By Jack Dona and Cameron Thomson
Fact Checked
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Looking for a savings account to give your child a leg-up on their financial future? The following savings accounts for kids were winners of a Mozo Experts Choice Award^ in 2024 (view the methodology report here), and are designed specifically with kids and teens in mind.
The features to look out for when you compare kids’ savings accounts include:
- No monthly fees
- Sign-up bonuses
- Good unconditional base rates
- Easy to achieve bonus rate conditions
- Suitable minimum/maximum balance requirements
- Conditions and requirements waived for those under a certain age.
Best kids savings accounts
- Australian Mutual Bank Young Saver Account
- St. George/Bank of Melbourne/BankSA Incentive Saver Account (Kids)
- Westpac Life (18-29 years old)
- Police Bank U30 Super Charge Account
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Expert picks: 2024 Mozo Experts Choice Award-winning best kids savings accounts
Whether you’re simply trying to give your kid a financial head start, or your teen has just got their first job, finding a high interest savings account to stash their cash in is a good way to get them thinking about savings early.
Kids high interest savings accounts
These accounts have mainly won in the Kids High Interest Savings categories, but some have taken out awards in multiple categories so keep an eye out. You never know - you might want your kid to hold an account through to their teens and into adulthood.
Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Australian Mutual Bank Young Saver Account
- Earn up to 5.50% p.a. (for balances under $5,000)
- For kids and teens aged 0-17 years old (bonus conditions waived)
- No monthly account fees
- Access via mobile app, internet banking, over the phone, and in-branch
- No debit card provided.
Find out more
If your child is between the ages of 0 to 17, then Australian Mutual Bank’s Young Saver Account is one for the shortlist. This account took an award home in both the Kids High Interest Savings and Teens High Interest Savings for the Mozo Experts Choice Awards.
Your child could earn interest up to 5.50% p.a., so long as their savings account balance doesn’t exceed the $5,000 limit (balances between $5,000 to $10,000 earn 2.50% p.a. instead). There are no monthly, annual, or transaction fees, and access to the account is available through the mobile app, on the web, over the phone, and in person at a branch. However, there is a large cash withdrawal fee for withdrawals over $5,000 at $35.00 plus $0.90 per $1,000.
Note: There is a 0.01% p.a. interest rate for balances over the $10,000 limit.
St. George/Bank of Melbourne/BankSA Incentive Saver Account (Kids)
- 5.25% p.a. Intro rate (T&Cs apply)
- Over 14s can open online
- No account fees
Find out more
Since Bank of Melbourne, Bank SA, and St George are all under the Westpac umbrella, all of these providers offer the same product. The Incentive Saver comes with an introductory rate of 5.25% p.a. for balances up to $250,000. It consists of the base rate (1.85% p.a.), the bonus rate (+3.30% p.a.) and the intro bonus for signing up online (0.10% p.a) that lasts 3 months.
Incentive saver comes with a bonus rate of 5.15% p.a. which requires certain conditions be met. If your child is under 21 years olds, they only need to grow their balances $0.01 a month (excluding interest) or they’ll revert to a base rate of 1.85% p.a. An Incentive Saver account requires no initial deposit, zero account keeping fees, and unlimited phone and internet transactions. Just keep in mind that you need to be 14 years or older to be eligible for a Visa Debit Card.
Teens High Interest Savings Accounts
If your kid has entered their teens, there are still a wide range of providers you can choose between. The winners for our Teen High Interest Savings category (excluding those already mentioned) are:
Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Future Saver Account - 14 to 35 years
- Earn up to 5.50% p.a. (for balances up to $50,000)
- Monthly bonus criteria waived for teens aged 14 to 17 years old
- No monthly account fees
- Open up to 9 savings accounts for different goals
- Comes with a BoQ everyday transaction account, and in-app budgeting tools and spending insights.
Find out more
Bank of Queensland’s (BoQ) Future Saver Account can be opened by anyone aged 14 to 35. However, those between 14 to 17 years old have access to the maximum bonus interest rate of 5.50% p.a. (for balances up to $50,000) without needing to meet the bonus conditions (i.e. a minimum deposit of $1,000 and 5 eligible transactions using a linked BoQ Everyday Account each month).
With no monthly account fees, the option to open up to 9 Future Saver accounts to keep different goals separate, a linked BoQ Everyday Account, and a mobile app with budgeting tools, spending insights, and a savings round-up feature, it’s no wonder that BoQ won in both the Teen High Interest Savings and Young Adult High Interest Savings categories. But make sure you’ve got the myBOQ app, as this account is only available with them.
Note: Balances over $50,001 to $250,000 are limited to earning up to 3.00% p.a., or 0.05% p.a. for balances above $250,001.
Reward Saver Kick Start Account
- Earn up to 5.25% p.a. (T&Cs apply)
- For ages 13+ (T&Cs apply)
- No IMB transaction account required
Find out more
Earning both in the Teen High Interest Savings and Young Adult High Interest Savings category, IMB’s Reward Saver Kick Start Account offers a bonus and a bonus + intro rate on balances of up to $1,000,000. To get the 3.25% p.a. bonus rate, you’ll have to deposit $50 a month and make no withdrawals within the month. If you can fulfil these requirements, then you’ll also get the full 5.25% p.a. rate for the first four months. If you don’t meet the bonus conditions for this account, then you’ll revert to a 0.00% p.a. standard base rate.
For teens between 13-17, this account is simple enough to open—just make sure you’ve got an ID handy and you should be able to open an account in around 10 minutes. Anyone older (18-30) will need to make sure that they’re either students, trainees or apprentices and studying/training with an organisation that is recognised by IMB.
Young adult savings accounts
While some of the accounts mentioned earlier are suitable for those aged over 18, the following award-winning savings accounts were designed with young adults in mind.
Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Westpac Life (18-29 years old)
- Max interest rate of 5.20% p.a.
- No minimum balance
- Unlimited phone and online transactions
Go to site
Why it won: Designed specifically for younger Aussies, the Westpac Life savings account offers a maximum interest rate of 5.20% p.a. To earn the bonus rate, savers will need to grow their balance each month (up to a max. balance of $30,000), make at least one deposit into the account each month and have a Westpac Choice everyday bank account in their name.
The Westpac Life account has a base rate of 2.00% p.a., if the required conditions of the bonus rate are not met.
Savers can access the account in all the usual ways and via the Westpac banking app. Just bear in mind that if you do pop into a branch, there’s a $2.50 fee to make a deposit or withdraw money from the account.
Due to the fact that you need a Westpac Choice bank account too, be aware that there's a $5 monthly account fee, which may be waived if you deposit $2,000 or more each month, are a full-time tertiary student, are under 30 years old, or hold an eligible Pensioner Concession or Health Care Card.
Mozo may receive payment if you click to the website of one of the products below. Mozo does not compare the entire market.
Important disclosures
Advertiser disclosure
Our goal at Mozo is to help you make smart financial decisions and our award-winning comparison tools and services are provided free of charge. As a marketplace business, we do earn money from advertising and this page features products with Go To Site links and/or other paid links where the provider pays us a fee if you go to their site from ours, or you take out a product with them. You do not pay any extra for using our service.
We are proud of the tools and information we provide and unlike some other comparison sites, we also include the option to search all the products in our database, regardless of whether we have a commercial relationship with the providers of those products or not.
'Sponsored', 'Hot deal' and 'Featured Product' labels denote products where the provider has paid to advertise more prominently.
'Mozo sort order' refers to the initial sort order and is not intended in any way to imply that particular products are better than others. You can easily change the sort order of the products displayed on the page.
We provide only general advice
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the Product Disclosure Statement (PDS) or offer documentation, or seeking independent advice. It is also advised to review Target Market Determination(TMD) of products that you are considering. The TMD can be found on the provider's website.
Goal Saver
- 5.35% p.a. Total rate (T&Cs apply)
- Ages 18-24
- $0 monthly fee
Find out more
Great Southern Bank’s Goal Saver comes with a 0.50% p.a. base rate, but savers who meet conditions can get a 5.35% p.a. (0.50% p.a. + 4.85% p.a.) Total rate. You’ll just have to deposit $500 into your Great Southern Bank transaction account (from a non GSB account) and make five eligible card transactions with your Everyday Edge Visa Debit card.
Just keep in mind that, when you reach 25 years old, you’ll be moved onto a Great Southern Bank Home Saver account. The Goal Saver account also only offers these rates to accounts with balances of up to $50,000, so it’s important to be mindful of how much you’re depositing.
Police Bank U30 Super Charge Account
- Open two extra sub-accounts (total of 3 accounts)
- Earn up to 5.25% p.a. (on balances up to $10,000) per account
- For young adults aged 18 to 29
- No monthly fees
- Must deposit your whole salary into your account.
Find out more
If you’re a young adult, aged 18 to 29, and looking for a place to park your savings without needing to jump through bonus condition hoops, then the U30 Super Charge Account from Police Bank might be one to consider.
You could earn up to 5.25% p.a. if your savings balance is below $10,000, with no monthly fees or monthly bonus interest criteria. The only catch is that you’ll need to have your salary deposited into your U30 Super Charge Account. If your balance goes over the $10,000 limit, no worries – you can open up to two extra sub-accounts where you can bucket your savings and still earn the maximum interest rate on those too.
Note: If your balance exceeds the $10,000 limit on your account, then you won’t qualify for any savings interest. While there’s no minimum monthly transaction conditions to meet the bonus rate, you will need to have your salary deposited straight into your account, in order to earn interest.
Not satisfied with these award-winning options? Compare kids savings accounts here to see the full spectrum of what we help you to compare.
For more information about the awards, head over to theMozo Experts Choice Awards page, where you'll find some of the best products Mozo compares across insurance, banking, and more.
Frequently asked questions
What is a kids savings account?
A kids savings account is like a normal savings account but specifically tailored for kids and teenagers. They are held at a bank or financial institution and accrue interest usually at a higher rate than adult savings accounts. A savings account is a reliable and safe option if you want to kickstart your kids savings.
What is the best kids savings account?
This depends on what you’re looking to get from your account and how you plan to save. For example, are you hoping to put away a regular amount of money each month? An ongoing bonus account will likely suit your needs best. Are you looking to deposit a little bit into your child's savings account when you can? Check out kids savings accounts with good base interest rates under a certain balance. No matter what it is that you prioritise, there are a lot of good kids savings account options. Head to our savings accounts for comparisons and guides.
Do parents manage kids savings accounts?
This depends on the bank account and the age of the child. Some banks and financial institutions give parents custodial access to their children and teens’ savings accounts until the child turns 18, at which point the account usually becomes a regular savings account, and the child has control. Some other accounts allow teens to manage their own accounts starting at age 13 or 14. Be sure to check the specific terms and conditions of your selected account.
What’s the minimum age for a kids savings account?
The specific age requirement depends on the terms and conditions of the savings account. Most banks and financial institutions allow parents to open kids savings accounts for children at birth. Some other accounts are designed for kids starting age 12-14 to manage independently before turning 18. There are also savings accounts designed specifically for young adults. This could be something to consider if you’re aged 18-29 and looking for a reliable savings option.
What are some of the best tips for teaching kids about money?
A good place to start is pocket money in exchange for helping with the household chores. For many Australian children, receiving an allowance or pocket money is a rite of passage. It’s often the first time they will get to interact with and make serious choices about money - and money which is actually their own. Saving up is an important part of this. You can open a savings account for your child or teen to let them start working towards their own personal savings goals.
When should you open a savings account for your child?
Generally speaking, the earlier you start teaching your kid about saving money, the better.That being said, it's never too late.So, if you're wonderingwhen to open a saving account for your kids, the answer is pretty much now.There's plenty of kids savings account which offer zero monthly fees, parental control and oversight features, as well as high bonus interest rates which your child can take advantage of.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
