I opened this account for my child when Money Magazine were offering a special $50 voucher for new accounts. While the interest is not huge, it is a good way to have an account for a child that is their own and is totally separate. You get regular statements that contain a graph showing how the savings are growing.
Easy to set up, a good way to provide your child with their own bank account.
That you don't get a passbook with it.
no fees which is great! comes with a free money box to encourage children to save. not a bad child's account offering but it would be great if statements and deposit books were bright and cheerful and designed to appeal to children. the interest rate is quite low. but it is nice to be able to use the branch network for deposits so children can experience how banking works for themselves
a nice children's first saving account. allows over the counter deposits which is good when teaching children to save
i wish statements and deposit books were more colourful. interest rate is quite low for a child's account