I wanted to open an account for Abie from the time she was born and only did it last Tuesday! The original plan was to deposit all the money she received from her baptism as a start up for her fund and for us to transfer a monthly amount to the account. It didn't happen because 1) I was too lazy to go to the bank and 2) I've spent her gifts to buy her some essential things.
To start the year 2013 right, I checked the youth saver account online and realized that I can open it without visiting any branch! That sold me to Commonwealth even though the rates are much lower than Westpac or Bankwest (I think Bankwest have the highest rate). The convenience of doing everything at the comfort of my home, with just a few clicks (or taps for that matter), and at any time I want made the interest rate secondary. I will revisit the rates when the fund is big enough to earn substantial interest, but for now this will do.
Beauty fund, school fund, dental fund --- she can do whatever she wants with her money when the right time comes. I can't wait to teach her the value of money saving and investing.
From little things big things grow...
