Best Savings Accounts for Young Australians

Starting a savings habit early

The accounts on this page can all be opened by someone under 18. Some require a parent or guardian to be a joint account holder — especially for younger teenagers — but the account and the habit are in the young person's name.

Rates are competitive with what adult savers can get. There's no reason to settle for a low-rate "kids account" if a bank's full-rate product is accessible from age 14 or 16.

What to look for

• → Ongoing rate vs intro rate — some accounts advertise a higher rate for the first few months (shown as "intro" in the table). The ongoing rate is what you'll earn once that period ends. We sort by ongoing rate so the comparison is honest.
• → Bonus conditions — many high-rate accounts require a monthly deposit, a minimum number of card transactions, or a growing balance to earn the bonus rate. Missing the condition means earning the base rate (often near zero) for that month. Check the account detail page for the full conditions.
• → Linked transaction account — some banks require you to hold a linked everyday account with them to access the savings rate. This is common and not usually a problem, but worth knowing before you apply.
• → Government deposit guarantee — all lenders on this page are APRA-regulated Australian banks or credit unions. Deposits up to $250,000 are protected by the Australian Government Financial Claims Scheme.