Opening a bank account for a child

Setting up your child’s first bank account can provide a foundation for their financial future, by helping them understand money and develop habits to improve their financial literacy.

What’s the right age to open an account?

You can open an account for a child at any age, whether they’re a baby or a teenager. With no account fees across our transaction and savings accounts, the account will be ready for your child when the time is right.

That time might be when their piggy bank is overflowing, they receive their first birthday cheque from a relative, or when they start getting pocket money.

Your child can also wait until they’re at least 14 years old and apply online for an account on their own.

Choosing the best account for your child

Our transaction and savings accounts can help children learn the basics of banking. Making regular deposits to a savings account can help them build a strong savings habit. With a linked transaction account, you can teach them the balance between spending and saving, with access to debit cards, ATMs and other ways to pay.

The NAB Classic Banking account is our everyday transaction account, with no monthly account fees or minimum deposits. You can also choose between two savings accounts – the NAB Reward Saver or the NAB iSaver.

The NAB iSaver must be linked to a NAB Classic Banking account, but the NAB Reward Saver doesn’t need to be linked to a transaction account.

NAB Classic Banking account

Get your kids started with a basic account that has no monthly fees and no minimum deposits. 

  • NAB Visa Debit card

  • No ATM withdrawal fees

NAB Reward Saver

Help your kids save money towards something they really want with this specialised account that rewards savers.

  • A higher interest rate

  • Bonus interest for regular deposits

NAB iSaver

This saving account allows your kids to access their money without affecting their interest rate.

  • Competitive interest rate

  • No minimum deposits

How to open an account for your child

Any account you open on a child’s behalf will be under that child’s legal name. Depending on how old they are and what type of account they open, as their parent or guardian you may need to be an authorised party on the account. There are different levels of access or control you can have by being an authorised party – speak to one of our bankers to find out more.

Find out how to apply for an account for your child and what identification documents you need to supply. If your child is 18 or younger, they can also use a birth certificate as a form of ID if another form of ID isn’t accepted.

Debit cards for children

When you open a transaction account for your child, their account can be attached to a NAB Debit Card. Your child will need to be 14 years or older if they would like a NAB Visa Debit card.

Tax and interest earned on children’s savings accounts

If you open a savings account for your child, they may earn interest on any money deposited. Read more about the tax implications of children’s savings accounts, opens in new window.

Terms and Conditions

We recommend you consider the personal transaction and savings products terms and conditions and whether the product is appropriate for your circumstances before making any decisions regarding these products. These products are issued by National Australia Bank Limited ABN 12 004 044 937.

Target Market Determinations for these products are available at