Kids savings accounts

Kids savings accounts are a great way to teach children about money and savings habits. Get them saving today - start comparing accounts below!

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kids savings accounts

Kids savings account comparisons on Mozo - last updated 19 April 2024

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  • Ziggy Kids Saver

    3.01% p.a. (for $0 and over)

    0.01% p.a.(for $0 and over)

    Yes up to $250,000

    Under 16

    Minimum one deposit and no withdrawals in the month

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    Details
  • Scoot Super Saver

    No Current Offer

    2.75% p.a.(for $0 to $50,000)

    Yes up to $250,000

    Up to 12

    Compare
    Details
  • Mighty Saver Account

    No Current Offer

    5.00% p.a.(for $0 to $20,000)

    Yes up to $250,000

    Under 18

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    Details
  • Mighty Saver Account

    No Current Offer

    5.00% p.a.(for $0 to $20,000)

    Yes up to $250,000

    Under 18

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    Details
  • Progress Saver

    4.25% p.a. (for $0 and over)

    0.01% p.a.(for $0 and over)

    Yes up to $250,000

    12 to 17 years

    Bonus interest when you make a single deposit of $10 or more in a month and no withdrawals, fees or charges are processed to the account.

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    Details
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^See information about the Mozo Experts Choice Savings accounts Awards

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Savings account resources

Reviews, news, tips and guides to help find the best savings account for you.

Comparing children's savings accounts

If your child is past the stage of the good old piggy bank, they may be ready to graduate to a kids savings account. You can encourage them to deposit part of their pocket money to the account every month and introduce them to the benefits of saving for the future.

Most major banks and credit unions in Australia have children’s savings accounts, and Mozo's database compares these so you can find one that's right for your child, like one of these award-winning kids savings accounts.

But before you scroll back up to our search tool to start to compare children’s savings accounts, there are a few kids bank account must-knows which we've outlined below.

Generally, kids accounts are available for children under the age of 18 years, though there are some youth accounts that go up to 30. Parents or guardians usually have full control over their kid's account until the child turns 16 years of age.

How do I keep on top of interest rates?

One way to encourage your child to save is to make sure they’re getting the best possible returns on their savings. To that end, it pays to keep track of where interest rates currently sit and if they’re due to change in the future. Visit our savings account interest rates page for more information.

Features you should look for in a kids savings account

  • No fees: One of the key advantages of opening a kids savings account is that most banks don't charge a monthly account fee for children.
  • Bonus interest rate: Children's savings accounts generally offer bonus interest rates to encourage little ones to save, but compare carefully as not all kids bank accounts are competitive. Some banks actually offer lower bonus rates on kids accounts than on their standard savings accounts.

  • Non restrictive conditions: The best bank accounts for kids pay competitive ongoing interest rates without restrictive conditions. But unfortunately, many banks require kids to meet monthly deposit or withdrawal conditions to earn that bonus interest. It's important to read the fine print to decide whether the account will actually suit your child's savings habits.

  • Kid-friendly features: Many bank websites have online graphs or other fun tools and games to involve kids in understanding how much they are saving over time.

  • Easy access: It's a good idea to check if the account offers facilities such as online banking, phone banking and ATM access. This will make it easier for you to conveniently manage the account and introduce your child to the idea of secure internet banking. Amongst other things, you can teach them the importance of not giving their PINs and passwords to anyone.

Children's account tips and traps to watch  

  • Automate savings: It can be tempting to go for the highest bonus rate offer, but be sure that your child will be able to meet the account conditions each month as many kids savings accounts pay minimal interest if conditions are not met. The best way to ensure you'll always get the rate is to set up an automatic deposit on pocket money day.
  • Long-term goals: This is all about teaching your child the benefits of long-term savings. If your child can't make regular deposits, look for an account that has a good ongoing rate.

  • Watch for account sweeping: Account sweeping is when you get a high rate for a set period (say a year) and after this period the balance gets swept into a lower earning interest account. You then rebuild the balance in the high interest account. These accounts can be worthwhile to get the highest interest but you'd need to be diligent about moving your money out of the low interest account as soon as possible.

  • Consider a regular savings account: Some regular savings accounts have better rates than kids accounts, so this can be a good way to get a higher rate of interest. The only downside to this is that generally you'll have to put the account in your name and not your child's, so you'll have to include the interest earned as part of your taxable income.

  • Don't just set and forget: Just like regular savings accounts, rates on children's accounts can change. You should compare interest rates annually to make sure your kids are still getting the best savings account deal with Mozo's handy comparison tool.
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JP Pelosi
RG146
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

More FAQs about kids savings accounts

How do I find the best kids savings accounts in Australia?

While every child's needs will be different, you can start comparing some of top performing children's savings accounts in the Mozo Experts Choice Savings Account Awards. Here, you'll find some of the best no-strings saving accounts for kids that require now or very few actions to earn solid interest rates, as well as accounts that incentivise savings goals with even greater bonus rates when conditions are met.

Can I open a child's account online?

Most children's bank accounts will need to be opened by a parent, guardian or adult signatory, even though the account is for a child. You'll be able to open the bank account online but in some instances you may still need to visit a branch to verify identification details. 

Will I need a tax file number to open a kids account?

No, you don't need a tax file number but if your child earns more than $416 in interest and a tax file number isn't supplied they will withhold PAYG tax at a high rate. You can apply for a tax file number for a child of any age via the ATO. 

What do I need to open a kids bank account??

Typically when opening a kids savings account you’ll need to provide proof of a home address, your child’s birth certificate and your ID. Requirements may different between banks and financial institutions, so be sure to double check online to see exactly what you need when searching for the best kids savings account

What age can a child have a bank account?

The specific age requirement to open a kids bank account depends on the terms and conditions of the account. Most banks allow parents to open kids savings accounts for children at birth, but there are also other accounts designed for kids from the age of 12-14 to manage on their own before turning 18.

What bank is best for children's accounts?

Figuring out what savings account is best for your children depends entirely on what you’re hoping to achieve with the account and what’s important to you.

For example, do you want to regularly put away an amount of money each month? Then an ongoing bonus account, like a pocket money regular saver might suit your needs. Are you looking to deposit a small amount into your kids savings account when you can? Well, you might consider a kids savings account with good base interest rates under a certain balance. 

No matter what feature you’re looking for, there are a lot of great kids savings account options available. You can get started by checking out the best kids savings or start comparing children savings accounts on our page.


Savings Account Reviews

ANZ Plus ANZ Save
Overall 5/10
Be careful

While ANZ Plus has many appealing features. Along with its highly competitive interest rate, another plus is that there is no minimum monthly deposit required in order to achieve interest. You can also make withdrawals without forfeiting interest, there is one aspect I really don't respect is that their condition on paying interest, which states: "We pay interest into your ANZ Save Account on the last Business Day of each month. It will generally include interest up to (but excluding) that day". This is outrageous. I have never experienced another bank which does it this way and only discovered it when I noticed that my interest for the month of March was much lower than expected. This was a result of Easter falling at the end of March, so I effectively lost 3 full days of interest. After checking the calendar I've discovered that my interest would be affected in this way in June, August and November 2024. Consequently, I am moving my money to a bank with very similar rates who pay interest on the full month. I feel there is no reason for this "feature". It is not commonplace practice and certainly not a good way to do business, particularly in terms of gaining trust. Although it is outlined in the terms, I feel that most people wouldn't even be aware of this.

Read full review

While ANZ Plus has many appealing features. Along with its highly competitive interest rate, another plus is that there is no minimum monthly deposit required in order to achieve interest. You can also make withdrawals without forfeiting interest, there is one aspect I really don't respect is that their condition on paying interest, which states: "We pay interest into your ANZ Save Account on the last Business Day of each month. It will generally include interest up to (but excluding) that day". This is outrageous. I have never experienced another bank which does it this way and only discovered it when I noticed that my interest for the month of March was much lower than expected. This was a result of Easter falling at the end of March, so I effectively lost 3 full days of interest. After checking the calendar I've discovered that my interest would be affected in this way in June, August and November 2024. Consequently, I am moving my money to a bank with very similar rates who pay interest on the full month. I feel there is no reason for this "feature". It is not commonplace practice and certainly not a good way to do business, particularly in terms of gaining trust. Although it is outlined in the terms, I feel that most people wouldn't even be aware of this.

Price
8/10
Features
6/10
Customer service
2/10
Convenience
5/10
Trust
2/10
Less
Mel, New South Wales, reviewed 17 days ago
ING Savings Account
Overall 10/10
Amazing bank , great communication and product

ING is a great bank. They have great customer service and are easily contactable when needed assistance. It provides an easy option for people who do not have time to visit a bank front as it is run online. I can not find any negatives with the bank, and have been with them for many years and will be for as long as needed.

Read full review

ING is a great bank. They have great customer service and are easily contactable when needed assistance. It provides an easy option for people who do not have time to visit a bank front as it is run online. I can not find any negatives with the bank, and have been with them for many years and will be for as long as needed.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Jasmine, Victoria, reviewed 17 days ago
Bendigo Bank EasySaver Account
Overall 10/10
Good sevice

They are always looking out for me

Read full review

They are always looking out for me

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Ian, Queensland, reviewed 17 days ago

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