Bank accounts for kids and teens
Kickstart your financial future with a bank account for kids and teens.
What are the types of bank account for kids and teens?
Savings account
Savings accounts are intended for saving purposes. These accounts often offer interest on your money, encouraging you to set money aside and grow your funds.
Transaction account
A transaction account is traditionally used for day-to-day expenses and often comes with a debit card2 (age dependant) so that you can withdraw cash or pay for things instore or online.
Savings & Transaction bundle
Get the bundle with a linked transaction account and savings account.
How do I open a bank account for kids and teens?
Have your ID handy.
14 or over: Open your account(s) online via the Open now button.
Under 14: You’ll need to head into your nearest Bank of Melbourne branch with your parent or guardian.
Browse Bank of Melbourne bank accounts for kids and teens
Savings account
$0 Account-keeping fee
- Earn up to 5.15% p.a. when you grow your account by at least $0.01 a month1 and your account balance remains below $250,000.
- Open online if you're 14 or over, if under 14 you'll need to head into branch with a parent or guardian.
Transaction account
$0 Account-keeping fee
- Get a Visa Debit card2 (aged 14 and over) or Freedom Card (12 or 13)
- Open online if you're 14 or over, if under 14 you'll need to head into branch with a parent or guardian.
Transaction + Saving account
Complete Freedom + Incentive Saver
- $0 Account-keeping fee on both accounts
- Get a Visa Debit card (aged 14 and over) or Freedom Card (12 or 13)
- Earn up to 5.15% p.a. when you grow your incentive saver account by at least $0.01 a month1 and your account balance remains below $250,000.
- Open online if you're 14 or over, if under 14 you'll need to head into branch with a parent or guardian.
Learning about money
Check out these tips and tools to help get you started:
FAQS
Can a child have a debit card?
You can get a debit card with a Bank of Melbourne Complete Freedom account if you’re 12 or over. It will be a VISA Debit Card2 if you’re 14 or over and a Freedom Card if you’re 12 or 13.
Can a parent/guardian open a bank account for a child?
Yes. To do this you’ll need to head into a Bank of Melbourne branch with your child with both and yours and your child’s ID.
What is the youngest age you can get a bank account?
You can have a bank account as soon as you have the required ID documents.
(Types of ID you can use (PDF 661KB))
How much does it cost to open a bank account for a child?
It is free to open a Bank of Melbourne Complete Freedom transaction account and Incentive Saver savings accounts for your child.
There are also no account-keeping fees on these accounts.
Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.
Bank of Melbourne Bank accounts interest rates.
1. The 5.15% p.a. rate is a combination of a variable base rate of 1.85% p.a., and a variable bonus rate of 3.30% p.a. Earn the variable bonus rate as long as you grow your account balance by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and your account balance does not fall below $0.
2. To be eligible for a Visa Debit Card, you must have an Australian residential address and be 14 years old or over. If you’re 12 or 13 years old and have an Australian residential address, you can request a Freedom Card in branch.