Australian Military Bank Military Kids Account

Maximum variable rate: 0.01% p.a.
Base interest rate: 0.01% p.a.

Our verdict

The Military Kids Account is an everyday transaction account for children, and parents and guardians can see the account as authorised signatories.

If you’re 11 years old you qualify for a Visa debit card. This account does not attract any ongoing monthly fees.

Pros

No monthly account-keeping fees.
Parents or guardians can monitor and manage the account for their child.

Cons

Limited age range - Only available for children aged 11 to 17 years.

Children up to 17 years old can open an Australian Military Bank Military Kids Account. You don’t need any minimum balance to get started. The money in your account earns interest in a tiered manner. You get access to funds in your account in different ways.

Details

Key details

Product Name	Australian Military Bank Military Kids Account
Maximum Variable Rate	0.01% p.a.
Standard Variable Rate	0.01% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Key features

Minimum balance

This account does not have any minimum account opening or ongoing balance requirement.

Interest

Interest is available on the whole balance. The bank calculates interest on your account's everyday balance. It pays it out quarterly, at the end of March, June, September and December.

Visa debit card

Account holders 11 years old can get Visa debit cards that they can use to access funds in their accounts globally, at ATMs as well as at EFTPOS terminals. You can make six free rediATM transactions and six free EFTPOS transactions each month. This card does not attract any annual fees.

Digital banking and the app

Once your child is old enough for digital access, they can use Australian Military Bank's internet banking and mobile app (on the App Store and Google Play) to check their balance and transactions, make transfers and payments, and manage their Visa debit card, including adding it to a digital wallet. Parents and guardians can also see the account as authorised signatories.

Branch banking

You can visit any Australian Military Bank branch to withdraw cash. Doing so requires that you provide written authorisation along with a suitable form of ID. If you want to withdraw $2,000 or more the bank will require an acceptable form of photo ID. To withdraw large sums, you'll have to provide an advance notice of 24 hours.

Banking at Australia Post

You can turn to Australia Post Bank@Post outlets to make withdrawals as well as to deposit cash and cheques. Making withdrawals at Bank@Post outlets attracts a fee.

Direct debits and credits

The bank simplifies how you can move money in and out of your account by letting you set up direct debits and credits easily. Direct debits attract fees.

Account keeping fees

You don't have to pay any ongoing account keeping fees to maintain this account.

Awards

Upon account opening the bank gives you a gift and a welcome letter encouraging you to partake in its Savings Incentives. When you reach a certain level of savings, the bank sends a special gift as a reward. The bank has broken this program into two age groups. These include 12 years and under and over 12 years.

Statements

You'll receive account statements every quarter. You can request more frequent statements, for which you'll have to pay applicable fees.

Upon turning 18

When you, as the account holder, turn 18, you are no longer eligible to hold the Military Kids Account. Your existing account converts to an Australian Military Bank Access Account.

How to apply

Eligibility

Parents and guardians can apply for a Military Kids Account by filling in Australian Military Bank's kids membership and account application form, which you'll find under How to Apply on the bank's Military Kids Account page. For help, call the bank on 1300 13 23 28, book a call through its website or visit a branch. To be eligible, you have to meet these criteria:

Maximum age. You are up to 17 years old.
Residency requirements. You should be an Australian citizen or permanent resident, or a New Zealand citizen who lives and works in Australia permanently.

Deposit requirements. There is no minimum account opening balance requirement with this account.
Other requirements. The bank requires a parent or a guardian to operate as a signatory until you turn 18.

Documentation needed

Completing the application requires that you provide different types of information, which includes:

Identification. If you're not an existing Australian Military Bank member, the bank must verify your identity before it opens the account. It accepts ID such as an Australian passport, driver's licence or Medicare card.
Tax file number. If you don't want the bank to deduct withholding tax from the interest your money earns, provide your tax file number.
Other information. This comprises your name, date of birth, home address, email address and phone number.

What happens after I submit my application?

If you qualify for the Visa debit card it can take seven to 10 working days to get to you, from the date of account opening.

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Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Australian Military Bank Military Kids Account information page
2. Australian Military Bank Military Kids Account TMD

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Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Australian Military Bank Military Kids