Melinda and I are on a quest to continue to show you how simple it is to improve the financial future of your child in 48 hours - guaranteed! Today we are looking at the types of bank accounts that are available these days - it may seem like a bit of a jungle out there, but with our simple guide to choosing the right accounts you'll find it so easy that you'll be advising all of your friends in no time! Simply put, you are looking for high interest paying, zero fees accounts for your children. Kids start with little enough money as it is, we want to rule out any fees at this stage! It is unlikely you'll find high interest in a child's transaction account, so we'll find two accounts to do the job. Most banks provide a transaction account for kids, often these accounts are even available through your school. The banks will go (a little) out of their way to grab new customers early in life! These are great accounts to have, as the kids can take their savings and investing pocket money right up to a teller window and experience the act of banking their own money. This is really important - at least twice a year, or as often as once a week, the kids must physically be present for the banking process. What you will notice quickly, is that these kids accounts pay little to no interest. They may have 'bonus interest' schemes in place that seem reasonable, but don't be mislead - it is all too easy to miss a deposit and lose all the bonus interest in that period. Trust us, just go find one of the next accounts and all that stress simply disappears. High Interest Bank Accounts - also called Sweep accounts. These are becoming more and more common these days. You will have heard of ING Direct, Rabo Bank, St George and others pushing these accounts. Since they are online only accounts, you do need a transaction account to link it to. In our searches, the only account we found that could be opened in the kids' names was the Dragon Direct account from St George bank here in Australia. To make things a little easier you can also get the transaction account from the same bank (if available, as it is with St George) but it is by no means required. So in summary : open a children's (transaction) bank account at your local bank where you can take the kids and they can experience depositing their own money with a teller. Next open a sweep account linked to the transactional account and after making deposits over the counter you can log in to the sweep account and sweep all but a dollar into the high interest account. Believe me, once the kids start seeing that interest rack up they get very into the ideas of saving and investing. Well that's it for this time, be safe and we look forward to sharing more tips with you next time!