Our verdict

Kickstart your child’s savings and teach them how to manage their money with a First Saver Account from Bank First.

Available to applicants under the age of 18, it combines competitive tiered interest rates with no account-keeping or transaction fees to ensure that your child’s pocket money goes towards saving for a secure financial future.

Pros

No account keeping fees
No minimum deposit or balance needed
Internet and Phone banking available

Cons

Interest rates are lower than some other kids savings accounts

Learning how to save money is a vital skill for all children. By opening an interest-earning savings account for your child, you can help them understand the value of a dollar and how they can use interest rates and a disciplined savings approach to build a bigger savings balance. The First Saver Account from Bank First is a savings account that teaches Aussie kids how to save.

Details

Key details

Product Name	Bank First First Saver Account
Maximum Variable Rate	4.40% p.a.
Standard Variable Rate	4.40% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Key features

Tiered interest

The First Saver Account offers competitive interest rates to help teach your child how to save money. Interest rates are tiered depending on your account balance, with balances of $2,000 and over earning a much higher rate than balances below this mark. Interest is calculated daily and applied to the account quarterly.

No fees

There are no ongoing account-keeping fees with the Bank First First Saver Account, nor are there any transaction fees. This means that the money your child puts into their account won't be eaten away by fees and will instead go towards their savings goal.

Easy access

Your child can access their savings any time via Internet and phone banking. This means they can withdraw their funds whenever they want.

No minimum deposit requirements

There is no minimum deposit required to open an account and your child does not need to meet monthly deposit requirements in order to keep earning the highest interest rate available.

No minimum balance requirements

The Bank First First Saver Account does not have any minimum balance requirements, so your child has the freedom to withdraw as much of their balance as they want whenever they need it.

Under-18s only

This product is a children's savings account designed for under-18s only.

Launch savings calculator

How to apply

It's important to check that your child satisfies the eligibility criteria before you start applying.

Eligibility

Age requirements. The Bank First First Saver Account is only available for children aged between 0 and 17 years.
Residency requirements. Your child will need to be an Australian resident.

If you're looking for a competitive savings account to help your child get off to the right financial start in life, the First Saver Account from Bank First is definitely worth considering. See how its features, fees and interest rates stack up against offerings from other banks before deciding which account is the best option for your child.

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Alison Finder

Editor

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peter

March 17, 2024

I would like to open bank account for my 6 years old son. How can I do it and what the best options available on the market do a I have?

Thank you

Peter

Sarah Megginson Finder

September 23, 2024

Hi Peter,

You can learn more about opening an account for your son along with some suitable accounts in this guide. Hope this helps!

Bank First First Saver Account