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!

Peter Terlato
Senior Money Writer
Fact Checked
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Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 250 savings accounts using the filters.
Last updated 11 August 2025 Important disclosures

  • Kids Bonus Saver

    Maximum rate
    5.05 % p.a.
    (for $1 to $5,556)
    Minimum $5 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    0.05 % p.a.
    (for $1 and over)
    No Partner link

  • Young Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $5,000)
    Standard rate
    5.00 % p.a.
    (for $0 to $5,000)
    No Partner link

  • Youth eSaver

    Maximum rate
    5.00 % p.a.
    (for $0 to $5,001)
    Standard rate
    5.00 % p.a.
    (for $0 to $5,001)
    No Partner link

  • Reward Saver Kick Start Account

    Maximum rate
    5.00 % p.a.
    (for $5,000 to $100,000)
    Bonus rate of 5.00% for balances up to $100,000. The 2.75% on balances up to $1,000,000 Minimum deposit of $20 and no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    No Partner link

  • Mighty Saver Account

    Maximum rate
    4.75 % p.a.
    (for $0 to $20,000)
    Standard rate
    4.75 % p.a.
    (for $0 to $20,000)
    No Partner link

  • Mighty Saver Account

    Maximum rate
    4.75 % p.a.
    (for $0 to $20,000)
    Standard rate
    4.75 % p.a.
    (for $0 to $20,000)
    No Partner link

  • Mighty Saver Account

    Maximum rate
    4.75 % p.a.
    (for $0 to $20,000)
    Standard rate
    4.75 % p.a.
    (for $0 to $20,000)
    No Partner link

  • Mighty Saver Account

    Maximum rate
    4.75 % p.a.
    (for $0 to $20,000)
    Standard rate
    4.75 % p.a.
    (for $0 to $20,000)
    No Partner link

  • Smart Saver Youth Account

    • under 25
    Maximum rate
    4.75 % p.a.
    (for $0 to $50,000)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Little Star Saver

    Maximum rate
    4.65 % p.a.
    (for $0 and over)
    No withdrawals in the month.
    Standard rate
    0.90 % p.a.
    (for $0 and over)
    No Partner link

  • mySaver

    Maximum rate
    4.60 % p.a.
    (for $0 to $50,000)
    minimum deposit $10, no withdrawals in the month.
    Standard rate
    0.00 % p.a.
    (for $0 to $0)
    No Partner link

  • Youthsaver

    Maximum rate
    4.55 % p.a.
    (for $0 to $50,000)
    grow your balance for the month
    Standard rate
    2.15 % p.a.
    (for $0 and over)
    No Partner link

  • Clancy Koala Junior Saver

    Maximum rate
    4.55 % p.a.
    (for $1 and over)
    minimum deposit $10, no withdrawals
    Standard rate
    0.01 % p.a.
    (for $0 and over)
    No Partner link

  • Bump Savings

    • under 18
    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Make a deposit and grow account balance
    Standard rate
    1.75 % p.a.
    (for $0 and over)
    No Partner link

  • Bump Savings

    • under 12
    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Make a deposit and grow account balance
    Standard rate
    1.75 % p.a.
    (for $0 and over)
    No Partner link

  • Young Saver

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    minimum deposit $5, no withdrawals
    Standard rate
    0.10 % p.a.
    (for $0 and over)
    No Partner link

  • Boost Saver with Go Account

    • Under 18 years old
    Maximum rate
    4.45 % p.a.
    (for $0 to $250,000)
    Bonus interest of 4.45% is made up of the Base rate of 0.05% and Bonus rate of 4.40%.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Star Saver

    Maximum rate
    4.35 % p.a.
    (for $0 and over)
    Deposit $20 and make no withdrawals in the month.
    Standard rate
    0.75 % p.a.
    (for $0 and over)
    No Partner link

  • Youth Saver

    Maximum rate
    4.35 % p.a.
    (for $0 and over)
    Deposit $50 and make no withdrawals in the month.
    Standard rate
    0.75 % p.a.
    (for $0 and over)
    No Partner link

  • Children's Savings Account

    Maximum rate
    4.35 % p.a.
    (for $0 to $50,000)
    Minimum one deposit and no withdrawals in the month
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    No Partner link

  • Zoo Account

    Maximum rate
    4.00 % p.a.
    (for $0 and over)
    minimum deposit $10, no withdrawals
    Standard rate
    0.10 % p.a.
    (for $0 and over)
    No Partner link

  • Little Copper Club Account

    Maximum rate
    3.95 % p.a.
    (for $0 and over)
    Standard rate
    3.95 % p.a.
    (for $0 and over)
    No Partner link

  • Kids Savings Account

    Maximum rate
    3.95 % p.a.
    (for $0 and over)
    minimum deposit $20, one withdrawal allowed
    Standard rate
    0.75 % p.a.
    (for $0 and over)
    No Partner link

  • First Saver Account

    Maximum rate
    3.90 % p.a.
    (for $0 and over)
    Standard rate
    3.90 % p.a.
    (for $0 and over)
    No Partner link

  • Student Money Saver

    Maximum rate
    3.90 % p.a.
    (for $0 and over)
    minimum deposit $5, only 1 withdrawal
    Standard rate
    0.15 % p.a.
    (for $0 and over)
    No Partner link

  • Mighty Mutual

    Maximum rate
    3.75 % p.a.
    (for $2 and over)
    Interest paid 6-monthly. If no withdrawals within that period, then an extra 10% of the interest earned is applied.
    Standard rate
    0.00 % p.a.
    (for $0 to $2)
    No Partner link

  • Beans Savings Account

    Maximum rate
    3.60 % p.a.
    (for $0 and over)
    No withdrawals in the month. Minimum deposit $10 per month.
    Standard rate
    0.20 % p.a.
    (for $0 and over)
    No Partner link

  • Kids Saver Account

    Maximum rate
    3.50 % p.a.
    (for $0 to $10,000)
    Standard rate
    3.50 % p.a.
    (for $0 to $10,000)
    No Partner link

  • Star Saver

    Maximum rate
    3.50 % p.a.
    (for $1 to $5,000)
    Standard rate
    3.50 % p.a.
    (for $1 to $5,000)
    No Partner link

  • Progress Saver

    • Kids
    Maximum rate
    3.40 % p.a.
    (for $0 and over)
    Bonus interest when you make a single deposit of at least $10 in a month and no withdrawals, fees or charges are processed to the account.
    Standard rate
    0.01 % p.a.
    (for $0 and over)
    No Partner link
Showing 30 results from 250 savings accounts

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Latest in kids savings accounts

Below are some of the best ongoing kids savings rates in Mozo’s database right now. While the highest rates can be appealing, the best account for you will depend on how you manage your money – including whether you can meet bonus rate conditions.

Account Maximum variable rate Balance earning max rate Conditions to earn max rate
First Option Bank Kids Bonus Saver 5.05% p.a. $1 – $5,556 Deposit at least $5 monthly and make no withdrawals. Standard rate: 0.05% p.a.
Great Southern Bank Youth eSaver 5.00% p.a. Up to $5,001 No special conditions. Balances over $5,001 earn 1.00% p.a.
Australian Mutual Bank Young Saver 5.00% p.a. Up to $5,000 No special conditions. $5,000–$9,999 earns 2.15% p.a., $10,000+ earns 0.01% p.a.
Bank Australia mySaver 4.60% p.a. Up to $50,000 Deposit at least $10 monthly and make no withdrawals. Standard rates: 0.00%–0.10% p.a. depending on balance.

Rates are current as of 30 July 2025 and subject to change.

Every year, Mozo’s expert judges analyse hundreds of savings products to identify standout performers across different saver profiles. Whether you're a young adult building your first savings buffer or simply looking for ongoing high returns, there's no one-size-fits-all.

To narrow it down, check out the Mozo Experts Choice Awards 2025 for kids savings accounts, or scroll up to the comparison tables.

Picture of peter-terlato

Peter Terlato

RG146
Senior Money Writer

“A kids savings account isn’t just a place to put pocket money – it can be a powerful tool to teach children the value of saving, setting goals and earning interest. The earlier children start, the more confident they’ll be with money later in life.”

Help your child grow their savings

Whether they’re stashing pocket money or saving for their first big purchase, a kids savings account can help teach your child smart money habits from a young age. These accounts often come with high interest rates and bonus incentives designed to reward regular deposits and minimal withdrawals – perfect for little savers learning the ropes.

But not all savings accounts for kids are created equal. Some offer better rates, lower fees, or more flexible conditions. That’s why we’ve compared a range of child-friendly savings accounts below, so you can find one that helps your young one build financial confidence while earning competitive interest.

How kids savings accounts work

Kids savings accounts work much like adult ones, but with a few key differences:

  • Higher interest rates: Many kids accounts offer bonus interest to reward good saving habits, like making regular deposits and avoiding withdrawals. These work similarly to adult bonus saver accounts – meeting monthly conditions unlocks a higher return.
  • Parental control: Accounts are typically opened in your name on behalf of the child, giving you oversight while they learn.
  • Age-based eligibility: Most banks offer accounts for kids under 14, with automatic transitions to youth or student accounts.
  • Fee-free features: Many come with no account-keeping fees, helping every dollar stay in your child's savings pool.

Want a broader look at your options? Visit our Savings Account hub to explore accounts for adults, students and more.

Tips to help your child become a super saver

Here are a few practical ways to make the most of a kids savings account:

  • Set savings goals together: Whether it’s a new bike or their first laptop, goal-setting gives saving real-world meaning.
  • Use round-up features: Some linked transaction accounts offer round-ups that transfer spare change into savings automatically.
  • Reward consistency: Help your child earn bonus interest by setting up regular deposits each month.
  • Review progress regularly: Sit down each month to track interest earned and talk about how their savings are growing.

FAQs: kids savings accounts

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.

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. 

Can you open a child's bank account online? What do you 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.

Can 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.

Do you 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 are some tips for teaching kids about saving 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.

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Peter Terlato
Peter Terlato
RG146
Senior Money Writer

Peter is a journalist with 15 years of experience, writing extensively about finance, politics, travel and lifestyle – including a decade specialising in comparisons. Peter publishes news, guides and reviews across an array of topics; from credit cards and the cash rate to car loans and capital gains.

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