babys kiwi saving???
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Forum Name: General Chat
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URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=8705
Printed Date: 25 October 2025 at 1:49pm
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Topic: babys kiwi saving???
Posted By: Bombshell
Subject: babys kiwi saving???
Date Posted: 02 July 2007 at 8:55am
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so has anyone chosen to open a kiwisaver for their baby - kids???
WE are going to open one for Gabriella but still trying to decide on whether to go a bank contribution one or another fees only one... If you have applied to open one - who with and why??? |
Replies:
Posted By: pepsi
Date Posted: 02 July 2007 at 9:20am
| We decided not to open any bank accounts for Alyssa yet because they're taxed (I'm not sure about kiwisaver though?). My mum has decided to start putting money into bonus bonds every birthday for her instead and fingers crossed she will win some prizes to make up for the fact it doesn't earn interest. |
Posted By: Two Blondinis
Date Posted: 02 July 2007 at 9:23am
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My in-laws opened a bank account for Caitlin and we have been thinking of setting her up a Bonus Bonds account for a whiloe (just been too slack lol).
I never thought about opening a Kiwi Saver for her though. Will certainly give us something to think about. I'd like for her to have both though as the main idea of the savings were to pay for her education ------------- http://lilypie.com"> 
 
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Posted By: Kels
Date Posted: 02 July 2007 at 10:07am
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I opened acct for my girls when they were babies but havent done so yet for Alize. Bonus bonds sound like a good option tho ------------- http://lilypie.com"> 
Busy mum to Miss 15yrs, Miss 10yrs and Master 4yrs |
Posted By: fattartsrock
Date Posted: 03 July 2007 at 8:54pm
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Yep we will. I have a bank acc for Jake, but haven't yet opened one up for Charly. I'm not too sure who we are going through, I bank with ASB, who is a kiwibank provider and that goes through Sovereign, who all our insurances are with? Dunno, will just let R and the accountant sort it. ------------- The Honest Un PC Parent of 2, usually stuck in the naughty corner! :P |
Posted By: Bombshell
Date Posted: 03 July 2007 at 9:27pm
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have already bought her $200 Bonus bonds (finally last week) but think a $1000 and whatever we add to it etc might be a good start for her in 20 years - IF it still exists of course...but we wont have lost much if it doesnt as thinking of doing one with no contribution or little and just fees paid....
might buy her a car if inflation continues as it is now...not sure it will even be a house deposit then.... |
Posted By: busymum
Date Posted: 03 July 2007 at 9:34pm
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I was thinking of opening bonus bonds for our girls - probably in my name though for the present - but I had BB when I was a kid and I got squat until I was 20! Surely a savings a/c is still better than the luck of the draw? -------------  |
Posted By: AnnC
Date Posted: 03 July 2007 at 10:17pm
All my kids have a bank account. even though they are taxed I am still getting some interest on it and so the balance grows every month. I did have money in BB for them for 5 years and won nothing not a thing  so ended up taking it out to open an account.
I have opened an account as one of my customers sent a card with money in it to say to open an account for him so I did. Must admit I haven't added to it since the opening.... mental note to put money into Rhyley's account. ------------- Ann 
Also Mum to Josh (15) and Brooke (10) |
Posted By: peachy
Date Posted: 04 July 2007 at 9:12am
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I had Bonus Bonds from when I was a baby until I was 25 years old, then I finally withdrew them as over that time I won NOTHING at all ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: Brenna
Date Posted: 04 July 2007 at 9:20am
I was wanting to set up a bonus bonds for Brenna but my MIL set one up(without us knowing) and we cannot get any money out of it - only she can. When she told us she'd set it up she said it was under her name so "you can't get to the money" grrr like we woud steal off our daughter...
Anyway...back to the proper topic...I didn't even know you could set up a kiwi saver for a baby. I think I'll look into it ETA: for those of you who know about my previous MIL dramas, you'll know why her setting up the account really pi##ed me off ------------- My beautiful 2 girls...nearly 4 and 13 months
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Posted By: pepsi
Date Posted: 04 July 2007 at 9:38am
With regards to bonus bonds, I know lots of people who win little prizes and some big prizes all the time so I guess everything has a different story as to how they work for them. So sure, some people win nothing but my mum is the one buying them and she is optimistic that Alyssa's account will win the million dollars!! 
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Posted By: AnnC
Date Posted: 04 July 2007 at 9:46am
I hope she wins the million and then she can shout us all over to the gold coast  ------------- Ann
Also Mum to Josh (15) and Brooke (10) |
pepsi wrote:Posted By: SMoody
Date Posted: 04 July 2007 at 10:29am
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Mee the dumb one in here again. Exactly what is this kiwisaver thing for babies? Is this the same thing that they have for the adults? Kiwisaver I mean?
Well with McKayla I save $10 a week in a headstart account from ASB. I must still get an IRD number for her so she pays way way high tax on that. But her interest is still higher by a few cents. But on her birthday Grant gives her a certain amount of shares. We invest a certain amount each day on her birthday since birth. And then he will draw the money I saved for her as well and put it into shares for her. Now you might think it is risky ect. We did the no fees acount thing might win a million in SA and to be quite honest I think that was a scam in SA. But that is another story. So it does go in safe shares that will take a dip now and then but generally it is a steady increase ect. So instead of money we are setting her with an asset base that she can take further. We also plan to teach her from the mistakes that we made and to invest wisely from a young age. ------------- http://lilypie.com"> 
http://lilypie.com"> 
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Posted By: Maya
Date Posted: 04 July 2007 at 10:49am
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The gremlins don't have bank accounts yet (spot another slack Mummy) but Maya has two. One is a long term savings account (Bonus Saver) with bonus interest for deposits and no withdrawals each month, and I put $10 a week into it. The other is a Simple Saver account with no bonus interest but no withdrawal penalties either and I put all of their Southern Cross health insurance refunds into it and use it to pay for specialists visits, clothes for them etc. If I have spare $$$ at the end of the month I do a half and half split - half into the Bonus Saver and half into the Simple Saver. ------------- Maya Grace (28/02/03)
 (02/01/06)
The Gremlins:Sienna Marie & Mercedes Kailah (14/10/06)
Lil miss:Chiara Louise Chloe (09/07/08)
Her ladyship:Rosalia Sophie Anais (18/06/12)
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Posted By: switches
Date Posted: 04 July 2007 at 12:39pm
 We opened up a savings account for Keith through kiwibank . ( not that there is any money in there lol ) if you get an IRD number you get a lower tax rate on there account , I have got the IRD number now but keep forgetting to take it to the bank .lol------------- Tina http://www.bump-and-beyond.com/"> 
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Posted By: Bumble
Date Posted: 04 July 2007 at 1:20pm
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We have Bonus bonds for Ethan, and also have a headstart account. So far Ethan has won $40 through bonus bonds..... Cause he is sooooo spoilt at birthday and christmas, we just ask for cash now and put it into either account. We also put away $40p/m into the headstart account.
Not going to open a kiwisaver acount, just means there will be another thing that I have to keep track of!! ------------- formerly known as "Bee" Ethan ~ March 2003 Big 6 year old school boy! Micah ~ Aug 2008 ~ Smiley pants who loves telephones! |
Posted By: yummymummy
Date Posted: 04 July 2007 at 2:48pm
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Bombshell, do you think you'll find a provider that will agree to join a baby? Or have you found one already? Would you need to make contributions yourself or would you apply for Gabriella to join and then suspend contributions because she's not earning a salary? I'm just really curious... ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: Bombshell
Date Posted: 04 July 2007 at 4:57pm
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apparently if you go through some of the banks and the finance companies like AMP they will set it up...so long as you dont have an employees one - they are set up for nonearners....eg a baby / child....
have asked for info on a couple and waiting on it... she has BB and likely to set her up an account at a bank for savings she can access too but thought Kiwisaver if we get a $1000 handout it can sit there...at 20 years with AMP or someone like it she would have about $140-$170000 apparently...so def worth it... im not doing kwiisaver fror us otherwise as no benefit to us.... |