When teens begin getting part-time jobs or doing more chores to earn their own money, it helps them to place a higher value on spending that money wisely. A One Direction concert is exciting, but the under-18s I know tell me it’s more exciting if you’ve been working hard all month to pay for the ticket yourself.
Here at CANSTAR, we recognise that teens shouldn’t have to figure it all out on their own. That’s why our Bank of the Year – Youth Banking Award places its focus on the institutional support in finance education, engagement through workshops, and great savings and transaction accounts. The transition from junior to youth can be hard enough for those in their first job, nearing graduation, or keeping up with the latest trends, and institutions should be helping them to understand how to manage their finances.
CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular product. If you decide to apply for a product, you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes and additional information.
What is this award?
The Bank of the Year – Youth Banking award is given to the institution which provides the highest overall coverage for youth (12-17 years old) across three components. This includes having a good combination of savings and transaction account, support in finance education and access to branch, ATM and online banking. Online banking platforms allow youth to directly manage and control their savings and spending through the available functionality.
Who is Westpac?
Westpac was established in 1817 as the Bank of New South Wales and they established Westpac New Zealand in 1861 when they bought the New Zealand branch of the Oriental Bank. Beginning on the gold fields of Otago, they now serve over 1.3 million customers across the country.
The predecessor of Westpac NZ, CBA New Zealand, was the first bank to lend money to women, with their “Yes, we do lend money to women” campaign in 1974.
What do Westpac offer young people?
Westpac’s top savings account for youth is their Online Bonus Saver. It has a base rate of 0.05%, but with a generous total rate (base rate plus conditional bonus rate) of 2.75%. The maximum total rate can be achieved by making at least one deposit and no withdrawals in the month. For more information about the features of the Online Bonus Saver account, visit http://www.westpac.co.nz/bank-accounts/savings/online-bonus-saver/
The Electronic Account is Westpac’s best-value transaction account for youth, as it is essentially fee free for under-18s and students. For more information about the features of the Electronic Account, visit http://www.westpac.co.nz/bank-accounts/transaction/electronic-account/
When students graduate from high school and enter the world of Regular Savers and Transactors, then Westpac offers the School Leaver Pac for tertiary students and young workers. This pack comes with a Debit MasterCard, a transaction account, and a Westpac PayTag for contactless purchases.
This year Westpac has come up top for Youth Banking, with comprehensive education resources that are catered to and available for both primary and secondary students.
Westpac conducts monthly educational workshops to teach students money management skills; they held a total of 101 workshops in 2015. These workshops cover money, saving, spending, banking, getting a job, KiwiSaver, loans and credit cards, and insurance needs.
Westpac also offers the following:
- Website with educational resources for Youth (Kids and Teens)
- Savings calculators
- Budget calculators
- Games available to learn money management skills
- Online video tutorials available to junior and youth
- Specific financial education material online
- Twitter and Facebook is available to answer queries via social media
- Westpac participates in career expos
Westpac achieved our top score for Distribution because of the richness of functionality across both their mobile banking app and their online banking system for desktop computers. For this reason among others, Westpac have also achieved CANSTAR’s Online Banking Award in 2016 in addition to the Youth Banking Award.
CANSTAR congratulates Westpac on winning the 2016 Award for Bank of the Year – Youth Banking.
Compare Junior and Youth Banking with CANSTAR
Compare junior and youth banking savings and transaction accounts with the CANSTAR Award report, and see if you and your tweens or teens can’t find an outstanding value option. Signing up for an account now could set them up well for a future of learning to manage money well.