#067 | Savings Account For My Child(ren)

[disclaimer : I promise you this is not an ad or paid-post, I am genuinely happy with my new bank! Shock! Horror!]

This should’ve been an easy one to cross off early, but it’s been held up by my decision to ditch my bank of several decades – WORSTpac – and transfer all my financial dealings to the pioneers of “Happy Banking“, Bankwest.

With that massive undertaking behind me (any wonder no one changes banks regularly, it’s hard work figuring out all the direct deposits and direct debits and changing them all!), I also signed my son up for a Kids Bonus Saver account, with the massive benefit of 10% interest per annum and no account keeping fees.  Tell me that ain’t seriously happy banking!?

So this has become my savings account for my children’s education, which I have a regular salary sacrifice of $250 per month into. Whether or not I actually use it for his education is another thing… I have this dream of handing my son a massive cheque when he turns 18 (ok… protective mother in me screams “No! Wait til he’s 21!!”) and sending him off to experience the world on his own. Or maybe he’ll just decide to use it as a deposit on his first home, which by then he’ll probably need half a million just for a deposit!

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3 Comments

  1. That’s great, Justine! I think I would have finished college a lot sooner if my parents had done the same thing!! Instead, I had to work full-time and go to school part-time to earn enough money to put myself through college. 😦

  2. i want to join

  3. […] 067 | Create kids education savings account […]


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