Tuesday, July 19th, 2011
Opening a savings account for your child can be a great way to start teaching them the value of money and good financial habits. But with many banks and credit unions now offering a savings account aimed at the younger client base, competition for your child’s savings is fierce. And as research by Your Money Magazine reveals, not all children’s savings accounts are created equal when it comes to fees and interest rates.

Using two scenarios, Your Money Magazine compared a range of kids’ savings accounts to find the best fee-free, high-interest accounts that will help your child reap the biggest rewards from their savings. The results indicated some important differences separating the top-ranking accounts from the rest of the pack.

Your Money Magazine managing editor Jackie Pearson said the accounts with the highest interest rates were not necessarily the best in the long-term.

“Most of the accounts with the best headline interest rates also have conditions, which means they might not be as generous as they first appear,” said Pearson. “Parents should check the fine print carefully and be aware of terms and conditions such as age limits.”

Pearson added that kids’ savings accounts are a great educational tool as well as a useful stockpile of funds for when your child grows up.

“It’s never too early to start teaching financial awareness,” said Pearson. “By picking one of Your Money Magazine’s medal-winning accounts, your child can learn about money and watch their savings add up a lot faster.”

To find out which savings accounts were worthy of winning medals, and for more information on how to teach your children about money, see the latest issue of Your Money Magazine. On sale at leading newsagents or online at www.yourmoneymag.com.au.

Contact Profile

Your Money Magazine

Your Money Magazine is for all Australians looking to increase their personal wealth and achieve the lifestyle they desire. Your Money Magazine’s key focus is to educate the Australian public about money management by providing down-to-earth, easy to comprehend content, detailed product comparisons across a range of categories, and recommendations from some of the country’s leading industry experts.

Combining in-depth research and product comparison tools with shrewd financial education materials, Your Money Magazine takes a unique place in the Australian market allowing readers to not only compare existing products but to educate themselves and take decisive action all in one place.

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Lisa Narroway
P: 02 8437 4726
W: www.yourmoneymag.com.au


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