What youth accounts are available?
A youth account is a savings or transaction account for people under 18 years old. We offer two types of kids’ accounts: the Youth eSaver Account and Everyday Youth Account.
Youth eSaver Account
The Youth eSaver Account is designed to encourage young people to save their money and watch it grow. Not only does this account come with a competitive interest rate, even if your child makes a withdrawal, they’ll still receive interest on the remaining balance at the end of the month.
There are no monthly fees you need to pay for opening the account. You can also set up the account online or in person – your choice!
When it comes to using the account, your child can easily deposit their birthday or pocket money at one of our branches or make a transfer via the banking app.
Everyday Youth Account
The Everyday Youth Account is a transaction account to help young people spend smarter. Plus there are zero fees for opening the account.
One of the best things about this transaction account is that it comes with unlimited fee-free electronic transactions – so your child can spend their saved-up cash on whatever they please without incurring any fees.
If your child is 10 years old or over, they can make purchases with their smart device, smart watch or the Visa Debit card they get with the account.
What age can you open a bank account for your child?
You can open a youth savings account from the moment your child is born. If you’re interested in a youth transaction account, your child must be between 10 and 17 years old.
For example, you can open a kids’ savings account when your child is still a baby and deposit any cash gifts from their first, second and even third birthdays, which they can withdraw or spend when they’re older.
Or you might wait until your child is in high school, or when they get their first casual job and need to start managing their income.
How can your child access their money?
Your child can easily access their money in a variety of ways, including:
- Using our mobile banking app on their phone or tablet.
- Going to a branch or ATM in person.
- Online banking via our website.
For your child’s protection, the Everyday Youth Account Visa Debit card has restrictions to block the purchase of certain items such as alcohol, adult entertainment, tobacco and gambling. These category restrictions may be varied and are subject to change without notice.
Please note that restrictions are applied based on the merchant category selected by the merchant. These restrictions apply to any Everyday Youth Account Visa Debit card issued on or after 26 February 2023, until the cardholder turns 18.
Will your child get a card with their account?
If you open a transaction account for your child and they’re 10 years or older, they’ll get a Visa Debit card. However, if you only open a kids’ savings account, they won’t get a card.
How do interest rates affect your child’s youth account?
Interest rates will only affect your child’s savings account. Our Youth eSaver Account has a competitive rate – the more your child can save, the more interest they can earn.
Like with a standard adult savings account, your child will accrue interest every day based on their end-of-day balance. Then at the end of the month, the interest will get paid into their savings account.
What happens to the youth account when your child turns 18?
When your child turns 18, their youth account will automatically upgrade to an adult account. So if your child is with Great Southern Bank, they’ll be upgraded to the Everyday Edge Account and the Goal Saver Account. How handy!
Four healthy money habits you can teach your kids
Set a savings goal and work towards it: This can help your child learn the importance of saving – an essential skill that will come into play when they’re adults. Your child can use their savings account to work towards their goal, even giving it a nickname to keep them motivated. And if you want to show your child a clever tool, sit down with them and use our savings calculator to see how much they need to save.
Show them how you budget: Talking about how you budget, split your pay, and work out your wants and needs, can teach your child plenty of life-long skills. When they have their own responsibilities, they’ll need to work out what’s essential to spend money on – so teaching them the budgeting basics now can support them later in life.
Teach them to shop smart: If you’re going grocery shopping, take your child on the adventure too. Take your time and show them what to look for when being a savvy shopping, such as buying certain products in bulk or purchasing goods based on the unit price.
Pay your kids pocket money: If your children are too young for a proper job, then get them to help around the house to earn some cash. This teaches them the value of money and what kind of effort and dedication is often involved in earning money as an adult.