Home Compare Savings Accounts Kids & Youth Savings Accounts Rates updated 26 August 2026 - Forget the classic piggy bank, give your children or under 18s the best possible financial head start with a high interest savings account. Do you like & trust our expert, human-written content? Simply click this button to tell Google you want to see more of us in your Google Search Results, AI Overviews and AI Mode answers. Time period 1 year Deposit amount Update results Update Compare Filters Bank Savings Account Base Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Linked Account Required Minimum Monthly Deposit Minimum Opening Deposit Account Keeping Fee ATM Access Joint Application Tags Features Link Compare Promoted Product Disclosure First Option Bank First Option Bank Kids Bonus Saver 0.05 % p.a. Bonus rate of 5.50% Rate varies on savings amount. 5.55 % p.a. $1,139 – $0 $9,999 $5 $1 $0 More details Compare Great Southern Bank Great Southern Bank Youth eSaver 5.50 % p.a. 5.50 % p.a. $1,128 – $0 $4,999 $0 $1 $0 More details Compare Horizon Bank Horizon Bank Youth Reward Saver 13 to 17yrs old 2.25 % p.a. Bonus rate of 3.00% Rate varies on savings amount. 5.25 % p.a. $1,076 – $0 $99,999,999 $10 $0 $0 More details Compare Southern Cross Credit Union Southern Cross Credit Union Little Star Saver (0 to 14 yrs old) 1.00 % p.a. 5.20 % p.a. $201 – $0 $99,999,999 $0 $1,000 $0 More details Compare Hume Bank Hume Bank Clancy Koala Account 0.01 % p.a. Bonus rate of 5.04% Rate varies on savings amount. 5.05 % p.a. $1,034 – $0 $99,999,999 $0 $1 $0 More details Compare BankVic BankVic Little Copper Club 4.70 % p.a. 4.70 % p.a. $961 – $0 $99,999,999 $0 $10 $0 More details Compare IMB Bank IMB Bank IMB Zoo Account 0.10 % p.a. Bonus rate of 4.40% Rate varies on savings amount. 4.50 % p.a. $919 – $0 $99,999,999 $10 $1 $0 More details Compare Bank First Bank First First Saver Account 4.40 % p.a. 4.40 % p.a. $898 – $0 $99,999,999 $0 $0 $0 More details Compare Credit Union SA Credit Union SA Children’s Savings Account 0.05 % p.a. Bonus rate of 4.30% Rate varies on savings amount. 4.35 % p.a. $888 – $0 $49,999 $$formattedMinMonthlyDep.format("%,d",$!{product.minimumMonthlyDeposit}) $1 $0 More details Compare Suncorp Bank Suncorp Bank Kids Savings Account 0.35 % p.a. Bonus rate of 3.95% Rate varies on savings amount. 4.30 % p.a. $877 – $0 $99,999,999 $20 $0 $0 More details Compare The Mutual Bank The Mutual Bank Mighty Mutual (Transaction Account) 4.25 % p.a. 4.25 % p.a. $867 – $0 $99,999,999 $0 $2 $0 More details Compare Gateway Bank Gateway Bank Kids Dollaroo Account 3.75 % p.a. 3.75 % p.a. $763 – $0 $99,999,999 $0 $0 $0 More details Compare Geelong Bank Geelong Bank Young Achiever 1.30 % p.a. Bonus rate of 1.80% Rate varies on savings amount. 3.10 % p.a. $629 – $0 $99,999,999 $0 $1 $0 More details Compare More savings accounts Important Information and Comparison Rate Warning Important Information and Comparison Rate Warning Whether you're teaching your child about the financial system or helping them build a nest egg, setting them up with a high-interest kids savings account is a smart first step. The best kids savings accounts will allow your offspring to grow their money at a competitive interest rate, as well as lay the foundations for strong financial habits. High interest kids savings accounts Introducing your children to the value of money by teaching them sensible spending and saving habits can help develop the foundations of basic financial literacy. Savings accounts encourage kids to put money away weekly, fortnightly or monthly, often rewarding them with bonus interest if certain conditions are met. You might give your child $5 cash each week in pocket money. Putting this into a high interest savings account at 3.00% p.a. interest for 18 years would lead to a healthy balance of $6,203 with $1,523 in interest earned, according to our Savings Goal Calculator . This can help your children understand the magic of compound interest, and provide them with a nest egg to crack open when they reach adulthood. How does a savings account work for my child? Children's savings accounts sometimes have higher interest rates than adult savings accounts to encourage kids to build up their savings when they're young. These higher interest rates usually revert to a standard interest rate once the child turns 18. Some children's savings accounts have conditions that need to be met to earn the maximum rate, such as depositing a certain amount each month and not making any withdrawals to earn the bonus interest rate . To be eligible for a children's savings account, applicants are typically required to be under the age of 18, although age restrictions vary from bank-to-bank. In some cases, parents can open a youth savings account on their child's behalf. What are the benefits of opening a savings account for my child? Opening up savings account for your child has many benefits including: Earning interest By storing your child's money in a high interest savings account, rather than the humble piggy bank, your child can actually earn interest on their money. Depending on the savings account you choose and how much you regularly deposit, your child could earn hundreds of dollars in interest every year. This has the potential to grow their savings balance beyond what you give them, rather than that money sitting in a piggy bank not earning any interest. Their money is secure If you store your child's money in a piggy bank at home, there's always the risk that their money could get stolen by an intruder (or their sticky fingered sibling!). By storing their money in a bank account, you have the peace of mind knowing their money, up to $250,000 under the Australian bank deposit guarantee scheme, will be safe. Financial literacy Bank accounts can be excellent teaching tools for children to learn good financial habits such as building up their savings. A savings account can also teach your child about the economy and how real world events (such as cash rate changes by the Reserve Bank ) can impact their savings account interest rate. It could be an opportunity to introduce older or more precocious children to the concept of inflation, and how a $5 note today is generally not worth quite as much in a year's time. Read more: Teaching your kids about money Reach savings goals If your child has a savings goal like affording a new bike or a Bluey plush toy, a high-interest savings account can help your child reach this goal quicker. Over a year, your child could potentially have earned hundreds of dollars just in interest to put toward their savings goal. What's the best savings account for kids in Australia? There are many different savings account products out there aimed at younger Australians. Here's what to look out for when seeking the right one for you and your offspring, besides simply finding the highest possible rate. Conditions for maximum rate Many youth savings accounts have certain conditions that need to be fulfilled to earn the maximum interest rate each month. These might include depositing a certain amount each month, not making any withdrawals, or growing the balance. In the above table, the base interest rate is the rate that will apply to the balance regardless of whether you meet the conditions or not. If the max interest rate is higher, that means there is a bonus rate available that generally is conditional. Children's bank accounts usually don't have many ongoing fees but you should still look out for any monthly account keeping fees, withdrawal fees, overdraw fees, transaction fees, ATM access fees and so on. Low minimum opening deposit Children's bank accounts generally shouldn't have a high minimum opening balance considering the account belongs to a child - and most children aren't swimming in money. According to Savings.com.au research, a small number of children's savings accounts require a minimum opening deposit of between $1-$5, while the majority have no minimum opening deposit. Instead, some banks make up for this by having a minimum monthly deposit requirement for earning the maximum interest rate. High maximum amount Another thing to keep an eye out for when comparing children's savings accounts is the maximum amount of money that can be kept in the account. For example, some children's savings accounts limit the max interest rate to balances under $5,000, while others have much higher maximum amounts (the bonus rate on the CommBank Youthsaver applies on balances up to $50,000). Depending on how much money your child wants to save, it may be better to look for a savings account with a higher maximum amount. Educational resources Some banks provide free resources to teach children good money habits such as how to budget and save through online activities, videos, games and banking apps. These resources can make learning about money fun for children and give them the tools to make smart financial decisions as they grow up. See also: Should financial literacy be taught in schools? What are the advantages and disadvantages of a children's savings account? Some children's savings accounts earn more interest than adult savings accounts. Depending on the account, the child may have to meet certain criteria such as not making any withdrawals to earn the bonus interest rate. Some children's savings accounts earn more interest than adult savings accounts. Depending on the account, the child may have to meet certain criteria such as not making any withdrawals to earn the bonus interest rate. Children's savings accounts generally don't have ongoing fees. Children's savings accounts generally don't have ongoing fees. They can help teach your child how to save money and budget from an early age, especially if your bank provides free educational resources. They can help teach your child how to save money and budget from an early age, especially if your bank provides free educational resources. If you're so inclined, you can even open up a bank account for your baby to start saving money as early as possible and take advantage of that compounding interest. If you're so inclined, you can even open up a bank account for your baby to start saving money as early as possible and take advantage of that compounding interest. Children's savings accounts have age limits. The age limit differs from bank to bank, and can start from the age of 12, however most have an age limit of 18. When your child reaches this age, they will no longer be eligible for the account and the account will be automatically converted to a regular savings account. Children's savings accounts have age limits. The age limit differs from bank to bank, and can start from the age of 12, however most have an age limit of 18. When your child reaches this age, they will no longer be eligible for the account and the account will be automatically converted to a regular savings account. There are tax implications. If your child is under the age of 16 and earns between $120 and $420 in interest from their savings account and they don't provide either their tax file number or date of birth, the bank will withhold pay as you go (PAYG) tax at 47% and the child will need to lodge a tax return if they want a refund - obviously this is something a parent will need to do for the child. There are tax implications. If your child is under the age of 16 and earns between $120 and $420 in interest from their savings account and they don't provide either their tax file number or date of birth, the bank will withhold pay as you go (PAYG) tax at 47% and the child will need to lodge a tax return if they want a refund - obviously this is something a parent will need to do for the child. Some children's savings accounts have low balance caps, meaning the top interest rate can only be earned on balances up to a certain amount. Some children's savings accounts have low balance caps, meaning the top interest rate can only be earned on balances up to a certain amount. Savings.com.au's two cents If you want to provide your child with a sufficient financial head start, opening a high interest savings account for them could be a wise move. The key takeaway here is to look for a savings account with the highest interest rate you can find, but you should also remember that there may be certain conditions that need to be met each month in order to earn the maximum interest rate. By opening up a high interest savings account for your child and making regular deposits, you're giving them a great financial start thanks to the power of compounding interest. Not only are you giving them a financial leg-up in life, you'll also be teaching them valuable money lessons and giving them the tools to become financially literate adults. Looking for a better savings account rate? Compare high-rate savings accounts from leading Australian banks.

Frequently Asked Questions Is interest on a kids bank account taxable? If your child’s savings account is earning interest, the Australian Taxation Office (ATO) has strict guidelines. If the parent provides the money for their child’s savings account and uses it as they wish (such as spending the money on piano lessons for their kid), any interest earned is considered to belong to the parent and the parent must declare that interest in their tax return. But if the child is depositing their own money into the account, such as pocket money, Christmas or birthday money, or income they have earned from casual jobs, any interest earned is considered to belong to the child so long as the money isn’t spent by anyone else. If the child earns less than $120 in interest for the financial year, no tax will be withheld and they won’t have to file a tax return. However, if the child is under the age of 16 and earns more than $120 in interest for the financial year, they will have to provide either their date of birth or Tax File Number (TFN) to avoid being hit with a pay as you go (PAYG) tax of 47% on that amount. The child will need to lodge a tax return if they want a refund of this money. If they earn over $420, they must provide a TFN to avoid this tax - a date of birth alone will not suffice. Can parents earn interest using their child’s bank account? It may be tempting to put your savings in your child's savings account to take advantage of the high interest rate that you can't get on your own account, but don't. The ATO has very strict tax guidelines in place to govern the funds being held in kids accounts to prevent parents from sneakily hiding their own savings in there. Parents can take advantage of high interest savings accounts or term deposits for themselves to benefit their own saving goals. Is opening a savings account for a child a good decision? Teaching your child about money while they’re young by opening a savings account can be a great way to help them kick-start their finance journey and establish lifelong habits. By encouraging children to form good habits of saving money regularly, it teaches important life lessons including that sometimes you have to wait and save up to buy something instead of having it immediately. Who can open a children’s savings account? A children's savings account can be opened by a parent, legal guardian, a grandparent, or even the child themselves. However, some banks may require the child to be a specific age to open an account on their own. Do savings accounts for children come with maximum balance limits? There is typically a maximum balance that the top interest rate can apply to for children's savings accounts, which varies from bank to bank. For example, at the time of writing, Great Southern Bank’s Youth eSaver has a maximum interest rate of 5.50% p.a which applies to balances up to $5,000. Anything above this earns 1.00% p.a. Are there any minimum deposit requirements for a children's savings account? Depending on the bank, children’s savings accounts will typically come with a minimum deposit requirement in order to earn the maximum rate of interest, however this is generally quite small. For example, at the time of writing, ANZ’s Progress Saver for Kids account requires a minimum deposit of $10 per month. Can my child access the funds in a children's savings account before reaching adulthood? Some banks may allow children to access the funds with the supervision of a parent or guardian for specific purposes, such as education expenses. Others restrict access until the child reaches a certain age or becomes an adult. More Savings Accounts Options Editorial Promise Savings.com.au follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts who ensure everything we publish is objective, accurate and trustworthy. Finance Journalist Bea joined InfoChoice Group as a finance journalist in 2025, bringing international experience across established print and digital media organisations. Since acquiring a journalism degree in 2023, her business writing has spanned a range of sectors including e-commerce, retail, hospitality and SaaS. Bea has a personal interest in the home loan and property markets, and is passionate about helping Australians make smarter, more confident financial decisions through accessible content. Dominic Beattie is the Editor of Savings.com.au, Group Editor for the wider InfoChoice Group, and host of The Savings Tip Jar podcast alongside Brooke Cooper. Dominic has more than a decade's experience in the finance media sector, joining Savings.com.au in 2018 to spearhead its launch as a financial comparison service and dedicated source of consumer finance news and guides. Important information Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity. For more detailed information, please refer to our How We Get Paid , Managing Conflicts of Interest , and Editorial Guidelines pages. Editorial Integrity At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests. Learn more about our commitment to editorial integrity in our Editorial Guidelines . Advertiser Disclosure Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site. For more details, see How We Get Paid . Product Coverage and Sort Order We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral. You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear. For more details, visit How We Get Paid and Managing Conflicts of Interest . Comparison Rate Warning and Base Criteria For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges. *For home loans, the comparison rate is based on a $150,000 loan over 25 years. *For car and personal loans, the comparison rate is based on a $30,000 loan over 5 years. Warning: these comparison rates are true only for the examples shown and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Monthly Repayment Figures Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, and YourInvestmentPropertyMag.com.au. The InfoChoice Group is associated with the Firstmac Group. We may include products and services from loans.com.au, CarLoans.com.au, and OnlineAuto.com.au, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner. Learn more about how we manage conflicts of interest . General Advice Disclosure The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. 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