We decided to go with a managed fund instead, because the banks pay diddly squat interest on their savings accounts. Plus it was a better option for us as we wanted something in the long term that we couldn't access. When each child turns 18 they will get a payout from it. We started it 4 years ago now and it has earnt over $1000 in that time and we only started it with $1800. So $250 a year is way better than any bank. We have the option of adding money to it as often as we want, bu so far we haven't been able to contribute any, so the $1000 was earnt on the initial $1800 alone. What we do in the mean time is put $5 or so in the kids piggy banks at home and then when it gets to $500 we will transfer it to the fund, which can only have increments of $500 go into it. The fund is with AMP, and we saw Warrick Luff for it, who is in Wagga in the D'Hudson arcade. He is a great guy, and it costs nothing to see him for advice anyway. HTH Sherie