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BankWest Kids' Bonus Saver

BankWest Kids' Bonus Saver

2.7 from 7 reviews · View Statistics



7 reviews
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    4.5 (2)
NRG Efficient

NRG Efficient Metropolitan Adelaide, SA

  • 2 reviews
  • Verified

Love the high interest rate


I can’t afford to put much away, so the maximum of $250 per month is fine with me. The interest rate for this account has always been the highest that i could find anywhere (always above 3%). Unfortunately this particular account is no longer offered.

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Jud H.

Jud H.Canberra 2600, ACT

Cumbersome but worth it


I have noted many complaints about this account in relation to the anniversary balance transfer. If you are putting in at least $520 per year then once the balance transfer occurs use the cash to invest in something that will grow on behalf of your child e.g. an Exchange Traded Fund (ETF), Listed Investment Company (LIC) or Australian Real Estate Investment Trust (A-REIT). The anniversary transfer is a gentle hint that that leaving large amounts of cash in interest bearing accounts for long periods of time is not a great way to build wealth over time. See "How to give your kids $1 million" by Ashley Ormond for the steps to invest on behalf of your children.

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  • 3 reviews
  • Verified

And there's the catch!!


I signed up my daughter for one of these accounts, lured in by the 4.75% interest rate. What I wasn't told when signing up is that after a year they empty the account back into the linked account earning next to no interest. Then you can only put back max $250 per month, effectively destroying the 4.75% interest rate for the remaining amount in the linked account. In my opinion, an ING account is much better long term.

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Chris A

Chris AGreater Melbourne (Metropolitan), VIC

  • 53 reviews

What a silly account.


What is the point of this account when after a year all the money is taken out of the account and you have to start again. I'll tell you what the point is to get people to open an account that sounds too good to be true, and hopefully they don't realise how horrible it is and if they do, hopefully they don't close it.
Only good if you have a small amount to start with, less that 1K and then once the year is up close the account and go elsewhere.

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Ridiculous account

1 comment

I knew about the anniversary transfer. But what makes it even worse is that they've now dropped the rate to 5.75%, and this without notifying me! Time too look around.

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  • 5 reviews

High penalty


I got caught with this account but I know it was my own fault. I deposited $300 and my son earnt only 0.01%. My advice is to read the fine print. It wasnt easy to explain that its good to save but not if you save too much! Or that its better to only save a certain amount. Sounds better in theory as a product then it does in a practical teaching sense when you get to the point of letting your child have more influence over the decision making.
Good rate if you follow all the rules. Not so good for teaching kids to save all surplus cash.
Conditions I forgot about

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dbsmumNSW, 2749

  • 21 reviews

Excellent savings account for kids


I started this account for my son when he was born, as he received a fair bit of money as gifts. I have never had an issue with this account, it seems to be perfect. It has a high interest rate, with bonus interest credited monthly. It has a monthly maximum deposit limit of $250 but if he has more than that I can deposit it into the linked 'regular' savings account and transfer it over during next month. This is great because he is still earning high interest but will not go over the thresholds that would require him to pay tax or submit a tax return.
no fees, online access, high interest rate, great customer service

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