- No Account Fees, No need to switch banks
- Set-up regular savings plans
- Invest in Managed Funds online 24/7
Open a Savings Account for your Children and they'll will receive the same high interest rate you do.
Banking with RaboPlus is a great way for kids to learn about saving and investing as well as helping save for long-term investments like university or their first house deposit. They can also set up Regular Savings Plans and invest in Term Deposits and Managed Funds online 24/7.
Compare your child's main bank
| Institution | S&P | Product Name | Rate (%) | Fees | Min. Balance |
|---|
| RaboPlus | AAA | Online Call | 3.50 | None | $0 |
| ANZ | AA | Youth Account | 2.50 | None* | $1 |
| ASB | AA | Headstart | 2.50 | None** | $1 |
| BNZ | AA | Dynamic Money | 2.50 | None† | $0 |
| Kiwibank | AA- | First Saver | 2.50 | None† | $1 |
| NBNZ | AA | School Plus | 1.50 | None†† | $0-$499^ |
| | 1.75 | | $500-$2,499 |
| | 2.00 | | $2,500 plus |
| Westpac | AA | Junior Account | 2.50 | None‡ | $1 |
as at 8th March 2010
RaboPlus rates are the current rates.
* Interest is earned from the first dollar deposited. It is calculated on the daily balance and paid monthly. ANZ Youth account holders are exempt from all normal account and transaction fees.
** Base fee of $2.00 is charged only after the $20.00 fee exemption is exceeded.
† No account management or monthly base fees, service fees may apply
†† Monthly account fee, transactions fee and monthly online banking fee are waived.
^ A minimum balance of $25 is required.
‡Interest is calculated on daily balance, and is paid on the last business day of each month. Account maintenance fee of $2.50 is charged if the average monthly balance is less than $1,000.