CommBank & Westpac have saving tools for kids

Banks have tools that help to teach children about money. Westpac has a mobile phone app called “Pay Pig” that helps children learn good savings habits, set goals, time frames for chores and a payment amount.

Commonwealth Bank has a Youthsaver account for under-18s which can also be accessed through the bank's school banking program. Primary school aged children can receive rewards points for deposits that can be redeemed for items such as pencils and swimming bags.

Source: Sydney Morning Herald