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.
Want a $50 kickstart? Get both a savings and a transaction account
New customers only - open both the Incentive Saver savings account and the Complete Freedom transaction account online today if you're 14 - 17. If you're under 14, you'll need to go into a branch with a parent or guardian.
Then, within 30 days of opening both accounts:
- Deposit at least $100 into your Incentive Saver account
- We'll then deposit $50 into your Complete Freedom account within 50 days of the new accounts opening*.
New customers under 18 years only. Ends 30/09/2025. T&Cs apply.
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 4.65% 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 4.65% 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 I get the $50 kickstart if I already have both accounts?
No. You need to be a new customer and open both an Incentive Saver account and a Complete Freedom account so that you have one of each account.
How many times can I get the $50?
This promotion is limited to one $50 payment amount per customer, regardless of the number of accounts held/opened.
When will the $50 be paid?
The money will be paid into your Complete Freedom account within 50 days of the new account(s) being opened and the $100 being deposited into the Incentive Saver account. $100 must be deposited within 30 days of opening your bank account(s)
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.
*Youth $50 Promotion Terms and Conditions
This promotion runs from 01/07/2025 to 30/09/2025.
To be eligible you must:
- Be under 18 years of age.
- Not have held a Complete Freedom account and/or an Incentive Saver account with Bank of Melbourne (applies to both account holders for joint accounts).
- Open a new Complete Freedom account and Incentive Saver account and deposit at least $100 into the Incentive Saver within 30 days of opening the first required account. Accounts must be active and ready to use.
- Deposit must be customer-initiated and does not include interest payments into the account.
- Please note that joint accounts are not eligible.
If you meet the above:
- You’re entitled to one $50 payment, regardless of the number of accounts you hold.
- The $50 payment will be made to your Complete Freedom account within 50 days of you meeting these Terms and Conditions in full. If you open more than one Complete Freedom account, the $50 will go to the account you opened first.
This promotion is not available in conjunction with any other offer. We reserve the right to change or withdraw it at any time.
Transaction, Savings and Investment Accounts Terms and Conditions apply to Bank of Melbourne Incentive Saver and Complete Freedom accounts. Please read these Transaction, Savings and Investment Accounts Terms and Conditions carefully to determine whether these products are right for your needs and requirements.
Bank of Melbourne Bank accounts interest rates.
1. The 4.65% p.a. rate is a combination of a variable base rate of 0.40% p.a., and a variable bonus rate of 4.25% 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.