Accounts for kids

There are two ways to set up a junior account:

  • for kids: a simple first savings account designed to encourage children to save money
  • for families: a simple way for parents or guardians to save regularly for their children

Key benefits

A Junior Account for Kids is a simple first savings account designed for children to use.

They may be:

  • receiving small amounts of money (such as pocket money or gifts)
  • only making occasional small deposits to get into good saving habits
  • starting to learn about interest (and how it can increase their savings)

Other features

  • withdrawals can only be made in-branch by the authorising adult
  • an authorising adult acts as a signatory and agent for the child
  • regular interest based on account type
  • a young child won't get an ATM card – this helps encourage saving
  • no transaction and account maintenance fees for children under 19 years*

*Service fees may still apply. For example, once a child turns 19 normal fees and other terms and conditions may apply.

When you open a Junior Account for Kids, you'll receive a fun pack with:
  • a Westpac Rescue Helicopter moneybox
  • a fun activity book with money magic tricks, pop-ups and more

How it works

Basically, a parent or guardian manages the account. The account is set up by the parent or guardian in the child's name, so it's effectively theirs.

At the bank this is referred to as an 'Agent Transacts For' account (or ATF account). As a parent or guardian, you now act as an agent for controlling withdrawals and transactions, on behalf of the child. 

When you want the child to be fully responsible for spending the money (as well as saving it) Westpac can issue the child with an EFTPOS card.

At this stage the account will change from an ATF account to one where the child now has full access to the money within it.

An EFTPOS card can be made available to customers aged 12 and over, unless their parent or guardian has instructed the bank not to issue one. 

Key benefits

A Junior Account for Families is designed to make it easier for parents, guardians or families to save regularly for kids expenses including:

  • school fees and uniform costs
  • university costs
  • upcoming birthdays

Other features

  • the parent manages the account, children cannot make withdrawals
  • there’s a range of savings accounts to choose from
  • no transaction and account maintenance fees for children under 19 years*

*Service fees may still apply. For example, once a child turns 19 normal fees and other terms and conditions may apply.

How it works

The parent or guardian manages the account. 

The account is set up by a parent or guardian in the child’s name. At the bank this is referred to as an ‘Agent Transacts For’ account (or ATF account). As a parent or guardian, you now act as an agent for controlling withdrawals and transactions, on behalf of the child.

When you want the child to be fully responsible for spending the money (as well as saving it) Westpac can issue the child with an EFTPOS card.

At this stage the account will change from an ATF account to one where the child now has full access to the money within it.

An EFTPOS card can be made available to customers aged 12 and over, unless their parent or guardian has instructed the bank not to issue one. 

 

Junior account for kids and Junior account for families allow you to choose one of three savings accounts: Simple Saver, Online Saver and Online Bonus Saver.

Simple Saver - Interest rates
Interest is calculated daily, and the same rate applies to all balances.
Tier Rate
All balances 2.00% p.a.

Online Saver - Interest rates
Interest is calculated daily on the full credit balance, and the same rate applies to all balances. Interest is paid (less resident withholding tax) into your Online Saver account on the last business day each month.
Tier Rate
All balances 3.15% p.a.

Online Bonus Saver - Interest rates
The Online Bonus Saver (an on call savings account) works by topping up the base interest rate with bonus interest if you make one deposit (of any amount) every month, and no withdrawals or transfers that month.

Interest is calculated daily on the full credit balance and paid (less resident withholding tax) into your Online Bonus Saver account on the last business day each month.
TierBaseBonusPotential
All balances 0.10% p.a. 4.25% p.a. If you make at least one deposit and no withdrawals by the last business day of the month 4.35% p.a. If you make at least one deposit and no withdrawals by the last business day of the month

Junior account for kids and Junior account for families allow you to choose one of three savings accounts: Simple Saver, Online Saver and Online Bonus Saver.

Simple Saver - Fees
Note: Any transactions made at another bank's ATM will incur an additional $1 charge each time. The term 'free' refers to Westpac fees only. Service fees apply.
Fee type Fee amount
Account maintenance fee
All balances
Free 
All deposits
Including ATM's
Free 
First manual or electronic withdrawal each month
Free
Electronic withdrawals First manual or electronic withdrawal each month is free.
Eftpos, Westpac ATM transfers/withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, online and phone banking payments
$1 per transaction
Manual withdrawals First manual or electronic withdrawal each month is free.
Cheques and withdrawals at a branch
$3 per transaction

Online Saver - Fees
Note: Any transactions made at another bank's ATM will incur an additional $1 charge each time. The term 'free' refers to Westpac fees only. Service fees apply.
Fee typeFee amount
Account maintenance fee
All balances
Free 
All electronic deposits
Free 
Internet - transfers
Free 
ATM - balance enquiry/transfer of funds
Free 
Phone banking transfers
Third party telephone fees may apply
First five calls each month are free (then 50c per call) 

Online Bonus Saver  - Fees
Any transactions made at another bank's ATM will incur an additional $1 charge each time. The term 'free' refers to Westpac fees only. Service fees apply.
 
Fee type Fee amount
Account maintenance fee
All balances
Free 
All electronic deposits
Free 
Internet - transfers
Free 
ATM - balance enquiry/transfer of funds
Free 
Phone Banking transfers
Third party telephone fees may apply
First five calls are free each month (then 50c per call)

Junior account for kids and Junior account for families both work in the same way. Opening an account is really easy.

Step 1: choose the type of savings account you’d like

*To operate the Online Saver or Online Bonus Saver accounts, you must hold a Westpac Transaction Account.

Step 2: download an application form

Please download and complete the Westpac Junior Account application form.

Westpac Junior Account application form (73kb)

Step 3: Visit your nearest branch

Bring the completed application form with you along with suitable ID. Click here for a list of acceptable verification documentation.

NOTE: Don’t forget to bring you child’s IRD number so we don't have to use the higher tax rate for the Government's Resident Withholding Tax (RWT).

To apply for a child's IRD number, download the IR 595 form and follow the instructions.

> IRD number application form IR 595

File won't open? You'll need Adobe Acrobat Reader.

Rates & fees are current as at 1 August 2014 and are subject to change. Some other service fees may apply from time to time, including overdrawn or Line of Credit charges.

You can get a copy of the current disclosure statement for Westpac New Zealand Limited and a copy of the investment statement for any securities for which an investment statement is required from any Westpac branch in New Zealand free of charge. Interest rates quoted are subject to change. The above rates are not available to financial institutions. Full details of the terms and conditions are available from any Westpac branch in New Zealand. Interest is calculated on your daily balance, and is paid (less withholding tax) into your account on the last business day of each month.

Reference to non-Westpac websites are provided for your convenience only. Westpac accepts no responsibility for the availability or content of such websites.