As the OP has "Aussie" in their name I think they'd be referring to the Commonwealth Bank of Australia Dollarmites accounts. They were shutdown recently after a watchdog investigation. It was locking kids into using the bank that would continue into adulthood and schools were getting paid to sign kids up.
https://www.morningstar.com.au/personal-finance/the-lessons-...
"They found that it provided little value for children and the largest outcome was that children were being exposed to ‘sophisticated’ marketing tactics."
Funnily enough the two people we heard that "advice" from were Brits and Saffas. It's just bad interest yields compounding over decades.