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Bank accounts for kids

bank accounts for kids

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Key benefits

A Junior Account for Kids is a simple first savings account designed for children to use.

They may be:

  • receiving small amounts of money (such as pocket money or gifts)
  • only making occasional small deposits to get into good saving habits
  • starting to learn about interest (and how it can increase their savings)

Other features

  • withdrawals can only be made in-branch by the authorising adult
  • an authorising adult acts as a signatory and agent for the child
  • regular interest based on account type
  • a young child won't get an ATM card – this helps encourage saving
  • no transaction and account maintenance fees for children under 19 years*

*Service fees may still apply. For example, once a child turns 19 normal fees and other terms and conditions may apply.

When you open a Junior Account for Kids, you'll receive a fun pack with:
  • a Westpac Rescue Helicopter moneybox
  • a fun activity book with money magic tricks, pop-ups and more

How it works

Basically, a parent or guardian manages the account. The account is set up by the parent or guardian in the child's name, so it's effectively theirs.

At the bank this is referred to as an 'Agent Transacts For' account (or ATF account). As a parent or guardian, you now act as an agent for controlling withdrawals and transactions, on behalf of the child.

When you want the child to be fully responsible for spending the money (as well as saving it) Westpac can issue the child with an EFTPOS card.

At this stage the account will change from an ATF account to one where the

child now has full access to the money within it.

An EFTPOS card can be made available to customers aged 12 and over, unless their parent or guardian has instructed the bank not to issue one.

Key benefits

A Junior Account for Families is designed to make it easier for parents, guardians or families to save regularly for kids expenses including:

  • school fees and uniform costs
  • university costs
  • upcoming birthdays

Other features

  • the parent manages the account, children cannot make withdrawals
  • there’s a range of savings accounts to choose from
  • no transaction and account maintenance fees for children under 19 years*

*Service fees may still apply. For example, once a child turns 19 normal fees and other terms and conditions may apply.

How it works

The parent or guardian manages the account.

The account is set up by a parent or guardian in the child’s name. At the bank this is referred to as an ‘Agent Transacts For’ account (or ATF account). As a parent or guardian, you now act as an agent for controlling withdrawals and transactions, on behalf of the child.

When you want the child to be fully responsible for spending the money (as well as saving it) Westpac can issue the child with an EFTPOS card.

At this stage the account will change from an ATF account to one where the child now has full access to the money within it.

An EFTPOS card can be made available to customers aged 12 and over, unless their parent or guardian has instructed the bank not to issue one.

Junior account for kids and Junior account for families allow you to choose one of three savings accounts: Simple Saver, Online Saver and Online Bonus Saver.

Category: Bank

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