High-interest savings accounts: Look for accounts with good interest rates, like Commonwealth Bank’s Youthsaver or ANZ’s Progress Saver. These often have bonus interest if you deposit regularly without withdrawals.

No fees: Ensure the account is fee-free, as most kids’ accounts are.

Ease of management: Check if the account is easy to access and manage through your existing bank’s app if you prefer simplicity.

Honestly they are much of a muchness. Very poor interest at the moment regardless of which bank you go with. I just went with the same bank I’m with so I can link the accounts with mine for internet banking

I have opened accounts for mine. I think its important and it helps for when people give you cash for birthdays/Christmas etc.

We opened accounts for our kids with CUA. Most banks have no account keeping fees but we mainly wanted to find a bank that had branches we can actually go in to deposit money. So far the staff have been lovely and it is very handy to be able to go in, especially after birthdays and Christmas when the kids did receive some money and we don’t have to keep it in the house.

I opened ANZ progress savers for my 2 when they were born. No account service fees and you get bonus interest if you make a deposit and no withdrawals each month. When they were in primary school they started the dollarmite account with CBA as well.

We opened one with a building society.

Both mine have CBA accounts which I opened at birth which has worked out great for us because their school is part of the CBA dollarmite school banking program.

We opened nab one for ours. You can compare them online. Usually depends if you are going to deposit every month or more sporadically because some of the rates are linked to regular deposits.

We opened a bendigo bank account for our son when he was born. I just wanted him to have some sort of savings for uni if he wants to go.

No, I had a money box and when they went to school I got hem both a Commonwealth Bank dollarmite account and put the money saved into that.

We also have the wespac account for our 2 year old and its working ok for us