Savings accounts for kids and youth

A list of the top child & youth savings accounts in Australian banks

Updated: 01.09.2026

Quick Rates Review

Compare top financial options at a glance. Comprehensive analysis for each listed offer is available further down the page

#
Institution
Rate (APR/APY)
Sum & Term
1
Australian Military Bank Australian Military Bank
3.55% - 5.4%

Up to $500

90 - 1095 days

2
Bank of Queensland (BOQ) Bank of Queensland (BOQ)
0.05% - 5.35%

Up to $5,000,000

Flexible Term

3
Australian Mutual Bank Australian Mutual Bank
0.01% - 5.25%

Flexible Amount

Flexible Term

4
BankSA BankSA
0.1% - 5.15%

Flexible Amount

Flexible Term

5
Hume Bank Hume Bank
0.01% - 5.00%

Up to $1

Flexible Term

6
Bank of Melbourne Bank of Melbourne
0.1% - 4.9%

Flexible Amount

Flexible Term

7
Bank Australia Bank Australia
0.1% - 4.85%

Up to $250,000

Flexible Term

8
Westpac Bank Westpac Bank
1.75% - 4.8%

Flexible Amount

Flexible Term

9
Commonwealth Bank (CBA) Commonwealth Bank (CBA)
2.00% - 4.80%

Up to $50,000

Flexible Term

10
BankVic BankVic
4.7%

Flexible Amount

Flexible Term

11
Heritage Bank Heritage Bank
0.01% - 4.4%

Up to $1

Flexible Term

12
Queensland Country Bank Queensland Country Bank
0.15% - 4.40%

Flexible Amount

Flexible Term

13
Queensland Country Bank Queensland Country Bank
0.15% - 4.40%

Flexible Amount

Flexible Term

14
Bank First Bank First
4.15%

Flexible Amount

Flexible Term

15
Queensland Country Bank Queensland Country Bank
3% - 4%

Up to $1

Flexible Term

16
Bendigo Bank Bendigo Bank
3.55%

Flexible Amount

Flexible Term

17
ANZ Bank ANZ Bank
0.01% - 3.5%

Flexible Amount

Flexible Term

18
P&N Bank P&N Bank
3.05%

Flexible Amount

Flexible Term

19
Greater Bank Greater Bank
4.75%

Flexible Amount

Flexible Term

20
Gateway Bank Gateway Bank
3.25%

Flexible Amount

Flexible Term

21
Defence Bank Defence Bank
4.75%

Up to $1,000,000

Flexible Term

22
Defence Bank Defence Bank
4.75%

Up to $1,000,000

Flexible Term

23
Beyond Bank Australia Beyond Bank Australia
3%

Flexible Amount

Flexible Term

24
Defence Bank Defence Bank
4.75%

Flexible Amount

Flexible Term

Quick Expert Insights

Interest Rates
Average:2.15%
Range:0.01% - 5.4%
Product Term
Minimum: 90 days
Maximum: 3 years
Limit / Amount
Min Entry:$1
Max Limit:$5,000,000
Analysis of 24 offers shows an average rate of 2.15%, with the absolute market maximum reaching 5.4%. Flexible terms from 90 days are available at Australian Military Bank, while Australian Military Bank offers terms up to 3 years . The lowest entry is $1 (via Hume Bank).

Full Products Review

In-depth analysis of available financial offers. Compare detailed terms and explore expert insights to choose the most suitable option for your needs.

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ANZ Bank

ANZ Progress Saver

Rate: 0.01% - 3.5%

💰 Fees & Rates

  • Monthly account service fee: $0
  • First monthly withdrawal or transfer: $0 (disqualifies bonus interest)
  • Subsequent Electronic Transactions: $1.00 each
  • Subsequent Staff Assisted Transactions: $2.50 each
  • Under 18s Fee Waiver: Available upon application and proof of age

📋 Important Terms

  • Bonus Interest Requirement: Single deposit of $10 or more and no withdrawals, transfers, or fees processed in the month
  • Base Interest Rate: 0.01% p.a. applied if bonus criteria are not met
  • Eligibility: Australian residents aged 12 or older (under 12 requires a Trust account)
  • Account Purpose: Designed for personal use only
  • Effective Date Logic: Bonus eligibility is based on effective processing dates, which may differ from calendar transaction dates

💡 Adviser’s Tip

Olesya Krasavtseva
Olesya Krasavtseva Analytic & Editor at Prostobank Consulting

The primary advantage of the ANZ Progress Saver is the high 3.50% p.a. total interest rate triggered by a very low $10 monthly deposit, making it one of the most accessible high-interest accounts for consistent savers. The main disadvantage is the strict "no-withdrawal" policy; even a single transaction or fee charge will revert the entire balance to a negligible 0.01% p.a. base rate for that month. Compared to the Big Five Canadian banks like Scotiabank or RBC, which offer similar incentive-based savings accounts (such as the Momentum Plus), ANZ's version is more punitive regarding any account activity but requires a much lower monthly growth amount. It is best suited for children, teenagers, and individuals building an emergency fund who can commit to leaving their savings untouched.

Australian Military Bank

Teen Plus Term Deposit

Rate: 3.55% - 5.4%

Sum: $500

Term: 90 days - 3 years

💰 Fees & Rates

No monthly account keeping feesNo setup feesInterest reduction applies if funds are withdrawn before maturity

📋 Important Terms

Lower minimum deposit of 500 dol specifically for teenagersFollows the same high-interest tiers as Investment PlusInterest paid at maturity or annuallyAustralian Government Guarantee up to 250000 dol

💡 Adviser’s Tip

Olesya Krasavtseva
Olesya Krasavtseva Analytic & Editor at Prostobank Consulting
The Teen Plus offers a fantastic entry point for young savers with a low 500 dol minimum deposit while maintaining the top-tier rates of adult products. It significantly beats the youth savings rates often offered by the "Big Four" banks. The main advantage is the high return for a low entry barrier, and the disadvantage is the lack of flexibility to withdraw funds for emergencies without penalty. This is an excellent tool for teaching long-term saving habits to teenagers.

Australian Mutual Bank

Young Saver Account

Rate: 0.01% - 5.25%

💰 Fees & Rates

Annual fee: 0 dol Monthly account keeping fee: 0 dol Internet and mobile banking transaction fees: 0 dol Over-the-counter withdrawal fee (under 5000 dol): 0 dol

📋 Important Terms

Available for children under 18 years of age Tiered interest rates: 5,25% for balances up to 5000 dol, 2,35% for balances between 5001 dol and 10000 dol, and 0,01% for portions above 10000 dol One account per child Interest calculated daily and paid monthly Children aged 12-17 can operate the account in their own name; younger children require an adult operator Visa Debit card available for eligible account holders

💡 Adviser’s Tip

Olesya Krasavtseva
Olesya Krasavtseva Analytic & Editor at Prostobank Consulting
The Young Saver Account is a market-leading option for building early financial habits, evidenced by its RateCity Gold Award. Its main advantage is the high 5,25% interest rate on the first 5000 dol, which comfortably beats most youth products from the "Big Four" (CBA, NAB, ANZ, Westpac) without requiring strict monthly deposits. However, the primary disadvantage is the significant "interest cliff" after 5000 dol and the near-zero return for balances exceeding 10000 dol. This account is best suited for children starting their savings journey with smaller balances where accessibility and high entry rates are prioritized over long-term high-balance growth.

Bank Australia

mySaver

Rate: 0.1% - 4.85%

Sum: $250,000

Bank First

First Saver Account

Rate: 4.15%

Bank of Melbourne

Incentive Saver

Rate: 0.1% - 4.9%

Bank of Queensland (BOQ)

Future Saver Account

Rate: 0.05% - 5.35%

Sum: $5,000,000