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Children’s bank accounts for 5-10 year olds

Looking for a suitable first bank account for your child? Compare bank accounts here.

A kids bank account is often your child’s first ever encounter with money concepts such as “saving” and “interest”. It’s also an effective tool to grow your child’s savings, which can go a long way towards financial security for your child in the future.

If you’re looking to open a bank account for your child, compare the bank accounts below and learn about the essentials of kids banking along the way.

Compare bank accounts for 5-10 year olds

Rates last updated September 21st, 2017
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Minimum Age Requirement Maximum Age Requirement Interest Earned
Bankwest Kids' Bonus Saver
Ongoing, variable 4.75% p.a. when linked to a Bankwest Children's Savings Account and you deposit $25-$250 each month. Available for children under the age of 15.
4.75% 0.01% No Minimum Age 15 More
P&N Way Cool Saver
Ongoing, variable 1.75% p.a. available on balances up to $4,999.
1.75% 1.75% No Minimum Age 15 More
Bendigo Bank PiggySaver Account
Ongoing, variable 1.25% p.a. .Available on the entire balance. Designed for kids under 12.
1.25% 1.25% No Minimum Age 12 More
Westpac Reward Saver - Under 12
Ongoing, variable 1.50% p.a. when a deposit of any amount and no withdrawals are made each month. Available on the entire balance.
1.50% 0.01% No Minimum Age 12 More
Bankwest Children's Savings Account
Ongoing, variable 2.50% p.a. when you link to Kids’ Bonus Saver from Bankwest. Available on balances $20,000 and over
2.50% 2.50% No Minimum Age 15 More
Suncorp Kids Savings Account
Ongoing, variable 2.75% p.a. when you deposit $20+ and make only one withdrawal each month. Available on balances more than $0.01.
2.75% 1.50% No Minimum Age 18 More
People's Choice Young Saver Account
Ongoing, variable 2.55% p.a. when you deposit $5+ each month and make no withdrawals within the calendar month. Available on the entire balance.
2.55% 1.45% No Minimum Age 18 More
Commonwealth Bank Youthsaver Account
Ongoing, variable 2.30% p.a. when you make at least one deposit with no withdrawals each month. Available on the entire balance.
2.30% 0.01% No Minimum Age 18 More

What you’ll need to open a kids bank account

As the parent or legal guardian of the child whose bank account it is, you will need to supply important pieces of documentation before your kid can start making deposits, including:

  • Valid photo ID for yourself (this may not be required if you are already a customer with the same bank)
  • Your Tax File Number (TFN)
  • Your child’s birth certificate

You may also need to sign a guarantee of indemnity before the account is opened.

What are the tax implications of opening a kids bank account?

Do I need to declare the interest earned from my child’s account in my tax return?

If you provide the money for your child’s account and spend it, you need to declare the interest earned.

If my child contributes to the bank account and deposits money into it, do they need to declare it in their income tax return?

If the account earns less than $120 per year in interest, no tax applies.

If your child is under the age of 16 and earns between $120 and $420 in interest and provides their date of birth or a TFN, then the bank won’t withhold tax and the child will not have to lodge a tax return. If no date of birth or TFN is provided, tax will be withheld at the top rate and your child will need to lodge a tax return to get a refund.

If your child is under 16 and earns $420 or more in interest each year, if they provide their TFN the bank will not withhold tax. If no TFN is provided, tax will be withheld at the top rate and your child will need to lodge a tax return to get a refund.

If the child is 16 or 17 years old, earns $120 or more in interest per year and provides their TFN, the bank will not withhold tax. If no TFN is provided, tax will be withheld at the top rate and your child will need to lodge a tax return to get a refund.

For more information, take a look at our guide on the tax implications of opening a kids bank account.

The latest in kids banking

Children’s banking programs

When considering a bank account for kids, it’s worth taking a look at the banking programs offered. Children’s banking programs offer educational resources and rewards to help children learn about money.

Below is a list of children’s banking programs offered in Australia.

Bank programDescription
The CommBank School Banking programChildren receive a token every time they make a deposit into their CommBank Youthsaver Account. These can be exchanged for a variety of toys and games as rewards.
bcu Scoot’s ZoneAn online club where children can play a range of interactive games, ask money questions and access articles, special deals and discounts.
Hume School BankingStudents who open a Clancy Koala savings account are rewarded with bonus interest when they deposit at least $10 per month and do not make any withdrawals. Students also receive an annual Junior Saver Club activity book and can win a range of prizes each term for saving.
Bendigo Bank School BankingBendigo Bank runs specific programs to help improve the financial literacy of primary and secondary school students through its local branches.
IMB School BankingKids can access worksheets, savings tips, interactive games, downloadable activities and colouring-in sheets to help them understand the ins and outs of money management.
The Mutual Bank@School programThe Bank@School program sees The Mutual visit each school once a week to provide the banking service.

Encourage your kids to save with freebies and other rewards through your bank’s children’s banking program.

finder.com.au’s featured children’s bank accounts for 5-10 year olds

Bank accountAge limitsMaximum variable rate
Bankwest Kids’ Bonus Saver0-15

4.75%

CommBank Youthsaver0-18

2.30%

People's Choice Young saver account0-18

2.55%

Bendigo Bank Piggy Saver Account0-121.25%
P&N Way Cool Saver0-151.75%

Clarizza Fernandez

Clarizza is finder.com.au's assistant publisher for banking and investments. She works to empower consumers in making informed decisions on all things banking and investments. In her spare time, she Googles: 'Sydney's best dog parks' and 'Best pasta Sydney.'

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