Earn interest with your <18 Instant Access Savings
What is the interest rate?
The per annum (p.a.) interest rate on the will depend on your plan. This rate is used to calculate the interest earned before taxes.
The p.a. interest rate will show under your balance in-app. You can get more information by tapping 'Details' and viewing the 'Deposit information' document.
How is the interest calculated and paid?
Interest is compounded and paid daily. This means you earn 1/365th (or 1/366th in leap years) of the p.a. interest rate on your closing balance every day.
The minimum threshold for interest payable is 0.01 net interest earned after taxes. If you earn less than 0.01 on a given day, no interest will be payable.
Interest on starts accruing on the same calendar day you deposit funds and continues until the day before you withdraw them.
Can the interest rate change?
We can adjust the interest rates on according to our T&Cs. For a decrease, you'll be notified at least two months in advance, and you can choose to terminate your account before the change occurs. Increases may happen immediately, with potential notifications either before or after.
To access information on notice periods, follow these steps in the app:
- Go to 'Home' on the bottom menu
- Below your balance, tap 'Accounts'
- Select '' under your child's name
- Tap 'More' and 'Details'
- Select 'Terms & Conditions'
Changing plan
If you change your plan, the interest rate will change accordingly when the change comes into effect.