my daughter's account is through Queensland Country Credit Union and there are no bank fees on it as money is going in on a regular basis but none is being taken out.  Look around for a good bank and ask each one about the interest rates and fees and get the best deal.  I'm only putting in $10 a week as i'm a single mum and can't afford much more than that.  If i have extra money or if she has money from christmas it goes in there.  She was given $100 from my uncle for christmas and i didn't see why a 3 year old needed to spend that much money so it went in the bank.  She was given $20 from a relative who lives away and didn't want to pay to send something and i let her go shopping with that.  Good luck with your investigations!

It's not how much is in the account that matters, it's how many dollars of interest it earns per year that gets taxed.  In Australia at the moment it's a little over $400 per year before that interest is taxed.

If your child's investment earns 4% interest p.a. (which is amazingly high for most savings accounts), your child's account would need to have over $10,000 in his account to earn enough interest to get taxed.

If the interest is 2% p.a. you'd need over $20,000.

If the interest is 1% p.a. you'd need over $40,000.

If it's like an old account of mine (closed it years ago) and only earning 0.01% interest your child would need $4,000,000 to earn $400 interest for the year.  If your child has that much money in his account, I suggest you find an investment account with a better interest rate and live off the interest!!!

I have with NAB Kids Smart Saver and they don't have tax charges (only if you take out then they won't give you interest, and over withdrawal they will charge you).

I think it does not matter as long as they have less than $420 interest a year (each) thats how I undarstud the info

I looked on the ATO website and it has some information about childrens accounts, try checking it out here:

http://www.ato.gov.au/individuals/content.asp?doc=/content/11900.htm

You should definately give them a ring for more information or check with the bank that your children have accounts at, they should be able to tell you.

Hi there, If your in Australia I'm pretty sure that the Commonwealth Bank still has the kids Dollarmite accounts which I don't believe gets taxed. The best thing would be to check out some banks websites and the taxation departments site as well. Good Luck.

I don't know the answer to that, but the best way to find out would be to get on the tax office website and see if there's anything there. If not, they should have an email address to send your question too. Just be warned, as it's a government agency, so they could take awhile.