The kids are accounts are with ANZ, as that is who we bank with. Makes it very easy to transfer over money as I have them linked to my online banking. If they receive cash as a present, I keep it, but then transfer the amount from one of my accounts. It saves a trip to the bank

Just a huge warning. The ATO is very particular with kids bank accounts. If they see you as in control of the account, as far as they are concerned the interest earning is yours to be included on your tax return. If they deem the interest to be the child's, they cannot earn much before it is heavily taxed (the normal tax free threshold does not apply). So if balances get high and therefore interest, you will need to look how it affects your financial position overall.

TFN and ABN information for savings accounts and investments | Australian Taxation Office