The best kids' savings accounts in Australia for 2026
Commonwealth Bank has been named Money's Best-Value Children's Savings Account - Banks, while Great Southern Bank has been named Best-Value Children's Savings Account - Customer-Owned Banks
Whether it's doing chores around the house or taking on a casual job, plenty of younger Australians work hard to earn their money. It's only fair then that their savings work just as hard.
It's accounts that sport competitive rates and low (or no) fees that this award category seeks to highlight, such as the Youthsaver Account from the Commonwealth Bank.
"We're incredibly proud that our Youthsaver account has been recognised by Money magazine," says Gareth Chim, general manager of deposits, pricing and governance at Commonwealth Bank.
"This award reflects our commitment to helping young Australians build strong financial foundations from an early age."
As one of the first banking products that young Australians engage with, Chim says that children's savings accounts can be more than a place to store savings - that they can also instill financial habits that benefit kids throughout their lives.
"With Youthsaver, we offer bonus interest when young savers grow their savings balance each month, helping them make the most out of their money, while reinforcing the benefits of regular deposits.
"By offering bonus interest for growing balances, we help customers understand the value of consistency and goal setting."
Looking for a customer-owned bank instead?
One of the major money lessons many of us end up learning throughout our lives is that loyalty doesn't always pay - that shopping around can make a real difference.
It's a lesson that can be applicable to all manner of financial products - even children's savings accounts where the difference between an account offering good value and great value can be stark. Rolf Stromsoe, chief customer officer at Great Southern Bank says that taking the time to help kids compare accounts can be rewarding both in terms of the interest they're able to earn on their savings, but also as an enduring lesson.
"Just as adults are encouraged to find the best place for their savings, it's just as important to do the same for children," says Stromsoe.
"By giving young people a safe and rewarding place to watch their savings grow, we're helping them build confidence and understand the importance of saving early - a valuable lesson that lasts a lifetime." Great Southern Bank took out top spot, thanks to the sharp interest rate and lack of monthly fees attached to its Youth eSaver account.
"We're so proud to see our account recognised in this way. It's a fantastic endorsement that we're offering one of the best savings accounts for young people in the market," he says.
How we found Australia's best savings accounts for kids
Savings accounts were ranked by weighted nominal interest rates that were applicable to a range of balances, after considering any applicable monthly or annual fees. Introductory terms and rates were also factored into the quantitative process.
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