It’s never too early to start your little one’s nest egg with our Little Star Saver. A standalone kids savings account with no fees, where your little savers under 14 years can start saving early and learn money-saving habits while earning competitive interest on their account balance when requirements are met.
Help your children make the most out of their money with our competitive savings rates.
*Bonus + Standard rate total when all requirements are met. Offer not available in conjunction with previous offers. #Where no withdrawals are made in a calendar month the bonus rate of interest will be applied. The bonus rate is only payable on the first $50,000 balance. ^Where a withdrawal is made during the calendar month the interest payable for that month will only be the standard base interest rate. Additional balances over $50,000 will only receive the standard base interest rate. All rates are subject to change without notice.
New to SCCU? Open your Little Star Saver in a couple of steps.
To open an account, you must:
Products issued by Southern Cross Credit Union Ltd. ABN 82 087 650 682. AFSL 241000. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs. To decide if a product is right for you, please refer to the Summary of Accounts, Access Facilities and Transaction Limits. To help you better asses if these products are right for you please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs. Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.
Ability to accept direct credits.
Eligibility criteria, fees and charges, terms and conditions apply. Advertised rate subject to change without notice.
*Little Star Saver available for children aged 14 and under. Limited to one account per child. Account must be established in the child’s name. Where no withdrawals are made in a calendar month the bonus rate of interest will be applied. Where a withdrawal is made during the calendar month the interest payable for that month will only be the standard base interest rate. The bonus rate is only payable on the first $50,000 balance. Additional balances over $50,000 will only receive the standard base interest rate of 0.90%p.a.
It’s never too early – or too late – to empower your children with financial know-how.
We’re on a mission to make money education more engaging and accessible for all ages. We believe good money habits can be formed early on. By encouraging positive relationships with money now, we can help equip our kids for the long-term.
To help you with setting these foundations, we’ve created a little tool kit that breaks down what the 3-jar method is. We also go through some talking points and activities that can help build awareness and reinforce positive money association.
It doesn’t need to be challenging or boring. Helping them earn their own money, setting expectations and guiding them on real life decisions on how to manage their budget can be fun and very educational.
To start having more productive talks with your little ones you can learn more via our blog and download our 3-Jar Method fact sheet.
Money management skills aren’t usually taught at school, it’s up to parents and guardians to educate children and help them build good habits. We are here to help nurture a positive relationship with money and support you through yours and your family’s life stages.
Pocket money is a great way to help teach your child financial management skills. It gives them a firm idea about the value of things, teaches them to save and gives them a sense of responsibility for achieving their own goals.
It’s important for parents to remember that children take their cues about money from you. So, while you might give them their own pocket money it is beneficial to model positive money behaviours yourself. This might include talking to them about the research you do before making a major purchase or chatting with them about how long it’s going to take you to save for something special.
There is no general rule, but you can find some guidance to kick off this conversation with your kids on our Pocket Money blog, or download our fact sheet for some additional ideas.
Start your little one’s financial journey in a community-driven credit union and join thousands of customers who love our caring and personalised approach.
The Little Star Saver account is available for children up to 14 years of age. Parents or guardians can set up the account on behalf of the child and therefore will need to meet the eligibility requirements. Additionally, the child themselves can also open the account if they meet the eligibility criteria.
Yes. You can setup a Little Star Saver on the name of your grandchildren and set yourself up as one of the Authority To Operate (ATO).
The Little Star Saver is a standalone kids savings account that can be managed by the child or by the designated Authority To Operate (ATO) via NetBanking and SCCU app, over the phone by calling our Customer Service Centre or in-person by visiting one of our Financial Service Centre.
Visa Debit Cards are available with our transaction accounts that can be linked to our Star Saver savings accounts for customers age of 14 and over.
You can access your money in your Little Star Saver account in several ways:
In-Person: Visit one of our Financial Service Centres to make cash deposits or withdrawals for free.
Over the phone: Alternatively, contact us on 1300 360 744 for personalised support.
Online Banking: Use NetBanking to manage your account, transfer funds, and deposit money.
Mobile Banking: Download our SCCU app for convenient and secure access to your account on the go.
You can also set up direct credit into your Little Star Saver account from your SCCU transaction account or from an external account.
Yes, anyone who meet the eligibility criteria can have NetBanking. However, for the account holder (child), verification and an explanation of the terms of NetBanking are necessary. The setup process would apply to the child, including providing a temporary password. Additionally, ATOs (Authority To Operate) can access the account via their own NetBanking if an existing customer.
No, children don’t need a Tax File Number (TFN) to open a Little Star Saver account. However, if your child is less than 16 years old, special rules apply to their income from a savings account. Depending on the amount of interest earned, your child may have to pay tax and therefore require a TFN.
For more information, visit the ATO website.
The Little Star Saver savings account earns a variable interest rate based on the account balance. This interest is paid monthly into the account.
A bonus interest rate is applicable where the requirements are met. Otherwise, a standard interest rate is applied.
There are no monthly fees associated with Little Star Saver accounts.
For other general fees, find the full details via our Schedule of Fees and Charges.
Little Star Saver accounts are limited to one account per child.
However, once the child reaches the age of 14 years and over and meet the Star Saver requirements, they become eligible to open up to 8 Star Saver savings account as long as it’s linked to an Easy Access transaction account.
Children can hold a Little Star Saver account if they are 14 years or younger. There is no specified age minimum.
From your first transaction to lifelong investments, with you across all financial life stages.
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If you'd like a little extra help, call our team on 1300 360 744.
