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Helpful Information
What is a youth banking account?
A youth banking account is a bank account designed for young people up to a certain age. These can come in the form of a savings account or a transaction account.
Youth banking accounts typically come in slightly different forms depending on the age group:
- Junior Bank Account – Under 12s
- Youth Bank Account – Under 18s
Once you turn 13 years old, you may be able to operate your own bank account without needing your parent to open it for you, but some providers may still offer parents the ability to control certain aspects of their children’s banking, such as spending and transfers.
How to compare youth banking accounts
There are a several features you may want to consider when comparing youth banking products depending on your situation. These can include:
- The interest rate (watch out for high introductory rates that may revert to lower rates after a time)
- Account-keeping fees as well as fees for other services such as ATM withdrawals
- Brand and ATM access
- Any limits on the number of free transactions allowed
- Minimum deposit amount required
- Online/mobile banking available
- Account features and tools that encourage saving behaviour
- Online learning tools for children and parents
- Tools and resources specifically for parents, such as parental controls, notifications and alerts
- Account personalisation options, so that you can set up sub-accounts for your savings goals
How Canstar compares youth banking providers
Canstar’s Youth Banking Award recognises providers that offer outstanding value to Australian pre-teens, teenagers and their parents based on the following criteria:
- Product rates and fees, transaction capability and features, including those that encourage saving behaviour.
- Tools and resources designed specifically for children, including savings activities and calculators, pocket money tools, saving goal trackers, specific youth banking apps and video tutorials.
- Tools and resources specifically for parents, such as parental controls, notifications and alerts, merchant restrictions, online banking access and learning resources.