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 $30 kickstart? Get both a savings and a transaction account

Already have one of these accounts?

Great news you're halfway there. Just open the bank account type you don't have yet, either the Incentive Saver savings account or the Complete Freedom transaction account.

Then, within 30 days of opening the new account:

Deposit at least $100 into your Incentive Saver account
We'll then deposit $30 into your Complete Freedom account within 50 days of the new account opening*.

I’ve never had the account I am opening now before:

Don't have either account?

Then open both the Incentive Saver savings account and the Complete Freedom transaction account online today if you're 14 or older. 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 $30 into your Complete Freedom account within 50 days of the new accounts opening*.

I’ve never had an Incentive Saver or Complete Freedom account before:

Open both accounts Open both accounts

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

Types of ID you can use

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

Start using your account(s), with easy access to your banking on your mobile phone

What you’ll get with your bank account

Savings only

Incentive Saver

$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.

Open now Open now

Transaction only

Complete Freedom

$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.

Open now Open now

Bundle both

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.

Open now Open now

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 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.

Read the Terms and conditions including fees for Transaction, Savings and Investment Accounts (PDF 725KB), including charges that may apply, before making a decision and consider if it is right for you.

Can I get the $30 kickstart if I already have both accounts?

No. You need to open at least one new account – either an Incentive Saver account or a Complete Freedom account – having never opened one before, so that you have one of each account.

If you have never opened either account, you’re eligible by opening both new accounts.

How many times can I get the $30?

This promotion is limited to one $30 payment amount per customer, regardless of the number of accounts held/opened.

When will the $30 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)

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.

Terms and conditions including fees for Transaction, Savings and Investment Accounts (PDF 725KB)

*Youth Promotion Terms and Conditions

To receive $30 you must meet the eligibility criteria and satisfy the requirements in these Terms and Conditions. This promotion commences 11/04/2024 and is available for a limited time only.
Available to new or existing Bank of Melbourne customers under 18 years of age (Customer), who have not previously held an Incentive Saver and/or Complete Freedom account.
However, this promotion excludes Customers who, within the last three years, have:
- opened and closed either of these accounts (and no longer hold any Incentive Saver or Complete Freedom account);
- become a Customer of the Westpac Group and no longer hold any products or are no longer a Customer.
During the promotion, the Customer must open the required account(s) so that the customer holds both an Incentive Saver and Complete Freedom account in the Customer’s name. The Customer must also deposit a cumulative minimum amount of $100 into their Incentive Saver account within 30 days of opening the account(s).
Deposit must be Customer initiated and does not include interest payments into your account.
The $30 promotion amount will be paid into the Customer’s Complete Freedom account within 50 days of meeting these Terms and Conditions. Both the Incentive Saver and Complete Freedom account must remain open during that period for the $30 promotion amount to be paid.
Each eligible Customer is only entitled to one $30 promotion amount payment when the Customer has met all the requirements set out in these Terms and Conditions.
In the event multiple eligible accounts are open for the same Customer, the $30 promotion amount will be paid to the Customer’s Complete Freedom account that was opened first.
We reserve the right to withdraw, amend or extend this offer at any time.
Transaction, Savings and Investment Accounts Terms and Conditions (PDF 725KB) apply to Bank of Melbourne Incentive Saver and Complete Freedom accounts. Please read these 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 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.