Kids Bank Account

Help your child establish good saving habits with a Target Bonus savings account for kids. 

1.10 % PA
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% PA
About our kids bank account

Getting your child involved in banking is important

Establishing good spending and saving habits plays an important role in creating a great foundation for your child’s lifelong relationship with money and banking. 

Our Target Bonus savings account for kids can help our youngest members establish good spending and saving habits by encouraging monthly deposits, and no withdrawals, to earn a bonus interest payment each month.

Target Bonus features include:

  • Earn a bonus interest rate for every month you make at least one deposit, and no withdrawals
  • $0 monthly account keeping fees^
  • $0 transaction fees^
  • eStatements or paper statements available
  • Access 24/7 with Heritage Online and Mobile Banking App

Learn more about our Target Bonus savings account.


How do I open a kids bank account?

To open an account for your child under 17 years of age, you'll need to visit your local branch.

Your child will need to be present to open an account if they are 12 years old or over. If your child is younger you might still like to take them with you and encourage them to ask questions. It’s a great way to help them own and be responsible for the account.

There are a number of things you’ll need to have to open the account – including the correct identification such as your child's birth certificate. If your child is 11 years or under, you will need to become an authorised signatory on your child's account by completing a form and providing further identification.

Do I need to provide my own ID when opening a bank account for my child?

Yes you'll need to provide identification like your drivers license and Medicare card to Heritage Bank when you open your kids bank account. There are lots of combinations for identification so you might like to contact your local branch or our contact centre beforehand to confirm exactly what you need.

Who operates the Kids Bank Account?

As a parent/guardian you’ll have full operating authority on the account until your child turns 12. Once your child turns 12, they will be given full operating authority and can begin to transact on the account.

Guide to setting up your child's bank account

Introduce banking to your child

There are many ways to introduce banking to your child. Involving your child in banking can be as simple as sitting them with you while you do online transactions, take them into the bank with you, or through games such as playing ‘shops’. Remember, it’s okay for your kids to understand financial difficulty exists. While you shouldn’t worry your children with details, it’s helpful for them to understand money isn’t magical – it doesn’t just appear when you need it.

Discuss what your child’s account is to be used for

Before you set a bank account up for your child, spend some time discussing what the bank account will be used for. Is it a way to save money to buy something special in the medium term? Or, do you have a longer-term plan for the savings in the account? Explain the advantages of setting up and using a bank account rather than a piggy bank, such as the ability to earn interest, and also to keep their money in a safe place.

Set up a Kids Bank Account in-branch

The next step is to open the account with a Heritage staff member. You can do this by going into a branch. Remember, there are a number of things you’ll need to have to open the account – including the correct identification. If going into a branch, take your child with you and encourage them to ask questions. It’s a great way to help them feel ownership and responsibility for the account. 

Motivate your child to save

Motivating your child to show interest and save their money is a great way to help them reach their savings goals. Some ideas to help motivate include:

  1. Offer extra pocket money for special jobs
  2. Encourage them to save their spare change
  3. Reward your child for saving. For example, a special treat when they reach a small goal
  4. Match your child’s contributions
  5. Help your child understand the importance of waiting to purchase an item, rather than buying it on the spot.

Your child can also use our easy Pocket Money Tracker to keep track of what they've been earning and saving.

Research tools
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10 top budgeting tips
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Our specialists are available to answer any of your questions, so you can choose the product that best suits your needs.

They can also help with internet banking, card management and lots more.  Tap here for live assistance.