Kids savings accounts

Good money habits begin at home and a high interest children’s savings account with low (or no) fees is a great way to teach your kids the value of money and help them off to a flying start.

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What impact can a high interest rate have on small starting amounts?

The impact of compound interest can be very powerful over time! Putting just $5 a week into a children’s savings account earning 6% interest for 18 years would reach a total of $8,543 and earn a total of $3,751 in interest.

Try our savings calculatorand see for yourself how a kids bank account could help your kids off to a great start.

How else can I teach my kids good money habits?

Money habits are learned at home and that means the good and the bad. Talk openly with your kids about money, offer them ways to earn pocket money by helping out around the house and encourage them to save for the things that they want by setting up a kids savings account . The result - you won’t have to reach into your pocket every five minutes for the latest toy and your children will learn the value of earning and saving money - and that there isn’t just a limitless supply! You could find their rooms are a little tidier too.

Can I apply online for a kids savings account?

You sure can! After you have compared all the kids savings accounts and found the best savings account for your child’s needs, just click through on the blue ’go to site’ button next the kids savings account of your choice.

Kids savings account comparisons on Mozo - rates updated daily

Want more? Compare all 217 savings accounts in the Mozo comparison engine.

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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, the Mozo guide

If your child is past the stage of the good old piggy bank, a kids savings account offers the perfect opportunity to graduate them to the world of banking. 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, credit unions and building societies in Australia have accounts specifically designed for children, and luckily you don't need to search every site to compare them. We've done this for you. Mozo's database contains all the best kids accounts so you can find one that's right for your child.

But before you head over to our search tool to start your search, 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 25 years. Parents or guardians usually have full control over their kid's account until the child turns 16 years of age.

The features you should look for in a kids savings account

Children's account tips and traps to watch  

Savings Account Reviews

Bank of Queensland
Bank of Queensland savings account review
Overall
10/10
Great customer service

Owner run business and friendly service which makes me feel like I am a person not an account....

Owner run business and friendly service which makes me feel like I am a person not an account. Branches over an hour away for me, but I have received excellent service/ support by phone until I can access a branch.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Anne | Victoria

reviewed about 1 month ago

Bank of Queensland
Bank of Queensland savings account review
Overall
10/10
Great customer service

Owner run business and friendly service which makes me feel like I am a person not an account....

Owner run business and friendly service which makes me feel like I am a person not an account. Branches over an hour away for me, but I have received excellent service/ support by phone until I can access a branch.

Price
9/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10

Anne | Western Australia

reviewed about 1 month ago

BankSA
BankSA savings account review
Overall
6/10
Good for students not so much for businesses

BankSA has great customer service and has ATMs literally everywhere. Where they miss the point is...

BankSA has great customer service and has ATMs literally everywhere. Where they miss the point is the delay it takes to transact a payment.

Price
5/10
Features
4/10
Customer service
8/10
Convenience
7/10
Trust
8/10

Nemeem | New South Wales

reviewed about 1 month ago

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