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Thread: Children's Bank Accounts

  1. #1
    Join Date
    Aug 2004
    Location
    Whangarei, Northland, formerly
    Posts
    338

    Question Children's Bank Accounts

    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

  2. #2
    Join Date
    Sep 2004
    Location
    West Auckland
    Posts
    1,201

    Default

    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

  3. #3
    Join Date
    Feb 2005
    Posts
    77

    Default

    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.

  4. #4
    Join Date
    Feb 2005
    Location
    Bromley to West Harbour
    Posts
    41

    Default

    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

  5. #5
    Join Date
    Sep 2004
    Location
    Oxford (Canterbury)
    Posts
    283

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    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

  6. #6
    Join Date
    Aug 2004
    Location
    Whangarei, Northland, formerly
    Posts
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    Default

    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

  7. #7
    Join Date
    Sep 2004
    Location
    Oxford (Canterbury)
    Posts
    283

    Default

    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%

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