Bank Accounts for Children

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Forums › Finance and wealth management › Bank Accounts for Children

StarBlazer

961 posts

Ultimate Geek

Trusted

#180870 24-Sep-2015 13:39

Hi all

I'm looking to open bank accounts for my 12 and 15 year olds. Just wondering what experience you have with the different offerings.

I hold Westpac accounts and I like the idea of me being a signatory on the account so that I can still manage/help manage the account online.

They will want EFTPOS - although I may hold onto the card for my 12 year old. Do not want the VISA Debit variety for them at this stage.

No fees obviously.

I'm happy with Westpac and think it would be good for speed of transfer if their accounts were also Westpac. I'm also familiar with the online banking suite.

I've been into ANZ today and was told that I can't manage their accounts (officially) so they are unlikely to get my business, BNZ and Westpac I can.

Any thoughts?

Procrastination eventually pays off.

esawers

551 posts

Ultimate Geek

#1393545 24-Sep-2015 13:46

We have one child's account with ANZ, we have joint access to his account through online banking, but the account is in his name.
Then they changed the rules, so child #2 missed out on a bank account, we just have a joint savings account in our name for him (but he's young enough not to need eftpos or credit at this stage).

tardtasticx

3075 posts

Uber Geek

#1393550 24-Sep-2015 13:50

The ASB ones are great. https://www.asb.co.nz/Personal/Accounts/Kids

I always recommend ASB because I've had the same account with them since I was in Primary School. It'll be approaching 20 years now. Never had any issues.

Started with the basic kids account, moved to just a FastSaver for a few years then onto the Tertiary Account. Soon enough I'll be onto the Graduate Account. Definitely had my moneys worth compared to the tiny fees I've had to pay in the past.

BlueShift

1692 posts

Uber Geek

#1393601 24-Sep-2015 14:16

I'm with Westpac, and my boys 15 & 13 have accounts with them with me as a signatory. This means they gets accounts with their names on, and their own eftpos cards, but I have their accounts accessible on my internet banking, so its easy to get money to them, and keep a parental eye on the sort of crap they are blowing their pocket money on.
Its working well so far, they've had the accounts for about a year now.

StarBlazer

961 posts

Ultimate Geek

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#1393602 24-Sep-2015 14:17

tardtasticx: The ASB ones are great. https://www.asb.co.nz/Personal/Accounts/Kids I always recommend ASB because I've had the same account with them since I was in Primary School. It'll be approaching 20 years now. Never had any issues. Started with the basic kids account, moved to just a FastSaver for a few years then onto the Tertiary Account. Soon enough I'll be onto the Graduate Account. Definitely had my moneys worth compared to the tiny fees I've had to pay in the past.

Thanks, just looked at the details.

What I don't like is not being able to officially manage their accounts after they turn 13 and yet the 12 year old won't be able to have any control whatsoever until she turns 13.

Procrastination eventually pays off.

StarBlazer

961 posts

Ultimate Geek

Trusted

#1393608 24-Sep-2015 14:20

BlueShift: I'm with Westpac, and my boys 15 & 13 have accounts with them with me as a signatory. This means they gets accounts with their names on, and their own eftpos cards, but I have their accounts accessible on my internet banking, so its easy to get money to them, and keep a parental eye on the sort of crap they are blowing their pocket money on.
Its working well so far, they've had the accounts for about a year now.

That's what I thought and very much like the sound of.

Whichever account I go for the intention is that they will have a relatively small amount of disposable value in the account, the rest will be in a savings account just slightly out of the way. I'll transfer pocket money weekly (if they are all Westpac accounts that's free) but make sure they are not either overspending or leaving too high a balance in a lower interest account (good lesson to learn).
Thanks

Procrastination eventually pays off.

StarBlazer

961 posts

Ultimate Geek

Trusted

#1393610 24-Sep-2015 14:22

esawers: We have one child's account with ANZ, we have joint access to his account through online banking, but the account is in his name.
Then they changed the rules, so child #2 missed out on a bank account, we just have a joint savings account in our name for him (but he's young enough not to need eftpos or credit at this stage).

Why did child #2 miss out? Is it an age thing?

Procrastination eventually pays off.

E3xtc

773 posts

Ultimate Geek

#1394077 25-Sep-2015 07:44

#2 missed out due to the rule change (presumably around restricting access etc) - thats the way I read it.

Don't have any experience on this front, but am watching as I will be in this boat too - so just wanted to say good on you for taking a proactive approach to this life skill! Nice work :)

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StarBlazer

961 posts

Ultimate Geek

Trusted

#1394118 25-Sep-2015 08:50

E3xtc: #2 missed out due to the rule change (presumably around restricting access etc) - thats the way I read it.

Don't have any experience on this front, but am watching as I will be in this boat too - so just wanted to say good on you for taking a proactive approach to this life skill! Nice work :)

Cheers, I'm making an appointment with Westpac for tomorrow to get the accounts created.

Thanks everyone for your feedback.

Procrastination eventually pays off.