By: BessieBear
Date Posted: 31 January 2009 at 11:47am
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i just opened ryan an acount with westpac and he got a helicopter money box, but i=ts like and online bonus saver which gets like 5% interest even when you withdraw money or something. ------------- Sarah Mum to, Boy 07/2008, Girl 03/2010, Boy 05/2012, Angel  07/08/2014
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