P&N Way Cool Saver

P&N Way Cool Saver

Maximum Variable Rate


Standard Variable Rate


Set your kids on the path to success by teaching them how to save

  • No monthly account keeping fee
  • Fee-free transactions
  • Teaches kids how to save
  • SMS account access for kids

Product details

P&N Bank has structured a savings account especially for the youngest Australians, up to the age of 15. With competitive interest earned, minimal fees and flexibility for both parent and child, this savings account can be an invaluable step on the path to good spending habits.

Product Name
P&N Way Cool Saver
Maximum Variable Rate
1.25% p.a.
Standard Variable Rate
1.25% p.a.
Bonus Variable Rate
0.00% p.a.
Introductory / Bonus Offer Conditions
Ongoing, variable 1.25% p.a. available on balances up to $4,999.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Minimum Age Requirement
No Minimum Age
Maximum Age Requirement

What are the features of the P&N Way Cool Saver?

The Way Cool Saver is for parents and children alike, letting your kids largely manage their own savings but making parents get the final say. This delivers the twin benefits of more independence for children, and effective financial control for parents. You can open an account for children from the age of 0 to 15, so you can show your kids how banking works and the benefits of saving whenever you think they're ready. Compare the features offered by different children's savings accounts before deciding on one, and choose a good match for your situation and savings goals.

Age requirements

The Way Cool Saver is available from the age of zero right up until a child turns 15.

Membership required

P&N is a mutual bank and required that all account holders are also members. Members can apply on behalf of their child under the age of 12, but kids aged 12 to 15 will have to pay the $10 shareholder fee and become a member before an account can be issued in their name.

No monthly account fees

You will not be charged any monthly account keeping fees for the Way Cool Saver.

Unlimited free transactions

With P&N Bank you are given a number of ways to make deposits and withdrawals with the account free of charge. This includes direct and payroll credits, transfers made online and over the phone, cheque and cash deposits, direct debits, EFTPOS, BPAY, manual and automatic electronic transfers and cash withdrawals.

Kids' account access

Children can access accounts through SMS banking, and parents can set permissions to determine how else kids can access funds

Debit card

Children over 12 have the option of linking a rediATM debit card to the account, with the consent of their parent or guardian, to make EFTPOS purchases and cash withdrawals at ATMs.

Interest rates

A variable competitive interest rate is applied to the entire balance of up to $5,000. Accounts with balances over this amount will not earn any interest.

Interest payments

Interest is calculated on the daily balance and is paid into the account monthly. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.

Minimum balance

There is no minimum monthly balance requirement for the Way Cool Saver. If you like the features of these accounts it might be a good idea to look over some of the otherP&N Savings Accounts, including ones designed specially for students, retirees and almost anyone else who wants to save more money.

To see how much interest you will actually earn, in real dollar amounts, you might also consider using a savings calculator to compare accounts in detail.

Launch savings calculator


  • No monthly account keeping fee
  • Fee-free transactions
  • SMS account access for kids
  • Parental permission required for internet, app and phone banking


  • Just for kids aged between 0 -15 years
  • No interest earned if the account balance is over $5,000

How do I apply for the P&N Way Cool Saver?

You can apply for the Way Cool Saver over the phone or in person at a local branch, and can request an appointment by visiting the P&N website.

Eligibility to apply

In addition to those already mentioned above, there are some eligibility requirements that you will have to meet before you can submit an application:

  • Minimum age. Anyone up to the age of 15 can have a Way Cool Saver Account in their name. Parents or guardians are required to assist their children in applying for the account.
  • Residency requirements. In order to be eligible for this high interest savings account you must have an Australian residential and mailing address.
  • Depository requirement. You will not be asked to make a minimum opening deposit. Applicants over 12 will have the $10 shareholder fee deducted from the account.

Documentation required

P&N Bank also recommends that you bring with you the following documentation to refer to as you fill out the application:

  • Tax file number. There is no obligation to provide your tax file number (TFN) or claim an exemption if applicable. If you don’t, a withholding tax could be deducted from the interest earnings.
  • Identification. The parent or guardian applying on behalf of a child will need to have their own Australian driver’s licence or passport to complete the application. They will also need to be able to provide the child’s passport or their birth certificate.

What happens after I open an account?

After the application has been accepted by P&N Bank, you will be given the details of the account and instructions on how to operate it. If eligible, you will also receive your linked rediATM card to help with making day to day transactions.

Back to top Back to top Back to top

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site