Best 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!

JP Pelosi
Managing editor
Fact Checked
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more savings accounts here.
Last updated 24 November 2024 Important disclosures

Savings account comparisons on Mozo

  • Kids Bonus Saver

    Standard rate
    0.05 % p.a.
    (for $1 and over)
    Maximum rate
    5.55 % p.a.
    (for $1 to $5,556)
    Minimum $5 monthly deposit and no withdrawals to earn bonus interest each month.
    Go to site

    Get your little ones on the right foot with a savings account with bonus interest when you deposit $5 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $5,555 to receive bonus interest.

  • Young Saver Account

    Standard rate
    5.50 % p.a.
    (for $0 to $5,000)
    Maximum rate
    5.50 % p.a.
    (for $0 to $5,000)
    Link not supplied

  • Youth eSaver

    Standard rate
    5.50 % p.a.
    (for $0 to $5,001)
    Maximum rate
    5.50 % p.a.
    (for $0 to $5,001)
    Link not supplied

  • Future Saver Account - 14 to 35 years

    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    5.50 % p.a.
    (for $0 to $50,000)
    Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions. Bonus interest criteria waived for account holders 14-17 years of age.
    Link not supplied

  • Boost Saver with Go Account

    • Under 18 years old
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    5.35 % p.a.
    (for $0 to $250,000)
    Bonus interest of 5.05% is made up of the Base rate of 0.05%, Bonus rate of 5.00% and Notice Interest Rate of 0.30%, must enable the Lock Saver feature. 32 days notice for withdrawal and T&C's apply.
    Link not supplied

  • Reward Saver Kick Start Account

    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.25 % p.a.
    (for $0 to $1,000,000)
    Bonus rate of 5.25% for balances up to $1,000,000. Minimum deposit of $20 and no withdrawals in the month.
    Link not supplied

  • Incentive Saver Account

    • Kids
    Standard rate
    1.85 % p.a.
    (for $0 and over)
    Maximum rate
    5.15 % p.a.
    (for $0 to $250,000)
    Grow the account balance by any amount each month.
    Link not supplied

  • Young Saver

    Standard rate
    0.10 % p.a.
    (for $0 and over)
    Maximum rate
    5.05 % p.a.
    (for $0 and over)
    minimum deposit $5, no withdrawals
    Link not supplied

  • Boost Saver with Go Account

    • Under 18 years old
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    5.05 % p.a.
    (for $0 to $250,000)
    Bonus interest of 5.05% is made up of the Base rate of 0.05% and Bonus rate of 5.00%.
    Link not supplied

  • Mighty Saver Account

    Standard rate
    5.00 % p.a.
    (for $0 to $20,000)
    Maximum rate
    5.00 % p.a.
    (for $0 to $20,000)
    Link not supplied

  • Mighty Saver Account

    Standard rate
    5.00 % p.a.
    (for $0 to $20,000)
    Maximum rate
    5.00 % p.a.
    (for $0 to $20,000)
    Link not supplied

  • Mighty Saver Account

    Standard rate
    5.00 % p.a.
    (for $0 to $20,000)
    Maximum rate
    5.00 % p.a.
    (for $0 to $20,000)
    Link not supplied

  • Mighty Saver Account

    Standard rate
    5.00 % p.a.
    (for $0 to $20,000)
    Maximum rate
    5.00 % p.a.
    (for $0 to $20,000)
    Link not supplied

  • Youthsaver

    Standard rate
    2.60 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 to $50,000)
    grow your balance for the month
    Link not supplied

  • Bump Savings

    • under 18
    Standard rate
    2.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Make a deposit and grow account balance
    Link not supplied

  • Bump Savings

    • under 12
    Standard rate
    2.00 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Make a deposit and grow account balance
    Link not supplied

  • Little Star Saver

    Standard rate
    1.25 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    No withdrawals in the month.
    Link not supplied

  • Smart Saver Youth Account

    • under 25
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Link not supplied

  • Star Saver

    Standard rate
    0.75 % p.a.
    (for $0 and over)
    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Deposit $20 and make no withdrawals in the month.
    Link not supplied

  • Youth Saver

    Standard rate
    0.75 % p.a.
    (for $0 and over)
    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Deposit $50 and make no withdrawals in the month.
    Link not supplied

  • Kids Savings Account

    Standard rate
    0.95 % p.a.
    (for $0 and over)
    Maximum rate
    4.45 % p.a.
    (for $0 and over)
    minimum deposit $20, one withdrawal allowed
    Link not supplied

  • First Saver Account

    Standard rate
    4.40 % p.a.
    (for $0 to $2,000)
    Maximum rate
    4.40 % p.a.
    (for $2,000 and over)
    Link not supplied

  • Student Money Saver

    Standard rate
    0.01 % p.a.
    (for $0 and over)
    Maximum rate
    4.40 % p.a.
    (for $0 and over)
    minimum deposit $5, only 1 withdrawal
    Link not supplied

  • Children's Savings Account

    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Maximum rate
    4.35 % p.a.
    (for $0 to $50,000)
    Minimum one deposit and no withdrawals in the month
    Link not supplied

  • Progress Saver

    • Kids
    Standard rate
    0.01 % p.a.
    (for $0 and over)
    Maximum rate
    4.25 % p.a.
    (for $0 and over)
    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.
    Link not supplied

  • Star Saver

    Standard rate
    4.00 % p.a.
    (for $1 to $5,000)
    Maximum rate
    4.00 % p.a.
    (for $1 to $5,000)
    Link not supplied

  • Zoo Account

    Standard rate
    0.10 % p.a.
    (for $0 and over)
    Maximum rate
    4.00 % p.a.
    (for $0 and over)
    minimum deposit $10, no withdrawals
    Link not supplied

  • Little Copper Club Account

    Standard rate
    3.95 % p.a.
    (for $0 and over)
    Maximum rate
    3.95 % p.a.
    (for $0 and over)
    Link not supplied

  • Beans Savings Account

    Standard rate
    0.20 % p.a.
    (for $0 and over)
    Maximum rate
    3.85 % p.a.
    (for $0 and over)
    No withdrawals in the month. Minimum deposit $10 per month.
    Link not supplied

  • PiggySaver Account

    Standard rate
    3.70 % p.a.
    (for $0 and over)
    Maximum rate
    3.70 % p.a.
    (for $0 and over)
    Link not supplied

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What are kids savings accounts?

Kids savings accounts are just like regular savings accounts but are typically simplified to help young savers learn the benefits of saving money.

Most major banks and credit unions in Australia have children’s savings accounts, and Mozo's database compares some of the leading kids savers.

If you’ve just started researching, keep in mind that kids accounts are available for children under the age of 18 years, though there are some youth accounts that go up to 30 years. 

Also, parents or guardians usually have full control over their kid's account until the child turns 16 years of age.

Features to look for in a kids savings account

Features will vary between accounts and savings account providers, so a thorough comparison is required. Let's look at the main kids savings accounts features below:

  • 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: Childrens savings accounts generally offer bonus interest rates to encourage little ones to save, but compare carefully as not all kids 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 no 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.

Kids account tips and traps to watch

Just as it is with any savings account, there are easy to understand features and those that can trip you up a bit. Let's explore the main ones below.

  • Teach your child about how bonus rates work: 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. 
  • Have long-term savings goals: At the end of the day, getting a savings account is all about teaching your child the benefits of long-term savings. If they can't make regular deposits, look for an account that has a good ongoing rate.
  • Don’t set and forget: Savings account interest rates are variable so they go up and down depending on the market. The higher the rate the more interest they will earn so it pays to review rates so be sure to review the savings account rates and features regularly with your child to make sure that they are getting the best deal for their circumstances and savings goals. 

2024 Mozo Experts Choice Awards - Best Kids Savings Accounts

Looking for a savings account to give your child a leg-up on their financial future? Each year, Mozo’s experts compare kids savings accounts as part of the Mozo Experts Choice Savings Awards analysis. 

These winning savers were designed specifically with kids and teens in mind, and meet a strict criteria put together by our judges.  Here’s some of the 2024 award-winning kids savings products (current interest rates accurate as at 10/10/2024, T&Cs apply)

Best Young Adult High Interest Savings:

  • Westpac Life - 18-29 years old - 5.20% p.a.maximum rate on balances up to $30,000

Best Teen High Interest Savings:

  • Bank of Queensland Future Saver Account - 5.50% p.a. maximum rate on balances up to $50,000
  • IMB Bank Reward Saver Kick Start Account - 5.25% p.a. maximum rate on balances up to $1,000,000

Best Kids High Interest Savings:

  • BankSA Incentive Saver Account - 5.25% p.a. maximum rate on balances up to $250,000

Popular savings guides

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More FAQs about kids savings accounts

Can I open a child's bank account online? What do I need?

Most children's bank accounts need to be opened by a parent or guardian. While you can start the process online, you might still need to visit a branch to verify identification details. Typically, you'll need to provide proof of address, your child's birth certificate, and your ID. Requirements vary between banks, so check online for specific details.

Do I need a tax file number to open a kid's savings account?

No, a tax file number isn't required to open a kids' savings account. However, if your child earns more than $416 in interest and doesn't have a tax file number, PAYG tax will be withheld at a high rate. You can apply for a tax file number for your child via the ATO.

What age can a child have a savings account?

Most banks allow parents to open savings accounts for children from birth. Some accounts are designed for kids aged 12-14 to manage independently before they turn 18.

Do parents manage kids' savings accounts?

It depends on the bank and the child's age. Some accounts give parents custodial access until the child turns 18, while others allow teens to manage their accounts from age 13 or 14. Check the specific terms of your selected account.

What are some tips for teaching kids about money?

To build a healthy relationship with money, show your kids where money comes from, explain budgeting, smart spending, and saving for a rainy day. Start with pocket money for chores, allowing them to make choices about their money. Encourage saving by opening a savings account and setting goals for items they want to buy. See our savings account guides page for more ideas.

When should you open a savings account for your child?

Generally speaking, the earlier you start teaching your kid about saving money, the better. However, it's never too late to start. Opening a savings account can help your child learn about managing money and setting financial goals. 

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JP Pelosi
JP Pelosi
RG146
Managing editor

Managing Editor Jean-Paul (JP) Pelosi leads the editorial team, with over 20 years of experience writing for top outlets like The Guardian, The Sydney Morning Herald and News.com.au. JP's expertise in home loans and property is complemented by his rich background at major financial firms including CommBank, Suncorp and Amex. Holding a Master's in Communications and international experience in journalism, JP combines passion with skill and has a unique ability to apply this editorial experience and financial knowledge to advise the team on how to create engaging financial content for Australian consumers.

Brands we compare

We compare savings accounts from the following well-known providers and many more See all

  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • Rabobank brand logo
  • Unity Bank brand logo
  • IMB Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • Rabobank brand logo
  • Unity Bank brand logo
  • IMB Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • Rabobank brand logo
  • Unity Bank brand logo
  • IMB Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo
  • MyState Bank brand logo
  • ING brand logo
  • First Option Bank brand logo
  • Rabobank brand logo
  • Unity Bank brand logo
  • IMB Bank brand logo
  • BCU Bank brand logo
  • Newcastle Permanent brand logo

Savings account customer reviews

Commonwealth Bank NetBank Saver
Overall 3/10
I love my bank

I love my bank.I've been a dollar my kids since I was born

Read full review

I love my bank.I've been a dollar my kids since I was born

Price
3/10
Features
4/10
Customer service
5/10
Convenience
4/10
Trust
3/10
Less
Brooke, New South Wales, reviewed 4 days ago
Commonwealth Bank Savings Account
Overall 5/10
It’s okay

They are interested in themselves. They aren’t helpful if you don’t have a full time job. The branch where we are located have terrible knowledge but think their knowledge is great so you can’t explain to them why they are wrong when you have knowledge on a subject, they won’t listen.

Read full review

They are interested in themselves. They aren’t helpful if you don’t have a full time job. The branch where we are located have terrible knowledge but think their knowledge is great so you can’t explain to them why they are wrong when you have knowledge on a subject, they won’t listen.

Price
6/10
Features
2/10
Customer service
3/10
Convenience
9/10
Trust
3/10
Less
Ainsley, New South Wales, reviewed 4 days ago
Westpac Savings Account
Overall 8/10
Helpful bank that meets all my needs

Helpful bank that meets all my needs

Read full review

Helpful bank that meets all my needs

Price
9/10
Features
8/10
Customer service
8/10
Convenience
8/10
Trust
8/10
Less
Dave, Queensland, reviewed 4 days ago

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