Which account is right for under 18s?

Which account is right for under 18s?

Tiny Monsters Banking

Our Tiny Monsters banking program is designed for children between 0 and 12 years of age. It’s the ideal bank account for this age group because it comes with the added safeguard of a parent or guardian being the sole account signatory. 

Children in the Tiny Monsters program will automatically graduate to Teen Banking on their 13^th birthday.

Teen Banking

Is your child between 13 and 17 years old? Our Teen Banking program is made just for them. 

Teen Banking is the perfect transition to adult banking because it lets you choose whether the child and/or the parent or guardian is the signatory on the account. 

It’s a great way to introduce teens to more financial literacy and responsibility while still having the peace of mind of being a joint signatory on the account so you can keep an eye on things.

With Teen Banking, if you opt to make your child an account signatory and they’ve provided their own email address and phone number, they’ll get full access to Internet Banking. 

If they have an Everyday Direct account they’ll also receive a Youth Visa Debit card. 

Want to remain the sole signatory on the account? Your teen will still be able to use enquiry-only Internet Banking so they can access electronic banking statements.

For more information on Under 18s products see How we can help? – Under 18s products.

What will happen to your accounts when you turn 18?

If you have an Under 18 savings account – we’ll close the account when you turn 18 and transfer your balance to your Everyday Direct or Bill Paying account (if you have one).

If you don’t have either of these accounts, we’ll open a Bill Paying account for you.

If you have a Mighty Saver account – we’ll close your Mighty Saver account and open a new Reward Saver account to transfer your account balance into. Your new Reward Saver account will reward you with bonus interest when you deposit a minimum of $50 each month, make no withdrawals and keep your account balance in credit for the whole month. 

Sound good? See our Conditions of Use Accounts and Access for more details.

Your account balance transfers will occur on the next business day after you turn 18. If you have a Mighty Saver account transfers will occur on the first day of the next month after you turn 18, this is to ensure you receive any bonus interest applicable on your accounts.

If you have any automatic payroll deductions or recurring payments set up for those accounts, they’ll be automatically cancelled when the accounts are closed.

Want to set up a recurring payment to your new Reward Saver account? See How do I set up a future payment.

What happens when members turn 18?

Once a Teen Banking member turns 18, if they’re not already, they’ll become the sole signatory on their account.

If a parent or guardian is still an account signatory, they’ll be automatically removed on the teen’s 18th birthday and will no longer have access to the account. 

To ensure a smooth transition, we’ll send a notification to the account signatory/s ahead of the teen member’s 18th birthday to advise you of next steps.

What will happen to your Visa Debit card?

If you have a Youth Visa Debit card, it will simply be replaced with a new Adult Visa Debit card and pin. 

Once you receive your new Adult Visa Debit card, be sure to follow the instructions to activate your new card and destroy your old Youth Visa Debit card for your security.

Don’t have a Visa card?

If you have an Everyday Direct account but you don’t have a Visa Debit card, you can contact us to request one here.

Don’t have an Everyday Direct account?

To apply for an account, simply complete the Transaction savings account application form and email it to [email protected]