A teenager’s first bank account is usually their first real step into managing money. Whether the money comes from a first part-time job, birthday cash or pocket money, the right account teaches them to save a little and spend sensibly — without fees eating into a small balance.
We checked the youth accounts on offer from Australia’s banks and compared them on interest rates, fees, debit card access and age limits. Rates and fees below were checked on each bank’s own website on 5 November 2026. Rates are variable and can change, so always confirm the current rate before opening an account.
Quick answer: for saving, Great Southern Bank’s Youth eSaver pays the highest rate we found — 5.75% p.a. on balances up to $5,000, with no conditions to meet. For everyday spending, Westpac Choice Youth and Suncorp’s Everyday Options account both come with a debit card and no monthly fees.
How we chose these accounts
Every account on this list is genuinely open to under-18s, not just an adult account with a young person’s name on it. We only included accounts where we could verify the rate or fee on the bank’s own website, and we left out any account that charges a monthly fee a teenager cannot avoid — except Spriggy, which charges a small yearly membership instead of being a bank account at all.
The best bank accounts for teenagers at a glance
| Account | Best for | Rate or fee | Ages |
|---|---|---|---|
| Great Southern Bank Youth eSaver | Highest interest, no conditions | 5.75% p.a. to $5,000 | Up to 17 |
| CommBank Youthsaver | Big-bank savings account | Up to 5.30% p.a. | Under 18 |
| Westpac Bump | Big-bank saver, rate rising soon | Up to 5.30% p.a. (5.55% from 13 Nov 2026) | Under 18 |
| Bank First Strong Start Saver | Older teens with a first job | 5.65% p.a. | 15–35 |
| Westpac Choice Youth | Everyday account for younger teens | No monthly fee | 8 and over |
| ANZ Access Advantage | Visa debit card from age 12 | $5/month, waived under 25 | 12 and over |
| Suncorp Everyday Options | No-fee everyday account | $0 monthly fee | 11 and over |
| Spriggy | Learning to budget | $60 a year | 6–17 |
The 8 best bank accounts for teenagers
1. Great Southern Bank Youth eSaver — best for the highest interest with no strings attached
Best for: a teenager who wants the best return on their savings without monthly conditions.
The Youth eSaver pays 5.75% p.a. on balances up to $5,000, and 1.00% p.a. on any amount above that. There are no monthly fees and no hoops to jump through — no minimum deposit each month, no balance-growth rule. Interest is calculated daily and paid monthly. The account is for kids up to 17, and it becomes a Goal Saver account when the holder turns 18. Rates current as at 3 November 2026.
Watch out for: the top rate only applies to the first $5,000. A teen who has saved more than that earns 1.00% p.a. on the rest, so a second account may make sense once savings grow past $5,000.
2. CommBank Youthsaver — best big-bank savings account
Best for: families who already bank with CommBank and want a youth saver from a big four bank.
Youthsaver pays up to 5.30% p.a. — a 2.35% p.a. standard rate plus bonus interest — on balances up to $50,000. To earn the bonus each month, the account holder needs to make at least one deposit and finish the month with a higher balance than they started with. There is no monthly account fee. Under-14s need a parent or legal guardian to open the account; 14 to 17-year-olds can open one themselves in a branch. Rates effective 9 October 2026.
Watch out for: miss the monthly deposit or withdraw more than you put in, and the rate drops to the 2.35% p.a. standard rate for that month.
3. Westpac Bump — best big-bank saver with a rate rise coming
Best for: a teen saver who wants a big-bank account with a strong rate and a good app.
Bump pays up to 5.30% p.a. — a 1.75% p.a. base rate plus a 3.55% p.a. bonus. Westpac has announced the bonus rate rises to 3.80% p.a. from 13 November 2026, taking the top rate to 5.55% p.a. To earn the bonus, the balance must stay above $0, at least one deposit must be made each month, and the balance must be higher at the end of the month than at the start. There are no monthly fees, and the account becomes a Westpac Life account when the holder turns 18.
Watch out for: like Youthsaver, the bonus is all or nothing each month — one missed condition and the rate falls back to 1.75% p.a. for that month.
4. Bank First Strong Start Saver — best for older teens with a first job
Best for: 15, 16 and 17-year-olds earning their first pay and wanting a high rate on a bigger balance.
Strong Start Saver pays 5.65% p.a. on balances up to $249,999, and it is open to ages 15 to 35 — so it suits a teenager with a part-time job as well as a young adult. Rates effective 1 November 2026. Younger savers can look at Bank First’s First Saver instead, which pays 4.65% p.a.
Watch out for: this one is aimed at older teens, so under-15s will need a different account — the Youth eSaver or Bump are better picks for them.
5. Westpac Choice Youth — best everyday account for younger teens
Best for: day-to-day spending, paired with a Bump savings account.
Choice Youth is Westpac’s everyday account for young people, and it comes with a Debit Mastercard from age 8. There are no ongoing fees. It works best alongside a Bump savings account: spending money in Choice Youth, savings in Bump. Children under 14 need a parent to open the account; from 14 they can manage it independently.
Watch out for: this is a spending account, not a savings account — it pays no interest, so money left sitting here earns nothing.
6. ANZ Access Advantage — best for a Visa debit card from age 12
Best for: a teenager who wants a Visa debit card and an account from a big four bank.
Access Advantage comes with an ANZ Access Visa Debit card and unlimited ANZ transactions. The account costs $5 a month, but the fee is waived for under-25s on application — so a teenager pays nothing if the waiver is set up. Twelve and 13-year-olds can get a card but need to visit a branch with a parent or guardian; from 14 they can apply for the card themselves. The minimum age to open the account is 12.
Watch out for: the $5 monthly fee applies if the under-25 waiver is not in place, and there is a 3% international transaction fee on overseas spending.
7. Suncorp Everyday Options — best no-fee everyday account
Best for: a teenager who wants a simple everyday account with no monthly fee and no deposit conditions.
Everyday Options has a $0 monthly account keeping fee and no minimum deposit. Teenagers can apply from age 11 — apply online, then verify ID at a branch or Australia Post; from 15 the account can be opened fully online. It comes with a debit card (an eftpos card for 11 to 15-year-olds, for in-store use in Australia) and free ATM withdrawals at Suncorp, Westpac, NAB, ANZ and CBA machines. There is also no foreign transaction fee, which helps with online shopping from overseas stores.
Watch out for: the younger teen card is eftpos only, so it cannot be used for online shopping — older teens get the full Visa debit card.
8. Spriggy — best for learning to budget
Best for: younger teens and parents who want to teach budgeting with training wheels on.
Spriggy is not a bank account — it is a prepaid Visa card and app for ages 6 to 17. Parents load pocket money, set chores and savings goals, and teens get their own card to spend with. SPRK Mode, for 13 to 17-year-olds, adds more independence and money tools. Spriggy Classic costs $5 a month for one child ($60 a year, billed annually) and starts with a 7-day free trial. If you would rather pay no yearly fee, the Wise Young Explorer card has no monthly or annual fees for ages 6 to 17, apart from a one-off card order charge.
Watch out for: the yearly fee adds up, and because it is a prepaid card, the money on it earns no interest.
Savings account or everyday account — which does your teen need?
Most teenagers need both. A savings account is for money they are building up — birthday cash, pay from a part-time job, savings for a first car. An everyday account with a debit card is for money they spend — lunch, transport, streaming. Keeping the two separate makes it much easier for a teen to see what they can spend and what they are saving.
If you are starting from scratch, our guide to the best kids savings accounts covers the savings side in more detail, and our step-by-step guide explains how to open a bank account for a child.
What to check before you open a teen account
Fees. Most youth accounts are free or the fee can be waived for under-18s, but check the waiver is actually in place — ANZ’s $5 fee, for example, only disappears once the under-25 waiver is applied for.
Rate conditions. The headline rate on CommBank Youthsaver and Westpac Bump is a bonus rate. Miss one monthly condition and the rate drops sharply for that month. Great Southern’s Youth eSaver is the exception here: 5.75% p.a. with no conditions at all.
Card age limits. Debit cards start at different ages — 8 at Westpac, 11 at Suncorp, 12 at ANZ — and younger teens often get an eftpos-only card before a full Visa or Mastercard debit card.
What happens at 18. Most youth accounts convert automatically to an adult account. Check what the adult version charges, so your teen is not surprised by a monthly fee on their 18th birthday.
Tax. Interest earned on a teen’s savings is income, and the tax rules for minors are different from the adult rules. Our guide to whether kids pay tax on savings account interest explains the thresholds and when a tax file number is needed.
Frequently asked questions
What age can a teenager open a bank account?
Most banks open accounts for children of any age with a parent or guardian. From 14, teenagers can usually open an account themselves in a branch with ID, and some everyday accounts can be applied for online from 11. The exact age depends on the bank and the account.
Can a 14-year-old get a debit card?
Yes. Westpac offers a Debit Mastercard from age 8, Suncorp from 11 and ANZ from 12. Younger teens may get an eftpos-only card first, which works in stores but not online. From 14, most teens can apply for a full Visa or Mastercard debit card themselves.
Do teen bank accounts have monthly fees?
Most youth savings and everyday accounts have no monthly fee at all. The main exception is ANZ Access Advantage, which charges $5 a month unless the under-25 fee waiver is in place. Prepaid card apps like Spriggy charge a yearly membership instead.
What happens to a teen account when they turn 18?
It usually converts to the bank’s adult version of the same account — Youth eSaver becomes a Goal Saver, Bump becomes a Westpac Life account. The adult version may have different fees and rate conditions, so it is worth reviewing the account around their 18th birthday.
The bottom line
If your teenager is mainly saving, the Great Southern Bank Youth eSaver is hard to beat: 5.75% p.a. on balances up to $5,000 with no conditions to meet. If they need a card for everyday spending, Westpac Choice Youth or Suncorp Everyday Options both do the job with no monthly fee. And if budgeting is the lesson you want to teach first, Spriggy’s prepaid card is a good training ground. Rates change often — check the bank’s own website for the current rate before you open any account.
