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Bank accounts for kids and teens

Help your child build healthy financial habits for their future. Plus know you’re choosing an ethical bank to shape the world they’ll inherit.

Why open a kids’ savings account?

A children’s savings account is a great way to get kids started with understanding money and building smart saving and spending habits. An excellent first step is including your child in the process of opening a kids' savings account for their birthday or pocket money.

How to open a bank account for your child

You can open an account with us for a child at any age. Any account you open on a child’s behalf will be under the child’s legal name. 

What you'll need to apply

You will need to provide two of the following forms of ID for your child:

  • Birth certificate and Medicare card, or;

  • Australian Passport

    As their parent or guardian, you need to be living in Australia as a permanent resident or with a relevant work visa and provide the following forms of ID to identify yourself:

  • Australian Drivers Licence, or;

  • Australian Passport

    How it works

    If your child is 12 or younger, you as their parent or guardian will operate the account as a signatory. The child cannot personally transact on the account. You may apply for your child’s account to be accessed via your internet banking or mobile app.

    Once your child turns 13 years of age, the child can remove a parent or guardian as a signatory, and apply for a Visa Debit card and access to digital banking.

    Please note that children aged 12 years and younger are not eligible for digital banking or Visa Debit card.

    Open now

    Call us or visit a branch below to open an account for your child.

What you'll need to apply

Your child will need to provide the following forms of ID:

  • Birth certificate and Medicare card, or;

  • Australian passport, or;

    Australian driver’s license

    How it works

    If your child is 13 years or older and if you wish to be a signatory on their account this can be arranged by visiting a branch or calling us.

    Your child will have full access to their accounts through internet banking or mobile app. They can also apply for a Visa Debit Card.

    Open now

    Call us or visit a branch below to open an account for your child.

Children's accounts you can open with us

You can open an account with us for a child at any age. Any account you open on a child’s behalf will be under the child’s legal name. Please note that our Everyday Access transaction accounts can only be opened for children aged 13+.

mySaver

The savings account for the under 25’s. Simply deposit $10+ and make no withdrawals in the month to earn the bonus rate.

Earn up to
5.10
%
p.a.
On balances up to $50,000
Terms and conditions apply

Bonus Saver

To boost your savings with our bonus rate, simply deposit $100+ and make no withdrawals in the month.

Earn up to
5.10
%
p.a.
On balances up to $100,000
‍‍‍Terms and conditions apply

Online Saver

Lets you save what you can and withdraw when you want. The flexible savings account for easy access.

Variable interest rate
3.95
%
p.a.
On balances over $5,000
Terms and conditions apply

Everyday Access

A full-featured transaction account for your pay or your pocket money, which does a whole lot of good, too.

Variable interest rate
0.00
%
p.a.
On balances over $50,000
Terms and conditions apply

Fees, terms and conditions

Fees and charges

Exceeding available funds fee
$10 plus Debit interest charge rate
Debit interest charge rate
12.39%
Staff assisted withdrawal fee
$2.50

For all fees and charges please refer to Deposit fees, charges and transaction limits

General advice

Information provided is of a general nature only. In providing you with this information you should consider the appropriateness of this advice with regards to your particular financial situation and needs. You should consult the Product Disclosure Documents below and Target Market Determination before making a decision to apply for products with Bank Australia.

Terms, conditions, fees and charges are applicable as outlined below.

Product disclosure documents

Open a kids’ bank account today

Visit one of our branches or call us to open an account for your child.

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Frequently asked questions

Do you have bank accounts for children?

Yes, you can open a Bank Australia children’s account for a child of any age. Any account you open on a child’s behalf will be under the child’s legal name. Visit one of our branches or call us to open an account for your child.

Kids 12 and younger can open a savings account like mySaver, Online Saver or Bonus Saver; and teens 13-17 can open a savings account or an Everyday Access transaction account.

Can I have access to my child's accounts?

If your child is under 13 years old, we require a parent or guardian to open and manage the child account. The parent or guardian will be set up as a signatory and can act on behalf of the child in branch, contact centre and digital banking.

If your child is over 13 years old and you wish to be a signatory on their account this can be arranged by visiting a branch or calling us.

Is the interest earned on children's savings account subject to tax?

If you open a savings account for your child, they may earn interest on any money deposited. Read more about the tax implications here.

How old does my child need to be to open a kids’ savings account?

With Bank Australia kids accounts, you can open a savings account for a child of any age. To open an Everyday Access account, the child must be 13 or above.

Can a child get a Visa Debit card when opening a Bank Australia kids account

A teen aged 13-17 can open an Everyday Access account, with a Visa Debit card. They will also have full access to their accounts through internet banking or mobile app.

What are the interest rates on your children’s bank accounts?