Ten per cent interest on kids savings

Children will be able to earn 10 per cent interest on their savings under an account marketed by Bank of Western Australia. The child must be less than 15 years of age and has to deposit between $25 and $250 into the account each month. Savings are limited to $3,000, built up over a year. After one year all the funds in the account will be transferred to another account in the child's name, where their money will earn 4.5 per cent. They could then start another savings plan with the 10 per cent rate for the next year for new savings.