I was looking into opening a bank account for my children today so did the due diligence and had a big laugh when I read the following from ANZ in relation to their ‘Progress Saver account’ for kids:
“Earn interest on your savings with the opportunity to earn bonus interest by simply making one deposit of $10 or more and no withdrawals per month”
I guess they aren’t lying but the ‘earn interest on your savings’ standard interest rate is…… 0.01%. I guess you would be wanting to take advantage of the bonus interest rate which pumps it up to 4.91%. (as at 28/11/12)
Perhaps the promotional material should read “Kids, Don’t keep your money in the bank”
Sources:
http://www.anz.com.au/personal/bank-accounts/help-select-account/children-under/
http://www.anz.com/aus/RateFee/InterestRates/Rates.asp?section=PDA&subsection=PS#PDA
