Accounts for teens 13 to 17 years' old
Accounts for teens 13 to 17 years' old
Our accounts for teens give you options that may suit, whether it’s saving for your first car or managing your first pay.
Benefits
Choose your account
Get started with an ANZ Go account
When a Go account is opened in the teen’s name, they’ll enjoy no monthly account or transaction fees until they turn 21.
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. 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 the teen’s name
This means the teen:
- Owns the money in the account
- Can access the account in their own goMoney app and Internet Banking—
- Pays no card fee on an ANZ Visa Debit card or EFTPOS card. A Visa Debit isn't a credit card – it uses money in your account, just like an EFTPOS card. Plus, you can use it online, make contactless payments, over the phone and overseas
- Pays no fees for withdrawals.
With the teen’s approval, a parent or guardian can be an authorised signatory* on the account. That means the parent or guardian can view the teen’s account in their own goMoney app and Internet Banking, can access the account to make withdrawals (except via card), and can update information. The teen can remove the authorised signatory from their account (and consequently, from having channel access) at any time, without the approval of their parent(s) or guardian(s).
Option 2: A parent or guardian opens the account in their name
If a parent or guardian wants to open an account for their teen that the teen can’t access, it can be opened in their name and the money held in what we call an 'informal' trust account for their teen.
While the parent or guardian has full access to money in the account (except for card access), use of the account or any withdrawals must be for the benefit of the teen.
It also means a parent or guardian has:
- Visibility and control over the account
- Access through their own goMoney app and Internet Banking
Your teen will be able to open an account in their own name when they are ready (they can do this themselves any time from 13 years old).
Key differences of the two access options
Option 1: Account in a teen's name | Option 2: Account in a parent or guardian’s name | |
|---|---|---|
Who can withdraw or transfer money from the account? | Teen and parent or guardian (only if parent or guardian is an authorised signatory*, must only be used for the teen’s benefit) | Parent or guardian only (must only be used for the teen's benefit) |
Who can view/use the account in their goMoney app and Internet Banking? | Teen and parent or guardian (only if parent or guardian is an authorised signatory*). | Parent or guardian only |
Who can get information about the account over the phone and in a branch? | Teen and parent or guardian (only if parent or guardian has information access or is an authorised signatory*) | Parent or guardian only |
Account fees | $0 | $0 |
Automated transaction fee— | $0 | $0 |
Manual (staff-assisted) withdrawal fee— | $0 until they turn 21 | $3 per withdrawal |
Visa Debit or EFTPOS card | Teen | Parent or guardian only |
*If you don’t currently have authorised signatory access to your teen’s account but wish to have this added, please contact us.
How to apply for a Go account
Eligibility criteria and terms and conditions apply. See important information below.
Call us Monday to Friday 8am - 8pm, Saturday and Sunday, 8am - 6pm.
From overseas: +64 4 470 3142
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 the teen’s name
This means the teen:
- Owns the money in the account
- Can access the account in their own ANZ goMoney app and ANZ Internet Banking—
- Pays no fees for withdrawals.
With the teens approval, a parent or guardian can be an authorised signatory* on the account. That means the parent or guardian can view the teen’s account in their own goMoney app and Internet Banking, can access the account to make withdrawals (except via card), and can update information. The teen can remove the authorised signatory from their account (and consequently, from having channel access) at any time, without the approval of their parent(s) or guardian(s).
Option 2: A parent or guardian opens the account in their name
If a parent or guardian wants to open an account for their teen that the teen can’t access, it can be opened in their name and the money held in a kind of trust for their teen. For example, if the parent or guardian wants to save money that the teen can’t access until they’re much older, this may be the right account structure. We call this an ‘informal’ trust account.
While the parent or guardian has full access to money in the account (except for card access), use of the account or any withdrawals must be for the benefit of the teen.
It also means a parent or guardian has:
- Visibility and control over the account
- Access through their own goMoney app and Internet Banking
- One free withdrawal a month (losing premium interest for that month). Then it’s $5 per month for two or more withdrawals.
Your teen will be able to open an account in their own name when they are ready (they can do this themselves any time from 13 years old).
Key differences of the two access options
Option 1: Account in a teen's name | Option 2: Account in a parent or guardian’s name | |
|---|---|---|
Who can withdraw or transfer money from the account? | Teen and parent or guardian (only if parent or guardian is an authorised signatory*, must only be used for the teen’s benefit) | Parent or guardian only (must only be used for the teen's benefit) |
Who can view/use the account in their goMoney app and Internet Banking? | Teen and parent or guardian (only if parent or guardian is an authorised signatory*). | Parent or guardian only |
Who can get information about the account over the phone and in a branch? | Teen and parent or guardian (only if parent or guardian has information access or is an authorised signatory*) | 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 or Visa Debit card | No | No |
*Access available to children’s accounts has changed. If you do not currently have authorised signatory access to your teen’s account but wish to have this added, please contact us.
How to apply for a Serious Saver account
Call us Monday to Friday 8am - 8pm, Saturday and Sunday, 8am - 6pm.
From overseas: +64 4 470 3142
We encourage teens to bring a parent or guardian along to the appointment so you both understand the different ways you can manage your accounts and money and how to bank safely.
KiwiSaver for kids
A KiwiSaver account can be a great way for teens to learn about the value of saving. With the ANZ KiwiSaver Scheme, there’s no minimum amount you need to put into the account. You choose how much and how often to contribute.
Personalise your Visa Debit card
Stand out from the crowd with an ANZ MyPhoto card. It’s easy, free to create and fun – just choose one of our gallery images or upload your own photo—.
You must be 13 years or over to apply for an ANZ Visa Debit card.
Pay to Mobile
With goMoney you can pay another ANZ customer who is registered for Pay to Mobile using just their mobile phone number—.
How to bank safely
We’re committed to keeping your family’s banking safe. By working together, we can keep you even safer. Find out what you should do to bank safely.
Get the app so you can keep track
Keep your banking at your fingertips wherever you are – on the bus, at the beach or at home—.
With the goMoney app you can:
- Check your balance
- Make payments
- Move money around
- Get alerts and notifications
- Personalise your accounts.
Important information
This material is for information purposes only. Please talk to us if you need 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. See our financial advice provider statement (PDF 39.8KB).
Our eligibility criteria apply. Fees and interest rates are subject to change. Non-standard fees may apply. Please see 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).