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.
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.
Andrew Munro was the global cryptocurrency editor at Finder. During his time he covered all aspects of cryptocurrency and the blockchain. Before he became cryptocurrency editor, he was a content writer for Finder covering various topics over his nearly 5 years in the role. Prior to joining Finder he was a web copywriter. Andrew has a Bachelor of Arts from the University of New South Wales.
The Australian Unity Freedom Saver account lets you earn a competitive rate on balances between $50,000 and $250,000. Learn more about this high interest savings account.
The Australian Unity Freedom Saver account lets you earn a competitive rate on balances between $250,001 and $500,000. Learn more about this high interest savings account.
The Virgin Money Boost savings account (for 18-24 year olds) offers bonus interest each month you deposit money and meet the purchase requirements. Here's how the account works and how to apply.
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