13 Best Kids Bank Accounts In Australia (2020)

There are a number of good quality options for best kids bank accounts in Australia. For those us with children, the earlier we get them started on banking and understanding the importance of saving, the better off they'll be down the track.

Remember: the account your child starts with is likely going to be the account they keep for the rest of their lives.

Most people continue banking with their childhood account and never think to change or explore other options as they get older.

This is where it's important for you as the parent to research the best kids bank accounts in Australia with the best rates and lowest fees.

Banks will often get your child in on introductory rates so this is also something to keep in mind when researching children's banking options.

So without further ado, here are the best and most reputable options children's savings accounts in 2020.

IMPORTANT: Rates fluctuate so I'll endeavour to keep this list updated regularly.

Last updated: July, 2020

1. Endeavour Mutual Bank - Young Saver

Endeavour Mutual Bank Young Saver

Under $5,000:2.00% pa
$5,001 - $10k:0.75% pa
  • No account keeping fees
  • No minimum monthly deposits

Endeavour is a popular option in Australia (Sydney specifically) for children's bank accounts. It has decent rates and no fees.

The downside:

Account is only available to the child up until $10,000 or 18 years of age. It's also a local Sydney bank with few branches so not really a great option if you don't live in NSW.

2. Credit Union SA - Children's Savings Account

Credit Union SA Childrens Savings Account

With monthly deposits:1.50% pa
No monthly deposits:0.05% pa
  • No account keeping fees
  • No minimum monthly deposits (but you miss out on the higher interest rate)

One of the more reputable banking options for kids in Australia, Credit Union SA offers a free Visa Debit Card (over 16). The higher interest rate is dependent on regular monthly deposits (which they state is to "encourage saving").

3. First Option Bank - Kids Bonus Saver

First Option Bank Kids Bonus Saver

With monthly deposits (under $5k):1.75% pa
No monthly deposits (under $5k):0.15% pa
Over $5k:0.15% pa
  • No account keeping fees
  • No minimum monthly deposits (but you miss out on the higher interest rate)
  • Frequent interest payments
  • Overdraft

First Option is of the most accessible banking options for kids but a low yield for accounts over $5,000.

4. Bankwest - Children's Savings Account

Bankwest Childrens Savings Account

$0 to $2,999.99:0.01% pa
$3,000 to $9,999.99:0.05% pa
$10,000 to $19,999.99:0.45% pa
Over $20,000:1.25% pa
  • No account keeping fees

The downside: Restricted to under 15 years old.

Bankwest is a well-known and trusted banking option for kids but unfortunately has a low age restriction and comparatively low interest rates.

5. CUA - Youth eSaver Account

CUA Youth eSaver Account

Under $5,000:3.20% pa
Over $5,000:1.00% pa
  • No account keeping fees
  • No minimum monthly deposits

CUA is a great option for Australian children's bank accounts as it has a generous interest rate and complete freedom for deposits and withdrawals that don't affect the rate at all.

6. Greater Bank - Life Saver Account

Greater Bank Life Saver Account

Interest rate:1.80% pa
  • No fees
  • Anyone under 25 can open one and continue using it for the rest of their life

The downside: In order to receive the interest rate, your account balance must grow each month.

The good thing about Greater Bank is that the age restriction for opening the account is much older and the account can continue to be used afterward.

7. Suncorp - Kids Savings Account

Suncorp Kids Savings Account

Base rate:0.90% pa
Bonus rate:0.55% pa
  • No account keeping fees
  • No minimum monthly deposits

In order to get the bonus rate added to the base rate for the Suncorp kids account, your child must deposit at least $20 per month into the account and make no more than one withdrawal per month.

8. Teacher's Mutual Bank - Mighty Saver Account

Teacher's Mutual Bank Mighty Saver Account

Base rate:0.10% pa
Reward interest rate:1.55% pa
  • No minimum balance
  • 1 free withdrawal each month

With the Teacher's Mutual Bank Mighty Saver account, your child must deposit at least $10 per month and make no withdrawals in order to receive the Reward rate on top of the base rate.

9. Police Credit Union - Beans Account

Police Credit Union Beans

Base rate:0.20% pa
Bonus interest rate:1.30% pa
  • No monthly minimum deposit
  • Unlimited free withdrawals

The Police Credit Union Beans account is a popular choice for kids with a trusted financial institution. The unlimited free withdrawals are a bonus (although your kids should be saving not withdrawing!) and they offer a free "piggy bank" coin counting service.

In order to receive the bonus rate, your child must deposit $10 or more each month and make no withdrawals.

10. People's Choice Credit Union - Young Saver Account

People's Choice Young Saver

Base rate:0.50% pa
Bonus interest rate:1.50% pa
  • No monthly admin fees

The People's Choice Credit Union Young Saver Account offers a generous base and bonus rate for Australian children wanting to open a bank account. In order to secure the bonus rate, your child only needs to deposit $5 each month and make no withdrawls.

11. Commonwealth Bank - Youthsaver Account

Commonwealth Bank Youthsaver

Base rate:0.10% pa
Bonus interest rate:1.10% pa
  • No fees.
  • No required monthly deposit.

One of the most reputable and established banking options in Australia for children, Commbank doesn't offer the greatest interest rates comparatively but it's a solid choice with their Youthsaver account. Their Dollarmite program is popular with school kids, and your child can make any deposit amount each month to obtain the bonus rate (+ no withdrawals).

12. Hume Bank - Clancy Koala Account

Hume Bank - Clancy Koala Account

Base rate:0.01% pa
Bonus interest rate:1.24% pa
  • Exempt from fees

The Hume Bank Clancy Koala account has a frankly poor base rate but a good bonus rate which requires monthly deposits of $10 or more.

13. BCU - Scoot Super Saver

BCU - Scoot Super Saver

$0 - $49,999.99:1.90% pa
Over $50,000:0.20% pa
  • No account keeping fees

BCU has an impressive and generous rate structure guaranteeing a 1.90% pa return up to $50k for your child.

Get your children a bank account and start them saving now

It's never too early to start putting pocket change into an account for your kids.

Get one of the quality accounts mentioned above with a solid interest rate and by the time your child is off on their own, they'll have a nest egg to get started with.