From bonus interest to low fees, kids bank accounts come with a variety of features to help grow your child's savings.
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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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
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.
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.
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.
It's common to have a few different bank accounts that each have a different purpose. Here's how you may benefit from having multiple bank accounts and the traps to avoid.
It's common to have a few different bank accounts that each have a different purpose. Here's how you may benefit from having multiple bank accounts and the traps to avoid.
You can open a joint savings account with another person to save for a shared goal. Here's how they work and how to find the best joint savings account for you.
From buying a home to bankrolling holidays, the “Bank of Mum and Dad” remains open for business according to new research by Finder, Australia’s most visited comparison site.
A new type of credit card to the Australian market, the CommBank Neo doesn’t charge any interest but has a monthly fee instead. Find out more in our comprehensive review.
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