JaxBell82 Posted September 24, 2014 Report Share Posted September 24, 2014 Hi all.Visa granted and you kinda don't know where to start even though you have lists in every room and the 100 step process to immigrating to Australian is stuck on your bedroom cupboard!!!!!One of the things on my list -I am wanting to open bank accounts for the kids (is this possible) as the Grandparents are wanting to put money when they can / birthday and Xmas time for them. Any suggestions.We are hoping to be over Early Jan so the kids can start school in the new year.We will also be looking at opening a bank account for ourselves as well. Any suggestions?Take care... Quote Link to comment Share on other sites More sharing options...
Sunnyskies Posted September 24, 2014 Report Share Posted September 24, 2014 You can easily open an account with any of the Australian banks, being CBA, NAB, ANZ or Westpac.For the children you can open an account for them and as the parent you can get authority to operate it (you have to complete a separate form for this). The account is theirs and so mine had to go to the bank to receive their bank cards and choose a pin. My children were 8 and 11 when we opened the accounts.Under the authority to operate their accounts display on my internet banking which makes it really easy to know what is going on with their funds. We use their accounts for transferring pocket money to and they are learning to save (my daughter) or splurge (my son) - they now know about budgets and that money doesn't grow on trees. Quote Link to comment Share on other sites More sharing options...
HansaPlease Posted September 24, 2014 Report Share Posted September 24, 2014 (edited) I don't know if all schools do it but my son's school has a great banking program though Commonwealth Bank. They have an account (Dollarmites) and every Tuesday is banking day. We send him to school with $5 and they bank it. The kids track their balances and earn points which in turn earn rewards/prizes the more times they bank. Edited September 24, 2014 by HansaPlease 1 Quote Link to comment Share on other sites More sharing options...
DXB2OZ Posted September 25, 2014 Report Share Posted September 25, 2014 Friend of mine recommended Bendigo Bank in Melbourne for kids accounts. Haven't been in yet as still focusing on figuring out how to work the ketchup packet and petrol pumps. Will get to that one day. Quote Link to comment Share on other sites More sharing options...
Bronwyn&Co Posted September 25, 2014 Report Share Posted September 25, 2014 (edited) We opened online savers for our kids with ANZ. It is a joint account with parents. You need to trf $10 per month (minimum) in there to keep it open & it has zero fees. They get - I think - 3.7% interest. We have been doing it for 8 years & it adds up eventually Now I save all year in there for my son's school fees, draw it out in Jan & get the discount for paying his school fees yearly in advance. Edited September 25, 2014 by Bronwyn&Co Quote Link to comment Share on other sites More sharing options...
Gerhardk Posted October 16, 2014 Report Share Posted October 16, 2014 Just keep in mind that special tax rules apply to income (especially passive income) for minors.I can't paste the link, just google 'under 18 interest income'. 1 Quote Link to comment Share on other sites More sharing options...
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