What types of kids bank accounts are available?

From bonus interest to low fees, kids bank accounts come with a variety of features to help grow your child's savings.

There are many bank accounts that you can choose to open for your child. Some pay a flat rate of interest and come with a debit card, while others work best when linked to a high interest savings account. If you’re stuck wondering which is the right one for your young one, have a read of this page to help you decide.

Compare kids bank accounts

Data indicated here is updated regularly
$
Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee
NAB Classic Banking
Visa
$0
$0
Easily transfer pocket money via Internet banking or the NAB app to allow children to make purchases and obtain cash withdrawals using their debit card. The debit card can be accessed by a child aged 14 or over once a parent or guardian opens the account and gives them joint authority to operate it.
MyState Bank Glide Account
Visa
$0
$0
This account can be opened for children under 18. Upon turning 10, the child can be nominated as an account signatory with written consent from the account opener. If your child is over the age of 14, they can open this account themselves in their own name and receive access to a Visa Debit card with a daily withdrawal limit at ATMs, EFTPOS and Bank@Post.
Commonwealth Bank Smart Access
Mastercard
$0
$2,000
Get unlimited CBA electronic transactions using internet banking, phone banking, ATM and EFTPOS.
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Data indicated here is updated regularly
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
MyState Bank Bonus Saver Account
1.5%
0.15%
1.35%
$0
Ongoing, variable 1.5% p.a. for kids aged 13 or over, when they deposit at least $20 into the account each month and make five or more Visa Debit card transactions from their linked MyState transaction account. Online application available.
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Looking for a prepaid card for your kid's pocket money?

Spriggy is a mobile app with a linked prepaid card which helps Australian parents and their kids to manage their money together and track their progress in a fun, interactive app.

  • $30 per year for each child
  • Pre-paid Visa debit card accepted anywhere
  • Cards come in a range of funky, kid-friendly designs
  • Keep tabs on your child's spending, saving and chores via the Parent Wallet

Try the app for free for 30 days. Sign up online in 2 minutes or less by clicking the "Go to site" button.

What type of bank account can I open for my child?

Bank accounts that pay bonus interest

Your child is rewarded with bonus interest when they meet conditions such as making no withdrawals and at least one deposit every month.

Featured bank accounts with bonus interest
Bank accountVariable bonus interest rateConditions for earning bonus interest rate
Commonwealth Bank Youthsaver Account1.05% p.a.Make at least one deposit to the account and have no withdrawals during the calendar month.
People’s Choice Young Saver Account1.25% p.a.Deposit at least $5 and make no withdrawals during the calendar month.
Suncorp Kids Saving Account1.2% p.a.Deposit at least $20 and make no more than one withdrawal during the calendar month.
Bankwest Kids’ Bonus Saver4.25% p.a.Deposit between $25 - $250 and make no withdrawals. Child must also have a linked Bankwest Children's Saving Account in his or her name.

The pros

  • Bonus interest. Bonus interest is the main attraction of this type of kids bank account. You can make contributions to your child’s bonus interest savings account on their behalf; however, any interest earnings will need to be included on your tax return at the end of the financial year.
  • Age requirements. You can open these bank accounts for a child of any age.
  • Mostly fee-free. These accounts cost nothing to own; however, select financial institutions charge a fee for direct debit transactions.

The cons

  • Linked accounts. In some instances, these accounts must be linked to a transaction account.
  • No debit card. There is no debit card access. The scope of this type of account is limited; bonus interest children’s savings accounts work well when saving for a goal or a rainy day, but not for day-to-day transactions.
  • Limited access. Some savings accounts from select financial institutions offer online and telephone access only.

Bank accounts with a debit card

These bank accounts for kids work in much the same way as a regular no-fee bank account.

Featured bank accounts with a debit card
Bank accountVariable interest rate (if applicable)
Westpac Choice for Under 21s – for people 12 years and older0%
Bendigo Bank Student Account0.1%
CUA Everyday Youth AccountN/A
Commonwealth Bank Smart Access AccountN/A

The pros

  • Learn about card payments. Teach your child about making card payments from an early age with a bank account for kids with a debit card.
  • No monthly fees. There are no monthly account keeping fees.
  • Learn about everyday banking. Your child will get the full personal banking experience and can learn about using personal finance products before they turn 18.
  • Interest payments. Compare kids bank accounts with a debit card to find a product that also pays interest.

The cons

  • Age requirements. Your child must be over a certain age (usually 12 or 13) to be eligible to receive a debit card.
  • No bonus interest. Some of these accounts will pay a flat rate of interest; however, there are few, if any, products that operate on a bonus interest structure.
  • Other fees. Using the debit card to shop overseas will incur a currency conversion fee and ATM fees also apply when the card is used at non-partner ATMs.

Kids savings accounts

Kids savings accounts pay a flat rate of interest and feature online, telephone and branch account access.

Featured savings accounts
Bank AccountVariable interest rate
Bendigo Bank PiggySaver Account0.25%
P&N Way Cool Saver1.25%

The pros

  • No fees. These savings accounts are fee-free.
  • Low age requirements. These accounts are available to children under the age of 10 as well as teenagers.
  • Interest bearing. These accounts have a flat rate of interest. Even if withdrawals are made, funds accrue interest.

The cons

  • No bonus interest. These accounts pay a flat rate of interest regardless of whether withdrawals are made or not. This can be a pro or a con depending on how the account is used.
  • No debit card. A debit card is not issued with these kids savings accounts. Funds are accessed online, over the phone or in a branch.

There are many different types of kids bank accounts available to open. Make sure you spend time reading about these different types of accounts so you open the right one for your child.

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