Accounts for teens 13 to 17 years' old

A Jumpstart account can only be opened in the teen’s name.

Once opened, there’s:

• Access to the account in the teen’s own ANZ goMoney app and ANZ Internet Banking—
• 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
• No account fees
• No transaction fees.

With the teen’s approval, a parent or guardian can be an authorised signatory* on the teen’s account. That means the parent or guardian can view the account in their own goMoney app and Internet Banking, and can access the account to make withdrawals and update information (but will not have card access). The teen can remove this authorised signatory from their account, including their channel access, at any time without the consent of their parent or guardian.

*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.

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).

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).  

*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.