Youth Account

Designed for kids and teens up to 19 years, this account is fee free# and helps them learn to save and manage their money as they grow. 

  • for kids under 12: parents can relax knowing they have full control of the account
  • for kids 12 - 15: parents have the option to give the child responsibility of the account
  • for 16+: teens can now open their own account without parent permission
For kids under 12

How it works

Parents have full control of the account so you'll feel comfortable knowing what is happening with your child’s money while they learn to save. An EFTPOS card isn’t issued for kids under 12 to encourage positive savings habits.

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Choose your savings account:

You can choose from 3 different savings accounts:

Online Saver1Online Bonus Saver1 and Simple Saver.

Choose an online savings account if you want to manage your savings online. To operate an online account, you'll need an everyday transaction account which we'll open for you. The Westpac Electronic Account is fee free for children under 19 years#.

For other account options please call us or visit your local branch.

As well as the savings account (and an electronic transaction account if you select an Online Saver or Online Bonus Saver), your child will also receive a fun pack2 with:

  • a Westpac Rescue Helicopter moneybox
  • a fun activity book with money magic tricks, pop-ups and more
12 - 14 year olds

How it works

Parents have full control of the account so you feel comfortable knowing what is happening with your child’s money while they learn to save. But if you feel the time is right, you have the option to hand over the reins and give your child responsibility for the account. 

1. Choose a savings account:

Pig W iconYou can choose from 3 different savings accounts:

Online Saver1Online Bonus Saver1 and Simple Saver.

Choose an online savings account if you want to manage your savings online. To operate an online account, you'll need an everyday transaction account which we'll open for you. 

2. Everyday banking

atm

To encourage responsible spending (as well as saving) an EFTPOS card can be issued with the parents’ or guardians' permission (EFTPOS card fees apply). The child will then have full responsibility of the account. To issue an EFTPOS card, an electronic transaction account will need to be set up. If one hasn’t been set up already, now is a good time. The Westpac Electronic Account has no transaction and account maintenance fees for children under 19 years#.

For other account options please call us or visit your local branch.

Teens 15 - 18 years

How it works

With life becoming busier you might need a little more flexibility with your everyday banking. In addition to a savings account and an EFTPOS card, you’re now able to get a debit card and Westpac PayTag® with parent or guardian permission.

1. Choose a savings account:

Pig W iconYou can choose from 3 different savings accounts:

Online Saver1Online Bonus Saver1 and Simple Saver.

Choose an online savings account to manage your savings online. To operate an online account, you'll need an everyday transaction account which we'll open for you.

2. Everyday banking

Apply for an everyday transaction account. The Westpac Electronic Account has no transaction and account maintenance fees for under 19s#.

For other account options please call us or visit your local branch.

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Then choose from an EFTPOS^ or a debit card^^ if you would like one. If you choose a debit card, you can also get a Westpac PayTag®^^.

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EFTPOS card - great for buying everyday items, such as movie tickets.

tickDebit MasterCard - can be used at contactless terminals and is better suited if you also like to shop online. For example, you could pre-purchase your movie ticket online.

tickWestpac PayTag - forget your wallet! Stick a Westpac PayTag to your phone and use it for purchases under $80 at any contactless enabled EFTPOS terminal. Available to use with any Westpac debit card.

^An EFTPOS card is available with parent permission at 12 years or without parent permission at 16 years. EFTPOS card fees will apply.

^^A debit card and Westpac PayTag is available with parent permission from 15 years. For customers under 18 years old, a parent or guardian must complete a section of the application form and sign to accept the terms and conditions in person at a Westpac branch. Westpac PayTag terms and conditions apply. Debit card and Westpac PayTag fees will apply.

Next Steps

Turning 19?

Once you turn 19 your account will be charged fees. Good news is we can help you keep down the costs of everyday banking. Give us a call to discuss your options.

School leaver?

Going to study or start an apprenticeship? Or starting a new job? Have a look at our Tertiary and Career Starter Pacs to see what benefits and savings you can get.

How to apply

Opening a Youth Account is really easy.

Step 1: Download an application form

Please download and complete the Youth Account application form if:

  • You are a parent or guardian opening an account for a child or teen and you want to keep responsibility of the account

Please download and complete the Personal Account application form if:

  • You are a parent or guardian with a child aged 12 and over and you would like them to have full responsibility of the account
  • If you are 16 and over and would like to open your own personal account
Step 2: Visit your nearest branch

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

Don’t forget to bring your 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 application form and follow the instructions.

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

Rates and fees

Our fee free# Youth Account allows you to open an electronic transaction account and choose from one of three savings accounts: Online Saver1, Online Bonus Saver1 and Simple Saver.

Rates

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 0.35% 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 0.05% p.a. 2.55% p.a. If you make at least one deposit and no withdrawals by the last business day of the month 2.60% p.a. If you make at least one deposit and no withdrawals by the last business day of the month

Simple Saver - Interest rates
Interest is calculated daily, and the same rate applies to all balances.
Tier Rate
All balances 0.20% p.a.

Fees

Electronic Account - Fees
Fee exemptions available for superannuitants and under 19 year olds. Service fees still apply.*
Fee typeFee amount
Account maintenance fee
$3.50 per month
Free if printed statements are stopped via online banking.
Electronic transactions
EFTPOS, Westpac ATM transfers and withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, online and phone banking payments
Note: Any transactions or balance enquiries made at another bank's ATM will incur an additional $1 charge per transaction.
Free 
Manual transactions
Cheques, deposits and withdrawals at a branch, Westpac ATM deposits (excluding Smart ATM deposits)
$3 per transaction

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

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

Simple Saver - Fees
Service fees still apply.
Fee typeFee amount
Account maintenance fee
All balances
Free 
All deposits
Including ATM's
Free 
First withdrawal (whether manual or electronic) each month Free
Electronic withdrawals First manual or electronic withdrawal each month is free.
EFTPOS, Westpac ATM transfers and withdrawals, automatic payments once set up (service fee applies to set up or amend), direct debits/credits, bill payments, online and phone banking payments


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.
$1 per transaction
Manual withdrawals First manual or electronic withdrawal each month is free.
Cheques and withdrawals at a Westpac branch
$3 per transaction