BankWest extends high yield account to teens

Bank of Western Australia placed a limit of $1 million on the size of deposits the bank will accept in its high yield “TeleNet” deposit account. The account offers an interest rate of 6 per cent, and is the highest interest rate on bank deposits in the market. The bank took the step after the account attracted the attention of professional money market investors and arbitrageurs. The bank also reduced the minimum age of depositors from 18 to 12, to make the account eligible for savings plans for children.