From bonus interest to low fees, kids bank accounts come with a variety of features to help grow your child's savings.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
Earn a market-leading bonus interest rate if you're under 30, and when you meet the account conditions. Learn more about the Westpac Life account and apply online.
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.
The Commonwealth Bank Business Transaction Account offers a Business Visa debit card, easy access to your funds and a range of convenient tools to help you manage your business’s cash flow.
Earn a market-leading bonus interest rate if you're under 30, and when you meet the account conditions. Learn more about the Westpac Life account and apply online.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
