First Option Bank Kids Bonus Saver
- Maximum variable rate
- 5.55% p.a.
- Base interest rate
- 0.05%p.a.
- Minimum deposit
- $5
Our verdict
Your child can earn a high interest rate and develop good savings habits with the First Option Bank Kids Bonus Saver.
The First Option Bank Kids Bonus Saver is for children under the age of 18. It's an account designed to encourage good saving habits.
To earn the maximum rate of 5.55% on this account you only need to deposit $5 a month.
Pros
-
High rate
-
No minimum opening balance
Cons
-
Very low base rate if you don't meet conditions
Details
Key details
| Product Name | First Option Bank Kids Bonus Saver |
| Maximum Variable Rate | 5.55% p.a. |
| Standard Variable Rate | 0.05% p.a. |
| Monthly Account Fee | $0 |
Key features
Maximum variable interest rate of 5.55%
This account's maximum interest rate is one of the higher offers on the market. But if you don't meet the monthly deposit requirement then you only get a rate of 0.05%.
Deposit requirement
To get the maximum rate you'll need to deposit $5 a month.
Minimum and maximum balance
There is no minimum balance for this account. However, you can only earn the maximum interest rate on balances of up to $5,555.
Account fees
This account has no fees.
Features
The Kids Bonus Saver does not come with a debit card. It's designed for saving. But you can link a transaction account with a debit card and transfer money between accounts.
How to apply
Eligibility
The First Option Bank Kids Bonus Saver is for a child under the age of 18 who is an Australian resident.
The parent or guardian will need to provide a phone number and email address.
There are other eligibility criteria that may apply.
Your reviews
Richard Finder
Editor
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