Getting kids started with savings accounts early helps them build good money habits. In Australia, parents have plenty of options for kids’ savings accounts, including regular saver accounts and junior superannuation funds. Here are the top 10 kids’ savings accounts for 2026, based on interest rates, fees, ease of use, parental controls, and tools that teach kids about money. If you're after a simple savings account or a junior super fund to kick off long-term investing, this guide will help.
Quick Comparison of Top Kids' Savings Accounts in Australia 2026
- Capital One Kids Savings Account – 2.50% APY, no fees, no minimum balance
- CommBank Youthsaver Account – 1.50% bonus interest, low fees, good for older kids
- ANZ Progress Saver for Kids – Tiered interest rates, no monthly fees
- Westpac Bump Savings Account – Bonus interest for regular deposits
- St.George Future Saver Account – Competitive interest, easy withdrawals
- Commonwealth Bank Youth Super – Junior super fund with employer contributions
- AustralianSuper Youth Saver – Low fees, tailored for under 18s
- ING Savings Maximiser for Kids – Bonus interest with deposit conditions
- Macquarie Junior Saver Account – No fees, no minimum balance
- Bank Australia Youth Saver – Ethical banking, decent interest rates
1. Capital One Kids Savings Account
Key features: 2.50% APY, no fees, no minimum balance, parental controls, mobile app access, option to open a teen checking account at age 8.
Pros: No minimum deposit or balance requirement, competitive interest rate, parents control transfers and withdrawals, multiple savings goals possible, easy transition to adult account at 18.
Cons: Limited physical branches in Australia since it's a US-based bank; app access limited for kids under 8.
Best for: Parents wanting to start saving early with simple, no-fee accounts and teach kids money management.
Pricing: No monthly fees or charges; competitive 2.50% APY.
2. Commonwealth Bank Youthsaver Account
Key features: Up to 1.50% bonus interest when kids make regular deposits, no monthly fees, accessible through CommBank app, suitable for kids aged 14–17.
Pros: Encourages regular saving, easy to use app, no account keeping fees, access to banking facilities as kids get older.
Cons: Base interest rate is low, bonus interest requires meeting deposit criteria.
Best for: Older kids and teens who want to develop saving habits with some banking independence.
Pricing: No monthly fees; base interest plus up to 1.50% bonus interest.
3. ANZ Progress Saver for Kids
Key features: Tiered interest rates up to 1.20%, no monthly fees, no minimum balance, parental controls.
Pros: Encourages regular saving with tiered rates, flexible access, no fees.
Cons: Interest rates lower than some competitors, no checking account option.
Best for: Parents wanting a straightforward savings account with tiered interest to reward saving more.
Pricing: No monthly fees; interest varies by balance tier.
4. Westpac Bump Savings Account
Key features: Bonus interest of up to 2% if regular deposits are made and no withdrawals, no monthly account fees.
Pros: Good for teaching discipline with saving rules, easy online and app access.
Cons: Bonus interest requires meeting deposit conditions, which might be tricky for younger kids.
Best for: Kids who can regularly deposit pocket money or gifts and want to watch their savings grow faster.
Pricing: No fees; bonus interest depends on deposit activity.
5. St.George Future Saver Account
Key features: Competitive interest up to 1.25%, no monthly fees, withdrawal flexibility.
Pros: No fees, decent interest, backed by a major bank, accessible online and via app.
Cons: Interest rates lower than some online-only accounts.
Best for: Parents who want a straightforward, flexible savings account from a trusted big bank.
Pricing: No monthly fees; interest rates vary.
6. Commonwealth Bank Youth Super
Key features: A junior superannuation fund allowing kids under 18 to start saving for retirement early, employer contributions apply, low fees.
Pros: Long-term growth potential, tax advantages, good for teaching kids about investing super early.
Cons: Access to funds is restricted until retirement age, not suitable for short-term saving goals.
Best for: Parents wanting to give their kids a head start on retirement savings and long-term investing.
Pricing: Low management fees; compulsory employer contributions add to balance.
7. AustralianSuper Youth Saver
Key features: Tailored junior super fund for under 18s, low fees, diversified investment options, online management.
Pros: Strong investment track record, helps build retirement savings early, educational resources for kids.
Cons: Like all super funds, funds are locked away until retirement age.
Best for: Families focused on long-term wealth building and superannuation education.
Pricing: Competitive fees; varies by investment option.
8. ING Savings Maximiser for Kids
Key features: Up to 2.00% bonus interest when kids meet deposit and withdrawal conditions, no account keeping fees.
Pros: Attractive interest rates, easy to manage online, no fees.
Cons: Bonus interest requires active saving behaviour, which might not suit all kids.
Best for: Kids who can regularly add money and keep it in the account to earn bonus interest.
Pricing: No fees; interest depends on meeting bonus requirements.
9. Macquarie Junior Saver Account
Key features: No fees, no minimum balance, competitive interest rates, easy online access.
Pros: Simple, no fuss account with solid interest, backed by a reliable Australian bank.
Cons: No linked checking account or card, limited physical branches.
Best for: Parents wanting a straightforward savings account with no strings attached.
Pricing: No fees; interest rates competitive.
10. Bank Australia Youth Saver
Key features: Ethical banking focus, decent interest rates up to 1.30%, no monthly fees.
Pros: Supports sustainable projects, no fees, encourages saving habits.
Cons: Interest rates moderate compared to some online offers.
Best for: Families wanting to teach kids about ethical banking and saving.
Pricing: No fees; interest rates up to 1.30%.
How We Chose the Best Kids' Savings Accounts
We looked at dozens of savings accounts designed for kids and teens in Australia. Our main criteria included interest rates — especially bonus rates that encourage regular saving — fees or hidden charges, minimum deposit and balance requirements, and ease of use via mobile apps and online banking. Parental controls and educational tools were also key, as they help kids learn money skills early. For junior super funds, we factored in fees, employer contributions, and investment options suited to young investors. We also preferred accounts that transition smoothly into adult accounts.
Tips for Choosing a Kids’ Savings Account in 2026
Start early. Research shows money habits start forming before age 7. Choose accounts with no minimums so you can open one for toddlers.
Look for bonus interest offers tied to regular deposits. They encourage saving discipline.
Check fees closely. Even small monthly fees can eat into savings over years.
Consider accounts that let kids track their own money via apps — it builds engagement.
For long-term growth, explore junior super funds. They’re locked away but benefit from compound returns and employer contributions.
Common Pitfalls to Avoid
Don’t pick accounts with high fees or withdrawal penalties. Kids need flexibility.
Avoid accounts that require large minimum balances or deposits not suitable for typical pocket money amounts.
Be wary of bonus interest conditions that are too strict or complicated, which can frustrate kids.
Junior super funds are great, but understand that funds can’t be accessed until retirement age — not for short-term goals.
Kids’ savings accounts come in all shapes and sizes in Australia for 2026. From no-fee, no-minimum accounts like Capital One Kids Savings Account that kick off early saving, to junior super funds like Commonwealth Bank Youth Super that aim for long-term wealth, there’s an account to suit every family’s goals. Keep an eye on interest rates, fees, and features that encourage good saving habits. Start early, keep it simple, and let kids take part in managing their money — it sets them up for a lifetime of better financial decisions.
This article was created with AI assistance.
