02/09/2026
š° Want to teach your kids to save AND make their savings work harder?
If your home loan allows multiple offset accounts, consider setting up separate offset accounts for your kidsā savings.
They can still have their own ābucketā and watch their balance grow as they add birthday money, pocket money or regular savings. You can even nickname the account on your online banking to your child's name
But hereās the clever part š
While their savings are sitting in an offset account, that balance can help reduce the amount of your home loan being charged interest.
So instead of their money simply sitting in a separate account, it can be:
š” Helping reduce home loan interest
š° Teaching them how to build savings
š Giving them a real-life lesson in how money works
šÆ Building towards their own future goals.
You could even sit down together once a month and show them how their savings are growing.
If you have young kids, say 5 years old, and you add $100.00 per month to their account, then when they turn 18 they would have close to $15,000.00 saved. Not only would they have a great little savings account but you would also save more than $6,000.00 in interest over this period of time.*
Little money habits now can become very big money habits later.
Not every home loan offers multiple offset accounts and account structures vary between lenders, so check how yours works before making changes.
Let us know if you would like more information on lenders that offer multiple offset accounts!
*(A total of 13 years assuming an average home loan rate of 5% and regular deposits of $100.00 per month)