Selected Kids’ Savings Accounts in Australia: Features and Rates Compared

Parents and guardians sometimes compare children’s savings accounts when helping a child start a deposit account. Features that often matter include interest rates, bonus-interest conditions, fees, how money can be deposited or withdrawn, age eligibility, and any parental or signatory controls.

This page sets out factual information about selected children’s savings accounts offered by Australian financial institutions. It is not a ranked list and does not tell you which product to choose.

General information only
This article provides general factual information and does not take into account your or your child’s objectives, financial situation or needs. It does not compare every children’s bank account available in Australia or every relevant product feature. Interest rates, fees, eligibility requirements and conditions can change. Check the provider’s current terms and consider whether a product is appropriate before applying.

Commercial disclosure
Product links on this page go to each provider’s public product-information pages. No affiliate, referral or tracking parameters were identified on those links when this page was prepared. This website may display third-party advertising (including via Google Ads, as listed in the site’s ads.txt). Advertising does not determine which accounts are included or the order in which they appear. Compensation arrangements can change; if paid placement or referral links are added later, this disclosure should be updated.

How this comparison was prepared

This article compares selected children’s savings accounts identified through publicly available information from Australian financial institutions. It is not a whole-of-market comparison. Accounts are displayed alphabetically by institution and are not ranked.

We compare features including variable interest rates, fees (where stated by the provider), age eligibility, access, and bonus-interest conditions. Product information was checked against provider websites and published rate materials on 2 August 2026.

Sources searched: official product pages and interest-rate documents for institutions that appeared on the previous version of this page (and successor brands where a product was rebranded). Third-party comparison sites were not used as primary sources for rates or conditions.

Inclusion criteria for publication: the product must still be available for new applications (or clearly open for the stated age group) on the provider’s site, with verifiable rate and condition information from an official source. Discontinued products, closed-to-new products, and obsolete branding were removed.

Fields compared: eligibility; maximum variable interest rate (where stated); base rate; bonus conditions; fees; access and withdrawals; verification date; link to official product information.

Order: alphabetical by financial institution name. No scoring, awards or “top pick” labels are used.

Review: this page should be re-checked when rates or product terms change. The verification date above is the date the research for this revision was completed. Do not assume rates remain current after that date.

Commercial relationships: inclusion and order are not based on commissions, referral fees or paid placement. See the commercial disclosure above.

Selected accounts (alphabetical)

BCU Bank — Scoot Super Saver

• Eligibility: Children aged 0–12. A parent or guardian opens the account in the child’s name and must be a signatory. Maximum one Scoot Super Saver per child. When the account holder turns 13, the account is converted to an Access Account (per provider information).
• Maximum variable interest rate: 3.25% p.a. on balances under $50,000; 2.15% p.a. on balances over $50,000 (tiered).
• Base rate: Same as the tiered rates above (no separate bonus rate advertised for the standard tier structure).
• Bonus conditions: No monthly deposit or withdrawal conditions advertised for receiving the stated tiered rates.
• Fees: No monthly or ongoing account fees advertised; other fees may apply for some services.
• Access and withdrawals: Parents/guardians can manage the account via the BCU Bank app and internet banking. Fee-free credits and debits as described by the provider. Accounts are opened in branch (not over the phone).
• Information checked: 2 August 2026
• Official product information: BCU Bank kids savings account (Scoot Super Saver)

Interest rates are variable and may change. Check the provider’s website for the current rate and complete terms before opening an account.

Commonwealth Bank — Youthsaver

• Eligibility: Under 18 with an Australian residential address. Under 14: a parent or legal guardian can open the account online or in branch. Ages 14–17: the young person can apply at a branch.
• Maximum variable interest rate: 5.05% p.a. total variable rate with bonus interest on balances up to and including $50,000 (standard 2.15% p.a. + bonus 2.90% p.a.). Over $50,000, or if bonus criteria are not met, the standard variable rate of 2.15% p.a. applies. Rates effective 15 May 2026 (subject to change).
• Base rate: 2.15% p.a. standard variable rate.
• Bonus conditions: In the calendar month: make at least one deposit of any amount and have a higher account balance at month-end than at month-start (excluding interest and other bank-initiated transactions). If you withdraw, deposit more than you withdrew in that month. Bonus does not apply on the portion of balance over $50,000.
• Fees: No monthly account or withdrawal fees advertised.
• Access and withdrawals: Online via NetBank and the CommBank app (over 14s or parents, as described by CommBank). Immediate access options as stated on the product page.
• Information checked: 2 August 2026
• Official product information: CommBank Youthsaver

Interest rates are variable and may change. Check the provider’s website for the current rate and complete terms before opening an account.

Credit Union SA — Children’s Savings Account

• Eligibility: Anyone under 18. A parent or legal guardian (18+) can open on behalf of a child. From age 12, a child may open a membership/account without parent permission in some cases (process and ID rules vary by age; branch or online steps apply).
• Maximum variable interest rate: Up to 4.35% p.a. (variable bonus + rate as published on the provider rates page). Base variable rate 0.05% p.a.
• Base rate: 0.05% p.a.
• Bonus conditions: Bonus interest applies each month a deposit of any amount is made and no withdrawals are made. The portion of any balance above $50,000 does not receive bonus interest.
• Fees: No monthly fee on the Children’s Savings Account; no transaction fees as described for this product (ATM operator fees may still apply in some situations).
• Access and withdrawals: Visa Debit Card access available subject to provider rules. Digital banking and branch options described on the provider site.
• Information checked: 2 August 2026
• Official product information: Credit Union SA Children’s Savings Account

Interest rates are variable and may change. Check the provider’s website for the current rate and complete terms before opening an account.

First Option Bank — Kids Bonus Saver

• Eligibility: Under 18s only.
• Maximum variable interest rate: Up to 5.55% p.a. when bonus conditions are met (0.05% p.a. base + 5.50% p.a. bonus), on balances up to $10,000 as described by the provider.
• Base rate: 0.05% p.a. variable (described as the base savings rate up to $10,000).
• Bonus conditions: Deposit at least $5 in a month and make no withdrawals. Bonus interest applies on balances up to $10,000. Confirm rates applying to any balance above $10,000 on the provider’s site before relying on a figure.
• Fees: Confirm the current fees schedule on the provider’s website (product summary emphasises savings features; complete fees may appear in separate disclosure documents).
• Access and withdrawals: Access via internet banking or mobile app as described; withdrawals are possible but can prevent bonus interest for that month.
• Information checked: 2 August 2026
• Official product information: First Option Bank Kids Bonus Saver

Interest rates are variable and may change. Check the provider’s website for the current rate and complete terms before opening an account.

Great Southern Bank — Youth eSaver Account

• Eligibility: Aged up to 17; Australian resident with an Australian address; sole account holder. Under 10: a parent or guardian must authorise opening and be a signatory. Maximum one Youth eSaver per eligible child. Converts to a Goal Saver account at age 18.
• Maximum variable interest rate: 5.50% p.a. on balances up to $5,000; 1.00% p.a. on the portion of the balance over $5,000 (stepped). Rate stated as current as at 1 July 2026 and subject to change.
• Base rate: Same stepped rates (no separate monthly bonus layer advertised).
• Bonus conditions: No monthly deposit or withdrawal conditions advertised for the stated rates. Withdrawals do not change the interest rate structure according to the provider’s product description.
• Fees: $0 monthly account fees; no online and mobile banking transaction fees and no telebanker transaction fees as advertised.
• Access and withdrawals: Online and mobile banking; money can be accessed without a separate “bonus forfeit” condition for the stated rate structure.
• Information checked: 2 August 2026
• Official product information: Great Southern Bank Youth eSaver

Interest rates are variable and may change. Check the provider’s website for the current rate and complete terms before opening an account.

Note: Great Southern Bank is the trading name of Credit Union Australia Ltd. Older materials may refer to “CUA”; the current public product name is Youth eSaver under Great Southern Bank.

Greater Bank — Life Saver

• Eligibility: Must be under 25 to open. An adult can open an account on behalf of a child (provider rules for under-18 applications and ID apply; branch processes may be required). After age 25, the account may continue if the balance continues to grow (see conditions).
• Maximum variable interest rate: 5.25% p.a. variable when monthly growth conditions are met.
• Base rate: Interest is conditional on growing the balance; if conditions are not met, interest may not be paid at the advertised rate (confirm the exact non-qualifying outcome in the provider terms).
• Bonus conditions: To qualify for interest, the closing balance must be higher than the opening balance (excluding interest earned) for the calendar month. Product materials also describe ongoing use after 25 where the balance grows with at least one deposit each month.
• Fees: $0 monthly account-keeping fee; $0 everyday transaction fees as advertised.
• Access and withdrawals: Digital banking available; withdrawing funds can make it harder to meet the balance-growth condition for that month.
• Information checked: 2 August 2026
• Official product information: Greater Bank Life Saver

Interest rates are variable and may change. Check the provider’s website for the current rate and complete terms before opening an account.

Hume Bank — Clancy Koala account

• Eligibility: Marketed for children aged 11 and under. Confirm full membership and account-opening rules with Hume Bank.
• Maximum variable interest rate: 5.05% p.a. total (base + bonus) when bonus conditions are met. Rates stated as correct as at 1 July 2026 and may change.
• Base rate: 0.01% p.a. (balances $1+).
• Bonus conditions: Bonus rate 5.04% p.a. when $10 or more is deposited and no withdrawals are made in the month (deposits by 5pm on the last day of the month to earn bonus interest, per provider notes).
• Fees: No monthly account keeping or transaction fees as advertised.
• Access and withdrawals: Deposits at branch or online; option to link to family online banking; iBank and Hume Bank app. Withdrawals in a month prevent bonus interest for that month.
• Information checked: 2 August 2026
• Official product information: Hume Bank Clancy Koala account

Interest rates are variable and may change. Check the provider’s website for the current rate and complete terms before opening an account.

Police Credit Union — Beans Savings Account

• Eligibility: Described as exclusive to Junior Saver members / intended for under 18s. Confirm membership eligibility with Police Credit Union.
• Maximum variable interest rate: Up to 5.00% p.a. including bonus (standard tier 0.20% p.a.; including bonus 5.00% p.a. on the rate sheet effective 1 July 2026).
• Base rate: 0.20% p.a. (standard tier on the savings rate sheet).
• Bonus conditions: Maintain a balance over $10, deposit a minimum of $10 per month, and make no withdrawals during the month (product page). Interest is tiered, calculated daily and paid monthly. Timing of deposits relative to end-of-day processing can matter—see the provider rate sheet.
• Fees: No monthly account keeping fees as advertised; free in-branch withdrawals and free in-branch coin deposits as advertised.
• Access and withdrawals: Online transfers available; free in-branch withdrawals. Withdrawals during a month mean bonus interest is not earned for that month.
• Information checked: 2 August 2026
• Official product information: Police Credit Union Beans
  Rate sheet: Savings and Investment Interest Rates (PDF)

Interest rates are variable and may change. Check the provider’s website for the current rate and complete terms before opening an account.

Suncorp Bank — Kids Savings Account

• Eligibility: Under 18. Application is via a Suncorp Bank branch (online application not offered for this product on the product page). Visa Debit Card eligibility from 11 years of age, with merchant category restrictions for ages 11–15 as described by the provider.
• Maximum variable interest rate: 4.30% p.a. combined (standard 0.35% p.a. + bonus 3.95% p.a.) when bonus conditions are met, as shown on the official product page rate presentation. Rates are variable and the live page loads rates dynamically—confirm the figure on the provider site before applying.
• Base rate: 0.35% p.a. standard rate on balances from $0.01 (as shown on the product page rate presentation at check).
• Bonus conditions: Bonus interest may be payable if at least $20 is deposited into the account each month and no more than one withdrawal is made per month.
• Fees: No monthly account keeping, transaction, or coin handling fees as advertised.
• Access and withdrawals: Deposits at branch or by direct credit. Branch application required.
• Information checked: 2 August 2026
• Official product information: Suncorp Bank Kids Savings Account

Interest rates are variable and may change. Check the provider’s website for the current rate and complete terms before opening an account.

Note: Suncorp Bank (Norfina Limited) was acquired by ANZ. Product terms may be varied over time; check current disclosures.

Before you apply

Before opening an account, review the provider’s current eligibility rules, interest-rate conditions, fees and access arrangements. The account offering the highest advertised rate may not be the most suitable where its bonus conditions are difficult to meet. This article does not consider individual circumstances.

Other steps that may help:

• Read the product terms, fees schedule and Target Market Determination (where published).
• Confirm who can operate the account and what happens when the child reaches the maximum age.
• Check whether membership, geographic or branch restrictions apply.
• Confirm tax and TFN information requirements with the provider and, if needed, a qualified adviser.

This page does not claim that any product is suitable for a particular child or family, and it does not guarantee any financial outcome.