Top picks for kid’s savings

Traps are lurking for parents who don't understand the drawbacks in kid’s savings accounts.

Interest rates can vary dramatically, and even the high ones can revert back to almost zero if there are one or more withdrawals in a month.

The Commonwealth Bank’s head of school banking, Lisa Cartwright, says parents need to read the fine print and talk to their bank to make sure they understand the accounts and clear up any confusion.

ANZ, Bankwest, The Commonwealth Bank, Suncorp Bank and Westpac are top picks, but even these can sting customers who don't understand the conditions.

Source: Adelaide Advertiser