Best Savings Accounts for Kids and Teenagers in Australia

Getting a child into the habit of saving early is one of the most valuable things a parent or grandparent can do. And in Australia, there are genuinely good savings account options for kids — some paying rates well above what most adults get on standard accounts.

Here's what to look for, and how to cut through the marketing to find an account that actually works.

Why the account structure matters more than the rate

Youth savings accounts in Australia typically work differently from adult accounts. Many offer a high base rate with no bonus conditions attached — no monthly deposit requirement, no minimum balance growth, no penalty for withdrawals. That simplicity is a genuine feature, not a compromise.

But some accounts also come with restrictions: a maximum balance above which the high rate doesn't apply, a minimum age to open, or a requirement that it be linked to a specific transaction account at the same bank. Read these before you open.

What to look for

A competitive interest rate — youth accounts at major banks often pay 4–5%+ without bonus conditions. Don't settle for a 0.5% saver just because it has a good app.
No monthly fees — there's no reason a kids account should charge fees. Avoid any that do.
Age eligibility — some accounts are for under-12s, others for teenagers up to 25. Check the age cutoff before applying.
Balance cap — some high-rate youth accounts cap the bonus rate at $10,000–$25,000. For most kids this isn't a problem, but worth knowing.
Parental access — for young children, you'll want joint access or full parental control. For teenagers, more independence may be appropriate.

Major bank youth accounts

Commonwealth Bank — Youth Saver is available for children under 18 and pays a competitive rate on balances up to a set cap. It can be managed through the CommBank app, and parents can set up linked access. CBA also offers a Dollarmites-branded account for younger children through schools — the rate is lower, but it builds saving habits early.

NAB — iSaver (Youth) is available from age 14 and pays a strong ongoing rate with no bonus conditions. Straightforward to manage via the NAB app.

ANZ — Progress Saver isn't exclusively a youth account, but ANZ's main high-interest option can be opened for minors with parental authority. Check the bonus condition (it requires a monthly deposit to earn the full rate).

Westpac — Bump Savings is specifically designed for under-18s, with a higher rate for children under 12 and a standard youth rate for teenagers. No monthly deposit requirement — the rate is automatic.

Challenger and neo banks for teenagers

For teenagers who want more independence, some challenger and neo banks offer youth-friendly accounts:

ubank and Macquarie don't have dedicated youth products, but their savings accounts are available from age 14 with a parent or guardian as joint account holder. Both have consistently been among the top payers for ongoing savings rates.

Bank Australia offers a Youth Saver with a solid rate and no fees — worth considering if values alignment (ethical banking) matters to your family.

Teaching savings habits while you're at it

The account is just a tool. The habit is what sticks. A few things that actually help:

Let the child see the interest hit — even a small amount credited monthly is viscerally motivating for kids
Match contributions for younger children: “I’ll put in $1 for every $2 you save”
For teenagers, give them full visibility (and responsibility) for the account
Don't immediately redirect birthday or gift money into savings against their will — it teaches resentment, not habits

One action you can take today

Compare the current best savings rates across Australian lenders at AUSavingsPulse, then call your preferred bank to ask specifically about their youth or under-18 account options. Rates on youth accounts aren't always published prominently — ask for the current rate and any balance cap before opening.

This is general information, not financial advice. Account features and rates change regularly — verify directly with the provider before opening an account.