Accounts for kids 7 to 12 years' old
Accounts for kids 7 to 12 years' old
Whether it’s watching their savings grow or learning to manage pocket money, we have an account that may suit.
Benefits
Choose your account
Get started with an ANZ Go account
A parent or guardian must open the account and proof of parent/guardian relationship is needed e.g. birth certificate or guardianship order.
If you’re opening the Go account in your child’s name, a parent or guardian can be an authorised signatory on the account*.
Once opened, your child can have an account with no account fees and no transaction fees until they turn 21.
It's important your child fully understands their responsibilities under the terms and conditions associated with access to digital banking. See our Electronic Banking Conditions and Banking Safely Guide for more information. To find out about how we collect and use information, including personal information in goMoney and Internet Banking, please see our Privacy Statement.
Choose whose name the account will be in
Option 1: Opening a new account in your child's name
- A parent or guardian can be an authorised signatory on the account*. As an authorised signatory on your child’s account, you don’t own the money in the account but you can access the account in your own goMoney app and Internet Banking.
- While you’ll have full access to the money in the account (other than card access) where you’re an authorised signatory, use of the account and any withdrawals must only be in the best interest and benefit of your child.
- You can help your child learn about money as they grow. With your consent, you can both have access to your child’s account in goMoney and Internet Banking.
When your child turns 13 years old, they can remove you as an authorised signatory to their account without your permission. They will then have sole access to their account in goMoney and Internet Banking. They can also open a new account in their own name without your permission.
Once the account is opened, your child can do the following without your consent:
- Get cash out of the account at a branch.
- Close the account.
- Update the address and contact information on the account.
With your consent, your child can access the account in their own goMoney app and Internet Banking. They can also have EFTPOS card access to their Go account.
Option 2: Open the account in your name as an informal trust for your child
If you (the parent or guardian) want to open an account for your child that they can’t access, you could open the account in your name and hold the money in what we call an 'informal' trust account for your child.
While you will have full access to the money in the account, use of the account or any withdrawals must only be for the benefit of your child.
It also means you (the parent or guardian) have:
- Visibility and control over the account.
- Access through your own goMoney app or Internet Banking.
From 13 years old, if your child is ready, they can open a new account by themselves in their own name.
Key differences of the two access options
Option 1: Account in a child's name | Option 2: Account in a parent or guardian’s name | |
|---|---|---|
Who can withdraw or transfer money from the account at a branch? | Child and parent or guardian (if they have authorised signatory access*; must only be used for child’s benefit) | Parent or guardian only (must only be used for child’s benefit) |
Who can use the account in their goMoney app and Internet Banking? | Child (with parent or guardian permission) | Parent or guardian only |
Who can get information about the account over the phone and in a branch? | Child and parent or guardian (if has information or authorised signatory access*) | Parent or guardian only |
Account fees | $0 | $0 |
Automated transaction fee— | $0 | $0 |
Manual (staff-assisted) withdrawal fee— | $0 per withdrawal | $3 per withdrawal |
EFTPOS card | Child (with parent or guardian permission) | Parent or guardian only |
ANZ Visa Debit card | No | Parent or guardian only |
*If you don’t currently have authorised signatory access to your child’s account but wish to have this added, please contact us.
Earn premium interest with an ANZ Serious Saver account
Standard interest rate
Standard interest rate
Rate is unavailable
Calculated daily and paid on the last business day of the month.
Premium interest rate
Premium interest rate
Rate is unavailable
Premium interest is paid if you make no withdrawals and deposit $20 or more (not including credit interest) before the end of the month. Calculated on your average balance for the month, and paid on the last business day of the month.
Total interest rate
Total interest rate
Rate is unavailable
Choose whose name the account will be in
Option 1: Opening a new account in your child's name
- A parent or guardian can be an authorised signatory on the account*. As an authorised signatory on your child’s account, you do not own the money in the account but you can access the account in your own goMoney app and Internet Banking.
- While you’ll have full access to the money in the account (other than card access) where you’re an authorised signatory, use of the account and any withdrawals must only be in the best interest and benefit of your child.
- You can help your child learn about money as they grow. With your consent, you can both have access to your child’s account in goMoney and Internet Banking.
When your child turns 13 years old, they can remove you as an authorised signatory to their account without your permission. They will then have sole access to their account in goMoney and Internet Banking. They can also open a new account in their own name without your permission.
Once the account is opened, your child can do the following without your consent:
- Get cash out of the account at a branch.
- Close the account.
- Update the address and contact information on the account.
With your consent, your child can access the account in their own goMoney app and Internet Banking.
Option 2: Open the account in your name as an informal trust for your child
If you (the parent or guardian) want to open an account for your child that they can’t access, you could open the account in your name and hold the money in a kind of trust for your child. For example, if you want to save money that they can’t access until they’re much older, this may be the right account for you. We call this an ‘informal’ trust account.
While you will have full access to the money in the account, use of the account or any withdrawals must only be for the benefit of your child.
It also means you (the parent or guardian) have:
- Visibility and control over the account.
- Access through your own goMoney app or Internet Banking.
- One free withdrawal a month (losing premium interest for that month). Then it’s $5 per month for two or more withdrawals.
From 13 years old, if your child is ready, they can open a new account by themselves in their own name.
Key differences of the two access options
Option 1: Account in a child's name | Option 2: Account in a parent or guardian’s name | |
|---|---|---|
Who can withdraw or transfer money from the account at a branch? | Child and parent or guardian (if they have authorised signatory access*; must only be used for child’s benefit) | Parent or guardian only (must only be used for child’s benefit) |
Who can use the account in their goMoney app and Internet Banking? | Child (with parent or guardian permission) | Parent or guardian only |
Who can get information about the account over the phone and in a branch? | Child and parent or guardian (if has information or authorised signatory access*) | Parent or guardian only |
Earn premium interest | Yes | Yes |
Account fees | $0 | $0 |
Transaction fees | $0 | One free withdrawal a month. $5 per month for two or more withdrawals. |
EFTPOS card | No | No |
* Access available to children’s accounts has changed. If you do not currently have authorised signatory access to your child’s account but wish to have this added, please contact us.
How to apply
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Important information
This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 269 296, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see anz.co.nz/fapdisclosure
Our eligibility criteria apply. Fees and interest rates are subject to change. Non-standard fees may apply. Please use the following links for full details of our Terms and Conditions, Fees and Charges (PDF 166KB), ANZ EFTPOS Card and ANZ Visa Debit Card Conditions of Use (PDF 103KB), and ANZ Electronic Banking Conditions (PDF 138KB).
Eligibility criteria and terms and conditions apply to the ANZ goMoney app, ANZ Internet Banking, ANZ Phone Banking, Voice ID and Pay to Mobile. For details, see our ANZ Electronic Banking Conditions (PDF 138KB).