One bank wants to give your baby $200!
Westpac is giving $200 in a savings account to any Australian baby born in 2017 to celebrate the bank’s 200th anniversary.
To cash in on this offer, you can register your baby’s interest in opening a “Westpac Bump” account now. You then have until 31 May 2018 to present the baby’s birth certificate to Westpac so the account can have a name.
The big catch? – Your baby can withdraw the money when they turn 16 years old, but not before.
The Westpac Bump account has no monthly account fees and a current interest rate of 1.5 per cent. Westpac say by building on the $200 deposit with a $20 contribution every week, your child could have $19,054.00 when they turn 16.
Even though this is a great offer and, because there are no fees, we can’t see a reason not to take the cash, there are kids savings accounts with higher interest rates.
InfoChoice lists 51 Australian savings accounts specially designed for children. Some are a blatant rip-off with fees and tricks like “sweeping” your child’s money into a lower interest account after one year. But there are good accounts for kids like:
The Suncorp Bank Kids Saving Account will deliver a 16th birthday present of $21,206.06, starting with a $200 deposit and $20 per week.
People’s Choice Credit Union’s Young Saver account will accumulate $20,842.03 in sixteen years
Commonwealth Bank‘s YouthSaver account will deliver $20,398.23.