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Banks paying high interest to kids

29/12/2011

Most banks offer great deals for full-time students, like no account-keeping fees, or savings accounts that pay bonus interest on regular deposits and no withdrawals. Remember, online accounts generally pay the highest interest and charge few fees.

These accounts are the same as regular bonus saving accounts but they cater to pocket-money investors, with smaller amounts to be deposited monthly. All the major banks, and others such as Suncorp and BankWest, offer children's bonus savers accounts. Some pay great bonus interest.

Source: The Daily Telegraph



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Today's Savings Rates

Institution Product Max. Rate (%) Details
Citibank Online Saver (5.70% Variable intro rate for 4 months on balances up to $500k) 5.70 Details
RaboDirect Savings Account (up to 5.60% 4 month special variable rate up to $250k) 5.60 Details
Savings Maximiser (5.60% p.a. variable intro rate for 4 months on balances up to $250,000) 5.60 Details
HSBC Serious Saver (5.55% variable intro rate for 4 months on balances up to $1m) 5.55 Details
USaver (Base Rate 4.91%, Bonus 0.60% with savings plan) 5.51 Details
Institution Product Max. Rate (%) Details

The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.



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