I am trying to teach them about interest and saving so I showed them how much more 2.5% makes then their CBA school accounts were paying. My CBA construction loan interest rate is 2.69% so they are doing well with the CUA account.
They can link a fee free transaction account when they are older. I am using this time to brainwash them into not spending this money!
XH and I opened Bendigo Bank passbook accounts for them when they were babies - well I did the opening so I am the listed parent. XH still uses those accounts with them and they put any money from selling their eggs, wool and stock in there.
The CUA and Bendigo accounts should be enough for a decent car when they are old enough or a ticket overseas - if we’re ever allowed travel again! The travel is my preference as I want them to see the world before they settle down - especially as I suspect DS will take over the farm.