Bankwest Kids Bonus Saver - 8.00% interest rate

Highest rate when I open an account for my daughter was 10% interest.

Current Kids saver interest rate: 8.00%p.a.

Still highest interest rate as far as other kids savings account.

- Bonus interest (variable) 

- 8.00% p.a. variable bonus interest rate with no account fee.

- bonus interest paid each month when $25-$250 is deposited and no withdrawals are made

- link to a Bankwest Children’s Savings Account

Note: at the end of anniversary (1 year after opening the account), it will automatically move all the funds to a Bankwest Children’s Savings Account which has lower interest rate.

What I would do is transfer all the funds every anniversary to a term deposit or maybe buy stocks or transfer it to a higher online savings acccount.


I would still continue to save at the  Bankwest Kids Bonus Saver and transfer the funds including the interest earned every anniversary.

I would setup an automatic transfer on my payroll account of $250 every month a day after I open the account to get the maximize the interest rate I can get and for me not to forget on depositing funds every month.


Note: There is a limit of interest earned for kids. Refer to ATO for the limit of income earned by a child.

Website: http://www.bankwest.com.au/