Youth Account

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:

You can choose from 2 different savings accounts:

Online Bonus Saver¹ and Simple Saver.

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

2. Everyday banking

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 years³.

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

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:

You can choose from 2 different savings accounts:

Online Bonus Saver¹ and Simple Saver.

Choose the Online Bonus Saver to manage your savings online. To operate the Online Bonus Saver, 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 19s³.

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

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®^^.

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

Debit 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.

Westpac 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.

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.

Our fee free³ Youth Account allows you to open an electronic transaction account and choose from one of three savings accounts: Online Bonus Saver¹ and Simple Saver.

Rates

Fees