Children's Bank Accounts

[eric_amanda]

I am begining to look into bank accounts here in NZ for the children. I'm not looking for anything special just something with a decent interest rate as they are all still preschoolers. They have money in the UK that I will eventually move over for them once the exchange rate improves, but no rush there so it will just be to save a few dollars here and there for now.

So far BNZ have sent me some info, but the accounts seem more focused on teenagers.

Can anybody recommend anything?

Amanda

[kiwidebs]

We've got accounts at the ASB for the kids. Can't remember what they're called but they were quite good at the time. I know my sister has one for her niece there too.

Debs

[annaerb]

www.asb.co.nz .
ASB are better for kids. Remember to get a tax number for them so that you are not paying more tax.

[Bailers]

We opened a Headstart account at ASB for Gemma when we were over on holiday a few years back. Camerons grandparents opened the same one for him. Internet access and a reasonable interest rate.

http://www.asb.co.nz/section492.asp

Mark

[adamsat]

We opened ASB Headstart accounts for our three as well.

Was a shock to find out even the kids have to pay tax on their interest though

[eric_amanda]

Thanks guys for all your advice. Will be checking out ASB shortly.

Adam, I may be wrong in saying this, but I thought if you got the children an IRD number and presented to the bank they would not then have to pay tax???



Amanda

[adamsat]

No they still pay tax - ours do anyway - if they shouldn't be someone please let me know!

The only difference getting an IRD number seems to make is that they pay tax at the residents rate of 19% rather than the non-residents 39%