St George gives kids and teens $50 when an adult opens a kids savings and transaction account and there’s a deposit of $100 made in the first 30 days. Westpac did something similar years ago too but not anymore.
Also, check all the bank websites or ask chat gpt. See what it says.

I think it’s worth asking a few banks about their accounts specifically for small children. Some banks offer accounts which give bonus interest if the balance rises during the month – as in, you deposit more than you take out. If you want to incentivise your kids to save, this can be a big help.

I opened a savings account with a building society because the branch is convenient and they tend to pay a little more interest than the big banks.

Ah good on you for making that first step for them and giving them something to start their future! I wish my parents actually put money away for me growing up as that would have helped me heaps. I do my kids through CBA and link it with my account so i can always see their balances and transfer over easily

We have accounts for our two kids with Commonwealth Bank. They do have a good system for kids and once they are 10, they can even get their own ATM card to access their funds more directly. However, we also have trust accounts for both of them with ING that don’t get touched. we put $10 per week in each of them and have been doing that since birth. The accounts have good interest rates as long term savings accounts that don’t get touched.

I am very interested in this. I have been considering doing this for our grandchildren but they seem to get absolutely no interest. I am very keen to read the replies This might be a good article for the team to write up about as I am sure many of us could use some guidance.

There are many other options for kids bank accounts and some have very good interest rates. There are conditions, some offer the high rate if you deposit a certain amount each month or don’t make withdrawals. Others might have a maximum amount you can have and once its over that the interest rate can drop. I shopped around for all 3 of my kids when they were born and because of this all three have different banks due to offers at the time. This doesnt seem to be an issue though as I do automatic online transfers. The Westpac bump account is great, Suncorp often have good kids account rates ans Macquarie has a good rate at the moment too. Just make sure you read the conditions as they can easily drop down to a base rate if the conditions arnt being met. Hope this helps.

Good question! Would be good to have a MoM article on this subject as I’m very interested as well. I’ve started a savings account in my son’s name, but that’s for paying for his future education, not teaching him the importance of earning, spending, saving and investing. I’m like you, terrible at saving and want better for him. I’ve introduced pocket money. He’s only two, but he gets $1 for taking the bins out and in each week. I gone him the money so he learns about it, he puts it in his savings jar and is he wants something that I don’t want tu pay for, i.e. a chocolate or ride on a shopping centre car, he pays me back!. As he gets older, I’ll introduce the save, invest, spend concepts.