Kids
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.
Read our Mozo Review to learn more about the Progress Saver
Read our Mozo Review to learn more about the Scoots Super Saver
under 25
Increase account balance by $10 and no more than two withdrawals
Read our Mozo Review to learn more about the Smart Saver Account
Minimum deposit of $10 and no withdrawals in the month
Read our Mozo Review to learn more about the Mighty Saver Account
Minimum deposit of $10 and no withdrawals in the month
Read our Mozo Review to learn more about the Mighty Saver Account
Minimum one deposit and no withdrawals in the month
Read our Mozo Review to learn more about the Ziggy Kids Saver
Read our Mozo Review to learn more about the First Saver Account
Read our Mozo Review to learn more about the Young Saver
^See information about the Mozo Experts Choice Savings accounts Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
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.
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.
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.
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.
I don't have any fees! My money is safe. Peace of mind! I can pay anyone anywhere at any time! Naturally interest rates are not good but not good anywhere else, either!
Read full reviewI don't have any fees! My money is safe. Peace of mind! I can pay anyone anywhere at any time! Naturally interest rates are not good but not good anywhere else, either!
Been with a few banks and went with Bendigo as a smaller Community-minded bank... pfff what a joke. Customer service is terrible. Rang the helpline twice, once over the weekend to find out why my wage payment had not been transferred, the lady that answered was pleasant but had no idea at all, no assistance. Ring back Tuesday 4 days later? Rang today, told we will ring you back to help you out for holding the line in 40 minutes, that was 2 hours ago. Rang bank manager at branch, nah cant help you? As soon as money comes in I have set up a new account with ING and will transfer and close account. Exhausting lack of care, just another bank but less care.
Read full reviewBeen with a few banks and went with Bendigo as a smaller Community-minded bank... pfff what a joke. Customer service is terrible. Rang the helpline twice, once over the weekend to find out why my wage payment had not been transferred, the lady that answered was pleasant but had no idea at all, no assistance. Ring back Tuesday 4 days later? Rang today, told we will ring you back to help you out for holding the line in 40 minutes, that was 2 hours ago. Rang bank manager at branch, nah cant help you? As soon as money comes in I have set up a new account with ING and will transfer and close account. Exhausting lack of care, just another bank but less care.
Heritage Bank has the best rating overall as it is convenient with branches and ATMs with personal face to face staff when needed. Products and services are far superior to other banks.
Read full reviewHeritage Bank has the best rating overall as it is convenient with branches and ATMs with personal face to face staff when needed. Products and services are far superior to other banks.