Finty

Compare kids' bank accounts

See what 11 kids' bank accounts would cost you to run, from monthly fees to using your card overseas, and find one that keeps more of your money with you.

Accounts with a debit card that children and teenagers can open, often with a parent. Check the age limits, and what happens to the account when your child turns 18.

Written byDavid Boyd

Work out a year's fees

Tell us how you'd use the account overseas, and we'll work out a year of the fees each bank lists: the monthly fee, the fee on foreign purchases and overseas ATM withdrawals.

11 accounts

Fees are the ones each bank lists and can change. A year's fees count only the monthly fee, the fee on foreign purchases and the fee for overseas ATM withdrawals; overseas ATM owners may charge their own fee too. Where a bank doesn't list a fee we say so rather than guess.

Kids' bank accounts at a glance

Worked out from the 11 accounts from 10 banks we compare on this page.

No monthly fee

4 of 6

accounts that state a monthly fee set it at $0.

No foreign transaction fee

0 of 7

The typical fee is 3% of what you spend overseas.

With PayID

10 of 11

accounts let you get paid with a PayID.

With Apple Pay

9 of 11

accounts work with Apple Pay on the card.

How monthly fees are spreadNumber of accounts in each band. The most common is $0.

The short version

  • Kids' accounts have no fees and let children learn to spend and save.
  • Many come with a debit card and an app parents can watch.
  • Age limits vary, often from 6 to 13 for a card.

How kids' bank accounts work

These everyday accounts come with a debit card for children and teenagers, so they can spend their own money in shops, online and with their phone. Age limits vary: some start from 10 or 12, and most become an adult account at 18.

A parent or guardian usually opens the account with a younger child, and may be able to see the balance and transactions in their own app.

Pros

  • Teaches money skills with real spending.
  • No fees on most accounts.
  • Parents can usually see and control spending.

Cons

  • Little or no interest; pair it with a savings account.
  • Limits on cards for younger children.
  • Some have age caps, after which it becomes a standard account.

What to compare

  • Monthly fees, which most kids' accounts don't charge.
  • Whether a parent can watch spending, set limits or lock the card.
  • Digital wallets, if your child has a phone.
  • What the account turns into at 18, and whether fees apply then.

Pair it with a savings account

Everyday accounts usually pay little or no interest. A kids' savings account alongside it can pay a much higher rate on money set aside.

Alternatives

  • A kids' savings account, for money that's meant to grow.
  • Pocket money apps, which give parents more control.

How to open one

Most banks let you open a kids' account online in about ten minutes, and you can use it straight away with a digital card.

  • Have your ID ready. A driver's licence, passport or Medicare card, and your tax file number if the account pays interest.
  • Add the card to your phone. Apple Pay or Google Pay lets you spend before the plastic card arrives.
  • Move your pay and bills. Give your employer the new BSB and account number, and update direct debits. A PayID makes it easier for people to pay you.
  • A parent usually opens it. Some banks need the child's birth certificate or Medicare card.

Questions people ask

What age can a child get a debit card?

It depends on the bank, but often from about 10 to 13. Some banks offer cards with parent controls from younger ages.

Is my money safe in a bank account?

Money with an Australian bank, building society or credit union is covered by the government's Financial Claims Scheme, up to $250,000 per person per bank.

Is it hard to switch bank accounts?

Not very. Open the new account first, move your pay and direct debits, then close the old one once everything has come across. Keep both open for a month or so to catch anything you missed.