Can I open a bank account for my child in Australia?
Yes, it is possible, many Australian banks offer kids or youth accounts.
What are the age requirements for child accounts?
If you are under 14 years of age, such an account can be opened together with your parents, who will have access to all transactions. To open an account, you will need both parent and child documents, like a birth certificate or Medicare card.
If the child is 14 years or older, they can usually open a savings account in their name.
What are the features of child savings accounts?
Often a client can open several accounts. There are usually no account maintenance fees, and the interest rate may vary depending on the account balance.
However, there may be restrictions on the amount of basic transactions by the bank or parents.
Banks often provide a bonus for opening such accounts, for example, they can credit $30 if you deposit $100 into the account within a month of opening it.
Which banks do children's accounts? Who offers the best savings account for kids in Australia?
Our analysts have analyzed the Australian market of accounts for children and youths and prepared the most competitive offers for your consideration on this webpage.
Calculate income on a savings account for 1 year (example):
| Amount, $ | Rate, % | Income, $ |
| 9 000 | 0,15% | 13,50 |
| 9 000 | 0,15% | 13,50 |
| 9 000 | 0,15% | 13,50 |
| 24 000 | 2,15% | 516,00 |
| 24 000 | 2,15% | 516,00 |
| 24 000 | 2,15% | 516,00 |
| 95 000 | 4,05% | 3 847,50 |
| 95 000 | 4,05% | 3 847,50 |
| 95 000 | 4,05% | 3 847,50 |