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Forums › Finance and wealth management › Best Savings Account for Kids?
seoras

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#277062 24-Sep-2020 10:33
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My mother just gave me some money for her 4 grand children and I'm now wondering how best to set it up for them.

 

My own bank offers a kids account with IPA @ 0.5% which is pathetic and inflation erosive.

 

I see ANZ wound up the bonus bonds which was something I had considered.

 

Anyone got recommendations for good kids saver accounts/schemes?

 

 

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mattwnz
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  #2574263 25-Sep-2020 14:40
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There is essentially no incentive to save money in bank accounts these days due to the RB reducing interest rates to near negative . So it is a really bad lesson to kids, as NZers already don't save enough, and instead we are a country of borrowers.

 

However there is one bank that pays 2% on childrens savings accounts up to $4k https://www.co-operativebank.co.nz/everyday-banking/youth  

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