I recently read a post about RaboPlus on NZMoneyTalk where someone specifically asked others about the RaboPlus children's account offering (funny thing was no one responded – not sure why, but what I can assure you is that the original post was not one I had posted incommunicado).
This lead me to ask myself the question, are NZ bank's operating a level playing field for adult versus children's savings i.e. do they pay children as much, by way of interest, as they do to adults for their savings? The best way to answer this was to do a quick check of the websites of the major banks here in NZ.
||*Interest Rate for $1,000 Balance
||Interest Offered for comparable “adult” account
||ANZ Youth Account
||Online Call Account
||Junior Account Online Saver
* As per each bank's individual website as at 10 th August 2009. Note that the only comparison made was on interest rate for a balance of $1,000. No consideration was made for other product features such as transaction fees, access via ATM etc.
If I was scoring the observations above, then it would get a pass mark because 2/3rds of our competitors above pay children an interest at least equal to the rate they would for a comparable adult product (some even pay children more).
Hope this helps the person who posted the comment on NZMoneyTalk .