We currently don't have that product, but here are others to consider:
How we picked these
How the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
The Great Southern Bank Youth eSaver Account is the winner of the Kids Savings Account category as it had the highest ongoing variable rate for under 18s over the judging period. Plus, there are no conditions to meet to earn the full interest rate, making it ideal for young savers.
The Great Southern Bank Youth eSaver Account is the winner of the Kids Savings Account category as it had the highest ongoing variable rate for under 18s over the judging period. Plus, there are no conditions to meet to earn the full interest rate, making it ideal for young savers.
The Australian Mutual Bank Young Saver Account was named highly commended in the Kids Savings Account catageoy as it offered one of the highest ongoing variable rates for under 18s during the judging period. Plus, you can earn the full rate on balances up to $5,000 with no account conditions to meet making it really accessible for young savers.
The Australian Mutual Bank Young Saver Account was named highly commended in the Kids Savings Account catageoy as it offered one of the highest ongoing variable rates for under 18s during the judging period. Plus, you can earn the full rate on balances up to $5,000 with no account conditions to meet making it really accessible for young savers.
The First Option Bank Kids Bonus Saver account was named highly commended in the Kids Savings Account catageoy as it offered one of the highest ongoing variable rates for under 18s during the judging period. Customers can earn bonus interest on balances up to $5,555 when you deposit just $5 a month and make no withdrawals.
The First Option Bank Kids Bonus Saver account was named highly commended in the Kids Savings Account catageoy as it offered one of the highest ongoing variable rates for under 18s during the judging period. Customers can earn bonus interest on balances up to $5,555 when you deposit just $5 a month and make no withdrawals.
For the Best Kids Savings Account category, we looked at accounts available for all kids (ages < 18) across Australia. We assume all conditions are met to be eligible for the maximum rate each month.
When determining the score, 90% weighting was applied to the interest rate and 10% to other features. This includes any restrictions on rate, age, minimum deposit, withdrawals, purchases, balances and notice period requirements that can impact the maximum eligible rate.
Kids' prepaid card and money apps
If you want to teach your child how to spend and save in a safe, kid-friendly way, you could try a prepaid card linked to a money app.
These apps let you set spending limits, track chores and pay pocket money. There is a monthly subscription fee.
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-day free trial available
Customised prepaid debit card
Safe and convenient
3.5% surcharge for international purchases
Membership fee charged as annual lump sum payment
Rewards program
N/A
Annual Fee
$0
Purchase Rate
Welcome offer
Interest-free period
Up to days on purchases
Balance transfer
N/A
Bonus points
N/A
Rewards points per $ spent
N/A
Foreign currency conversion fee
"I check my bank account at the end of each month using the app on my phone to see how much bonus interest I've earned. Usually it's not much! But it's fun to keep track of it. I bank with ANZ and I like that I have a savings account to save up for things like concert tickets, plus an everyday account that I can add to my Apple Pay."
Lila Megginson
14-year-old Gold Coast student
Is there a difference between bank and savings accounts for kids?
There are 2 types of bank accounts:
Savings accounts. You use this account to hold your savings long term and earn some interest. It is not designed for spending.
Transaction accounts. You use this account for everyday spending via a debit card. You might be able to earn some interest, but the account is mainly for spending.
How to find the best children's bank account
High interest rate. An account with a high interest rate means your child can earn a bit more interest on their savings.
No fees. A good kids savings account should have few if any fees. A small monthly fee could quickly eat away at your child's previous savings and discourage them.
Age requirements they meet. Some banks let you open a savings account at any age. Some banks require the child to be 12 or older. It's important to check before trying to open an account.
Minimal account conditions. An ideal kids bank account will have a low minimum opening balance, and won't require large deposits every month to qualify for the bonus interest rate.
Money management tools. A good kids bank account offers app functionality or an online account so your child can watch their savings grow and learn how to manage their money. Some banks won't let a child open an online account until they're 14, or may require parental approval.
Our expert says
"My husband once sold an old digital drum kit online for $100. A 10-year-old kid arrived with his mum to pick it up – he'd saved his pocket money. It was so wholesome, and a reminder that kids are never too young to learn about money! And you're their biggest influence. You can help your child build really positive money values with things like pocket money for chores, setting saving goals, and chatting about how you handle your budget."
How does bonus interest work on a kids' bank account?
Some banks encourage children to save a little money each month with a bonus rate. A savings account might have a base rate of 2.00%, but a bonus rate that takes the total rate up to 5.00% if you meet the conditions.
This might be saving a minimum amount each month or not making any withdrawals.
How do I open a bank account for my child?
If you are the parent or legal guardian of a child, you can open a bank account for them at any age. Depending on the age of your child and the bank's policy, you may be able to open a bank account online. Or you may have to visit a branch.
You'll need to provide:
Evidence of the child's identification. You can use a birth certificate, Medicare card, passport or driver's license (for older kids).
Identification for yourself. You should also bring your own ID and proof of your relationship to your child. This includes a Medicare card or birth certificate.
You can choose to be an authorised party on your child's bank account. This gives you some level of access or control over the account, but the level of access depends on the account and the age of your child.
Do kids pay tax on bank interest?
It depends, on how old they are and how much they earn.
If your child is less than 16 years old, special rules apply to any interest they make from a savings account.
If your child is under 16 and:
they earn less than $120 per year (or $10 per month) from savings accounts, their financial institution will not withhold tax.
they earn between $120 and $420 in savings interest per year and they provide either their date of birth or a tax file number (TFN), the financial institution will not withhold tax.
they earn between $120 and $420 in interest and don't provide their date of birth or TFN, the financial institution will withhold tax at 47%. They'll need to lodge a tax return if they want a refund.
they earn $420 or more per year from savings accounts and provides their TFN, the financial institution will not withhold tax.
they earn $420 or more per year and don't provide their TFN, the financial institution will withhold PAYG tax at 47%. Again, they'll need to lodge a tax return if they want a refund.
Once your child turns 16, as long as they provide their TFN, the financial institution will not withhold tax on any interest earned.
If your 16 or 17 year old doesn't provide their TFN, the financial institution will withhold PAYG tax at 47% and they need to lodge a tax return to get it refunded.
Need to know:
If you have a joint account between an adult and a child aged under 16 years, the same rules apply as those for a 16 or 17 year old.
Withholding tax is calculated on the total interest earned – not just the amount above the threshold of $420 or $120.
Frequently asked questions on children's savings accounts
No, according to the Australian Taxation Office (ATO), any income that you put into your kid's savings account needs to be declared in your individual tax return. This means that you'll be looking at the same marginal tax rate anyway.
You're not required to open the account as a trustee. You can add yourself as a signatory and then transfer it to the child later. If you are starting a trust for your child for estate planning purposes, you may want to speak to a financial planner about what trust structure is best for you.
It is not required to have a TFN to open a kids savings account, though ensure the account is marked "Under 16 - TFN Exempt".
In Australia, the law requires that these accounts hold money that solely belongs to a minor child. A parent may not use this type of account to save for school costs or other expenses related to raising children.
Most banks require you to be the child's parent or legal guardian in order to open an account for them. You will also need the child's birth certificate and a form of identification for yourself in order to open a bank account for the child.
If a savings account earns interest then this interest is usually taxed. This works a little differently for children.
If a child's account earns less than $120 a year in interest, no tax is withheld.
If a child is under 16 and earns between $120 and $420 in interest in a year, the bank won't withhold tax if you provide their date of birth or a tax file number. If you don't provide either of these, then you can lodge a tax return to get the interest refunded
If a child earns more than $420 a year in interest they need to provide a tax file number to avoid having tax withheld, or lodge a tax return to get a refund.
If a child is 16-17 years old and earns more than $120 in interest a year, they need to provide a tax file number to avoid having tax withheld, or lodge a tax return to get a refund.
You can apply for a tax file number for your child at any age.
A kids transaction account is an everyday bank account designed for spending, not necessarily saving. It often comes with a linked debit card (or similar) to make purchases in stores or withdraw cash from ATMs. Usually you'll need to open a kids transaction account on behalf of your child while they're under 14.
Some banks specify that you must be either a parent or guardian to be able to open a bank account on behalf of your grandchild. It's a good idea to contact the bank to ask what its rules are for who can open an account for a child. If you can open an account for your grandchild, you'll usually need to visit the bank and provide identification for both you and your grandchild.
ING does not offer a savings account for children. They used to have a the Orange Everyday Youth account, but stopped offering it to new customers in 2022. You need to be at least 18 to open an ING Savings Maximiser or Savings Accelerator.
Yes, children under 13 can have a bank account in Australia with parental consent. Many banks offer savings accounts for this age group.
You need to be at least 18 years of age to open an ING savings account, making them unsuitable for children.
Yes, parents or guardians can open a bank account for a child in Australia. Most banks require identification documents and parental consent.
Was this content helpful to you?
Thank you for your feedback!
To make sure you get accurate and helpful information, this guide has been reviewed by Serina Bird, a member of Finder's Editorial Review Board.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio
Alison's expertise
Alison has written 638 Finder guides across topics including:
Looking for the best bank in Australia? Let's take a look at the bank accounts offered by the big banks and see how they stack up against others in the market.
See some of the best savings accounts in Australia right now with high interest rates and no fees, plus tips to help you find the best savings account for you.
The ING Savings Maximiser is a high interest savings account with a competitive interest rate when you meet the account conditions. Here's how to earn the top bonus rate with this account.
Our range of simple calculators can help you plan your finances and compare potential interest earned.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
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 labeling 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.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', '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.
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.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
Highly commended
