How do I open a bank account for a child in Australia?
Since an individual under the age of 18 cannot sign documents in Australia, a parent or guardian can open a teen account.
To do this, take the following documents with you to the department or upload copies when applying online:
- Your child's birth certificate or passport
- Driver's license or passport of the parent or guardian
- Utility bill or bank statement to proof the address
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.20% | 800 |
| 25,000 | 3.25% | 813 |
| 25,000 | 3.30% | 825 |
| 60,000 | 3.35% | 2,010 |
| 60,000 | 3.40% | 2,040 |
| 60,000 | 3.45% | 2,070 |
| 120,000 | 3.50% | 4,200 |
| 120,000 | 3.55% | 4,260 |
| 120,000 | 3.60% | 4,320 |
| 240,000 | 3.65% | 8,760 |
| 240,000 | 3.70% | 8,880 |
| 240,000 | 3.75% | 9,000 |
Do Australian banks offer bank accounts for 14 and 15-year-olds?
Yes, many Australian banks offer such current accounts. Particularly, you can apply for Smart Access from CommBank, Choice from Westpac Bank, Access Advantage from ANZ, Classic Banking from NAB, Youth Access Saver account from Bank Australia, and PiggySaver from Bendigo Bank.
Can I open child bank account online?
Yes, some Australian banks offer this option.
