Bank accounts for kids and teens
Grow your money with a bank account that can kickstart your future with a regular and early savings plan.
What type of bank account could I get?
Savings account
It’s the account you choose when you want to grow your money rather than spending it, as you’ll earn interest on your balance.
Transaction
You’ll use this account to withdraw cash or buy things in-store or online, and if you're 14 or older, it comes with a debit card2.
Bundle both
Get both accounts so you don’t need to choose, linking them so you can easily manage your money with Mobile Banking.
How do I open a bank account?
Have your ID handy
14 or over: Open your account(s) online using one of the Open buttons
Under 14: You’ll need to head into your nearest Bank of Melbourne branch with your parent or guardian
What you’ll get with your bank account
Savings only
$0 Account-keeping fee
- Earn up to 4.90% 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 only
$0 Account-keeping fee
- Get a Visa Debit card2 (aged 14 and over)
- Open online if you're 14 or over, if under 14 you'll need to head into branch with a parent or guardian.
Bundle both
Complete Freedom + Incentive Saver
- $0 Account-keeping fee on both accounts
- Get a Visa Debit card2 (aged 14 and over)
- Earn up to 4.90% 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.
FAQs
Can a child have a debit card?
You can get a Visa debit card2 with a Bank of Melbourne Complete Freedom account if you’re 14 or over.
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 your 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.
The Detail
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 4.90% p.a. rate is a combination of a variable base rate of 0.40% p.a., and a variable bonus rate of 4.50% 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.