New research from Mozo has found the big four banks stunt Aussie kids savings due to their poor interest rates.
The comparison site found interest rates on children’s savings accounts can vary between 0.5% to 3.5%, with smaller banks offering competitive savings rates.
Mozo Director Kirsty Lamont says it pays to shop around as the bank you choose could be the difference between blossoming savings for your child, or pitiful growth.