You're igniting the spark so their savings can grow!
Firstly, you made it here, so that means you're interested in giving your kids the best possible start!
The amount of information available to our kids is mind-boggling.
While it's perfectly natural to allow them to pursue their interests, the facts are that understanding money and knowing how to save are skills that will last them a lifetime.
We'll try to keep things simple, so that your little (or not-so-little) ones can pick up the important basics. We're in this together!
Teaching the value of money
A concept so simple to us as adults may seem completely alien to our kids. How are we to impart the value of money to children that are increasingly living in a cashless world? Read on below for some helpful tips.
Teach your kids to save
Our kids have an extraordinary capacity to learn - they can absorb more than we give them credit for. The sooner we can start to introduce them to the basic concepts of money, the more likely they are to develop healthy habits that will stick.
Spending, sharing and saving
So, your kids understand what money is - that's a good start. Now, it's time to help them understand what we can do with it, and we'll keep it simple to start. Read on below to learn how to impart the concepts of spending, sharing and saving.
Setting savings goals
One of the best ways to ensure we become competent savers is to practice setting savings goals. By aspiring for something and delaying gratification by avoiding spending, we understand the value of the process of saving. Read on below to find out how to set savings goals.
Your questions answered
The way interest is paid on your Greater Bank savings account depends on the type of account you choose.
To find out how interest is paid on your account, please take the time to review the relevant Product Schedule, available via the link below:
Once you turn 25, you can continue to use your Life Saver Account as your savings account, earning bonus interest as long as your account balance continues to grow with at least one deposit each month.
Upon turning 25, however, you will no longer have access to transaction-fee-free everyday banking via a linked Access Account.
If you still want to enjoy transaction-fee-free banking after turning 25, our Ultimate Access Account offers this feature for customers who are able to deposit at least $2,000.00 per month (like your salary) into the account.
Find out more about our Life Saver.
Anyone is able to open a Life Saver youth savings account on behalf of a child or grandchild. Right now, this process can only be completed in your nearest branch.
If you intend to act as a signatory on the account for the child, we’ll need you to bring along some forms of identification for yourself, such as your driver’s licence, as well as identification for the child. We will need physical copies of your proof of identification - we are not currently able to accept digital versions of your identification.
If the child is also going to be signing on the account, they will need to come along to the branch with you and be able to sign to accept the Terms and Conditions.
If you don’t intend to act as a signatory, we’ll just need you to identification for the child you intend to open an account for, such as their birth certificate or passport. The child will need to be with you to sign and get the account up and running.
If you don’t have a drivers licence or the child is unable to locate their birth certificate, we still may be able to help. Check out our FAQs for more identification options.
If you’re still unsure or would like further clarification before opening an account on behalf of a child, you can give us a call on 13 13 86.
While the amount that you choose to save is up to you, a good guide is to get to know how your chosen account works, and plan your savings activity around making sure you meet the periodical account requirements in order to earn interest. For example, our Bonus Saver rewards you with interest when you make at least one deposit and no withdrawals in a calendar month.
Another good way to know how much you need to save is to work towards a savings goal. If you’re saving for something big, you’re more likely to be motivated to stick to a savings plan. Luckily, you’re able to plot and track your savings goal using our handy Savings Goal Calculator – get started now!
And if you simply want to know how much money out of your pay packet you’ll have leftover for saving, you’re able to track this using our Budget Calculator – try it now to see where you stand.
You’re able to view the current interest rates for Greater Bank Savings Accounts by following the links below.
- For Bonus Saver, Life Saver and Cash Management Account interest rates – click here.
- For Term Deposit interest rates – click here.
You can view the full range of fees and charges applying to our Bonus Saver, Life Saver, Term Deposits, Term Deposits (monthly income) and Cash Management Accounts in the relevant Product Schedule PDFs on our Disclosure Documents page below.
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