Accounts for kids 7 to 12 years' old

A Jumpstart account can only be opened in your child's name. A parent or guardian must open the account and proof of parent/guardian relationship is needed e.g. birth certificate or guardianship order.

A parent or guardian can be an authorised signatory on the account*. As an authorised signatory, this means:

• You do not own the money in the account.
• You can access the account in your own ANZ goMoney app and ANZ Internet Banking.
• You’ll have full access to the account, except for card access.

Once opened, your child can do the following without your consent:

• Ask us to give them sole access to their account(s) when they turn 13 years old.
• Get cash out of the account at a branch. 
• Close the account. 
• Update the address and contact information on the account 

Your child can also:

• Access the goMoney app and Internet Banking, with your initial permission.
• Have an EFTPOS card for the account, with your initial permission.
• Have an account with no account fees.
• Have an account with no transaction fees.

It is 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.

*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.

• 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.  

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.

* 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.