Student Money Saver account
The Student Money Saver account is for Members under the age of 18. It has no monthly fees and encourages faster saving by paying bonus interest each month on deposits of $5 or more with no more than one withdrawal.
Features
- Deposit book to track savings
- Free piggy bank
- No monthly account keeping fee
- Unlimited free transactions*
- Bonus interest when you deposit at least $5 a month and make no more than one withdrawal in that month^
- Transfer funds into the account by periodical payments or internet banking
- The account will be opened in the child’s name with a parent/s or guardian/s as third party signatory if the child is under the age of 13. When the child turns 13 the account will automatically be changed so that the child is the sole owner of the account
- Linked access to internet banking and mobile app (to a parent’s account), and then restricted access available from ages 13 to 15 to view transaction history and balances
- Telephone banking access available from 13 years of age
- Earn rewards by participating in the kids or teens savings challenges
Product | Interest rate |
---|---|
Base interest rate
|
0.01.
|
Bonus interest rate
|
2.49.
|
Total interest (all conditions met)
|
2.50.
|
Rates effective 11 February 2024 |
Fees | Amount |
---|---|
Monthly fee
|
$0
|
Transaction fees may apply*. |
*Not all transactions are included in the free transactions.
^The interest rate comprises of 0.01% base rate, with the rest being a bonus rate. To achieve the bonus rate of interest you must deposit at least $5 in a calendar month and make no more than one withdrawal in the same calendar month.
Please be aware that interest rates may change at any time without agreement. All interest rates quoted are per annum. Fees and charges are payable. Terms and conditions apply and are available on request.
Before acquiring this product, the information above should be read in conjunction with the following documents to determine if it is right for you: Personal Savings and Transaction Accounts, Fees and Charges, Financial Services Guide, Deposit Accounts Conditions of Use, Deposit Interest Rates, and Account and Access Facility Conditions of Use.