The best bank account for your kid's savings

By Nicole Pedersen-McKinnon
Updated August 17 2017 - 3:44pm, first published 3:01pm

Hi Nicole, I wonder if I'm doing the right thing. My son is 15 and is earning decent money from a part-time job. I'm so impressed he has already managed to save $7000 for his first car - we've always encouraged saving - but I wonder if it's in the right place. A while back we opened some sort of trust account where I have to withdraw the money on his behalf. I'm not sure if it's a good account - I think he earns about $5 interest on it - and whether he's old enough to now have access himself. Can you recommend a good account for his age? Will this see him through to adulthood? Tracey, Sunshine Coast

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