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 Finder Score Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
Rabobank logo
Finder score
Maximum Variable Rate p.a.
5.60%
Standard Variable Rate p.a.
4.35%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Ubank High Interest Save Account
Ubank logo
Finder score
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
Go to siteView details
Macquarie Savings Account
Macquarie Bank logo
Finder score
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
5.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Suncorp Bank Growth Saver Account
Suncorp Bank logo
Finder score
Maximum Variable Rate p.a.
5.05%
Standard Variable Rate p.a.
0.35%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance by $200 each month (excl. interest)
  • Only 1 withdrawal
  • No balance limit on earning interest
Go to siteView details
Newcastle Permanent Smart Saver Account
Newcastle Permanent logo
Finder score
Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
Go to siteView details
First Option Bank Savings+Bonus Account
First Option Bank logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Newcastle Permanent Smart Saver Account - Under 25s
Newcastle Permanent logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance
  • No more than 2 withdrawals
MyState Bank Bonus Saver Account
MyState Bank logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
  • Balances up to $250,000
Bank of Queensland Future Saver Account - 14 to 35 years
BOQ logo
Finder score
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
  • Balances up to $50,000
Suncorp Bank Kids Savings Account
Suncorp Bank logo
Finder score
Maximum Variable Rate p.a.
4.45%
Standard Variable Rate p.a.
0.95%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • Only 1 withdrawal
ANZ Progress Saver for Kids
ANZ logo
Finder score
Maximum Variable Rate p.a.
4.10%
Standard Variable Rate p.a.
0.01%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $10
  • No withdrawals
Commonwealth Bank Youthsaver Account
Commonwealth Bank logo
Finder score
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.60%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • 1 deposit
  • Grow balance
  • Balances up to $50,000.
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Showing 12 of 64 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

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

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

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

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.

Lila Megginson's headshot

"I check my bank account at the end of each month using the app on my phone to see how much bonus interest I've earned. Usually it's not much! But it's fun to keep track of it. I bank with ANZ and I like that I have a savings account to save up for things like concert tickets, plus an everyday account that I can add to my Apple Pay."

Lila Megginson
14-year-old Gold Coast student

Do kids pay tax on bank interest?

It depends, on how old they are and how much they earn.

If your child is less than 16 years old, special rules apply to any interest they make from a savings account.

If your child is under 16 and:

  • they earn less than $120 per year (or $10 per month) from savings accounts, their financial institution will not withhold tax.
  • they earn between $120 and $420 in savings interest per year and they provide either their date of birth or a tax file number (TFN), the financial institution will not withhold tax.
  • they earn between $120 and $420 in interest and don't provide their date of birth or TFN, the financial institution will withhold tax at 47%. They'll need to lodge a tax return if they want a refund.
  • they earn $420 or more per year from savings accounts and provides their TFN, the financial institution will not withhold tax.
  • they earn $420 or more per year and don't provide their TFN, the financial institution will withhold PAYG tax at 47%. Again, they'll need to lodge a tax return if they want a refund.

Once your child turns 16, as long as they provides their TFN, the financial institution will not withhold tax on any interest earned.

If your 16 or 17 year old doesn't provide their TFN, the financial institution will withhold PAYG tax at 47% and they need to lodge a tax return to get it refunded.

Need to know:

  • If you have a joint account between an adult and a child aged under 16 years, the same rules apply as those for a 16 or 17 year old.
  • Withholding tax is calculated on the total interest earned – not just the amount above the threshold of $420 or $120.

Frequently Asked Questions

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As an authority on all things personal finance, Sarah Megginson is passionate about helping you save money and make money. She is an editor and money expert with 20 years’ experience and an extensive background in property and finance journalism. Sarah holds ASIC RG146-compliant Tier 1 Generic Knowledge certification, and she's a regular media commentator, appearing weekly on TV (Sunrise, Channel 7 news, Nine news), radio (KIIS FM, Triple M, 3AW, 2GB, 6PR) and in digital and print media. See full bio

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