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Finding the best bank account can save you hundreds on fees and connect you with the very latest in smart banking technology. Compare bank accounts from a wide variety of providers with Savvy to find the very best offers available on the market right now.
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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ING Orange Everyday |
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees.More details |
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.More details |
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Get $40 with a new Complete Freedom everyday bank account.More details |
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Westpac Choice |
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Westpac Choice for easy day-to-day bankingMore details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
There are many different milestones for a child as they grow up, which extends to banking regulations for children and teenagers, too. Take a broad look at banking for young people with Savvy and learn about how banks and other financial institutions offer various accounts to cater to the needs of growing youngsters, as well as compare a variety of offers.
Just like those available to adults, the accounts on offer for teens are usually either transaction or savings accounts. However, some children and youth accounts are a kind of hybrid account – they do cater for banking transactions, but also award interest on the balance of the account.
Junior bank accounts tend to be from birth to 11 years old. After the age of 12 accounts tend to be called youth accounts. Some youth accounts can be opened at the age of 12 to 14 years old and last until the account holder is a young adult at age 21 or even 25 years old. By the time your child has reached mid-teens, there are plenty of bank accounts to choose from. Other junior or children’s accounts need to be closed at the age of 18 (before they turn 19). It’s important to compare your options before you sign up, so you can do that right here with Savvy.
These transaction accounts don’t tend to have any service fees and offer similar features to adult transaction accounts, including:
The major banking milestones for young people as they grow up in Australia are:
Banks, building societies and credit unions are keen to attract young customers, as they know that adults tend to stay with the same bank they used as a young person. For this reason, many financial institutions have invested heavily in developing great additional features for young people.
These features can include the ability to set savings goals, create chore lists, and keep a track of pocket money earned through tasks completed. Some of the best bank accounts for teens link savings and transactions accounts, and can automatically ‘sweep’ money from a transaction account into a savings account when a certain deposit figure is reached. For example, you could specify that when their account reaches $100, any excess is ‘swept’ into their savings account automatically.
As well as colourful graphics and easy-to-use interfaces for young people, banks also offer bonus interest rates if defined savings conditions are met. These bonus interest rates can be very generous, sometimes taking the interest earned higher than a standard adult bank account. These savings conditions may include:
These conditions are designed to reward regular saving and discourage withdrawals, teaching young people good financial habits right from the start.
This will depend on the terms and conditions of the accounts that are open. As mentioned, some accounts specify a maximum age for the account holder, but for youth accounts, this can sometimes be 21 or even 25, so the same accounts can be used right into early adulthood.
For those with a maximum age limit of 18, the bank or financial institution will contact the account holder before their 18th birthday to discuss rolling over their funds into an adult account. This should be completed around their 18th birthday.
Children’s accounts which are forgotten and left in place when the account holder is aged over 18 may be archived by the bank or classified as a lost account if no response is received after several attempts at contact. Once ID is provided, these archived or lost accounts can be retrieved and rolled over into an appropriate adult account.
Our comparison service is free to use, meaning you can compare bank account offers at any time.
You can compare accounts and choose to open one online from wherever you are, at home or on the go.
By partnering with trusted Australian institutions, you can be more confident when comparing offers with us.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
