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Best children’s savings accounts

Here's what to look for in a savings account for your kids, and how to find the best one for you.

Children’s bank accounts are designed specifically for teenagers and younger. They’re for parents who want to get their children started on saving early so that by the time they’re 18 they’ll have some savings of their own. Here's how to pick the right one for you and your kids.

Find the best children's savings account

There's no single bank account that's best for everyone, what's best for you might not be best for someone else. Take a look at some kids savings accounts in the table below and see if any are right for you.

1 - 12 of 64
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
  • Balances up to $250,000
Go to siteView details
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
  • Balances up to $50,000
Go to siteView details
Newcastle Permanent Smart Saver Account
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
View details
Westpac Bump Savings Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow balance
  • Keep balance above $0 at all times
View details
Suncorp Kids Savings Account
Maximum Variable Rate p.a.
4.45%
Standard Variable Rate p.a.
0.95%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • Only 1 withdrawal
View details
ANZ Progress Saver for Kids
Maximum Variable Rate p.a.
4.25%
Standard Variable Rate p.a.
0.01%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $10
  • No withdrawals
View details
Commonwealth Bank Youthsaver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.60%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • 1 deposit
  • No withdrawals
View details
Bank of Queensland Kids Savings Account
Maximum Variable Rate p.a.
2.75%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
Great Southern Bank Youth eSaver Account (0-17 year olds only)
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
5.50%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • N/A
View details
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Showing 12 of 64 results

The best kids savings account looks like this:

The best Kids savings accounts will have the following features:

  • No account-keeping or ongoing fees
  • Good interest rate
  • Monthly deposit conditions that are motivating but not too challenging
  • Compound interest
  • Free and easy deposits
  • An app or Internet banking portal to track your savings progress

Finder survey: At what age do Australians open their first bank account for their child?

ResponseFemaleMale
I do not have children36.55%32.52%
1 - 213.62%10.71%
5 - 711.72%11.28%
8 - 106.38%11.47%
14+8.28%10.34%
My children are too young for a bank account6.55%8.46%
08.28%3.38%
3 - 43.97%6.77%
11 - 134.66%5.08%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023

Kids savings interest rates compared

This table shows the interest rates of a few of the best kids savings accounts and the conditions that apply for those rates.

Product nameMaximum interest rateConditions that apply
Great Southern Bank Youth eSaver5.5%Available on balances up to $5,000
Commonwealth Bank Youthsaver5% p.a.Maximum rate is paid if you make at least one deposit to the account and have no withdrawals during a calendar month.
MyState Bank Bonus Saver 5% p.a.Deposit at least $20 into the account each month and make five or more Visa Debit card transactions from your linked transaction account.
Illawarra Credit Union Wildlife Saver2.5%Deposit $10 a month and make no withdrawals.
IMB Zoo Account4%Deposit $10 a month and make no withdrawals.
Police Bank Dynamo Kids Savings Account2.05%Deposit $20 a month

How to find the best children's bank account

When looking for the best kids savings account for your child, here's what to consider.

Are there any fees?

Childrens savings accounts typically have fewer fees and costs than other types of accounts, but some may still apply. If you’re not careful, you might end up losing a significant amount to fees in the long run, as well as more in lost interest. Most kids savings accounts have no fees.

Is there an age limit?

Not all kids savings accounts have the same age retractions in place. Some accounts can be opened by children as young as 12, while others require you to be at least 14 or older.

What happens when they turn 18?

Check what happens with the kids savings account when the child turns 18. Some accounts will remain open until you choose to close it, while others will automatically switch to the standard savings account product with that bank.

What are the monthly conditions?

If your child needs to deposit a set amount into the account each month in order to earn interest, make sure it's not too high and is an achievable amount. Otherwise you could discourage them from saving.

What's the balance limit?

Kids savings accounts usually have a balance limit that's a lot lower than adult savings accounts. Some kids accounts will only pay interest on balances up to $5000, for example, while others will pay interest on much larger amounts.

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