Children’s Savings Account
Our Children’s savings account is for anyone under the age of 18 wanting an account to save or spend.
The account rewards good savings behaviours and pays bonus interest if no withdrawals are made and if a deposit is made each month.
Please note: The account pays interest on up to $50,000 and any amount above this will not earn interest.
Fee free
There’s no monthly fees or transaction fees.1 Learn more.
Card access available
You can access your account using a Visa Debit Card.
Bonus interest
Bonus interest applies each month you make a deposit of any amount and make no withdrawals. Learn more.
Build good savings habits
Our bonus interest helps teach children the benefits of regular saving.
Children's Savings Account interest rates
| Product Name | Interest Rate | Bonus + Rate |
|---|---|---|
| Children's Savings Accounts | 0.05% pa | 4.35% pa |
Bonus interest applies each month you make a deposit (of any amount) and no withdrawals. The portion of any balance above $50,000 will not receive bonus interest.
Children's Savings Account fees
Fee
Amount
Monthly Fee
$0
Start your application now
If this sounds like the account for you, you can open an account online now.
Get in touch
You can contact us by calling us, visiting us, making an appointment or using Secure Mail.
Open a child membership by following these instructions:
1. Log into your Internet Banking
2. Select 'Apply for' from the top menu
3. Click 'Child Membership' from the drop-down menu
4. Complete our online Child Membership form.
Please note you’ll need a photo/scan of the child’s birth certificate or passport to complete the process.
16-18 year olds
If you’re 16-18 years of age and not already linked to a membership, you can join online now. Simply complete our online membership form.
Please note you’ll need at least one form of personal identification (either a driver’s licence or passport).
Parents or guardians
If you’re over 18 years of age and would like to open a membership for a child, simply complete our online child membership form.
Please note you’ll need at least one form of personal identification (either a driver’s licence or passport) for yourself and a photo/scan of the child’s birth certificate or passport to complete the process.
Frequently asked questions
View all Accounts FAQsThe Children's Savings Account is perfect for children under the age of 18 wanting to start regular savings habits. Every month a deposit is made without a withdrawal, bonus interest is paid. The account can be set up by the child themselves, or by you (on behalf of the child), wishing to regularly set funds aside for the future.
Who can apply?
- This account is for anyone under 18 years of age.
- A parent or legal guardian over 18 years of age can to open the account on behalf of the child (either online or in person).
- If you’re 12 years of age or over, you can open a Children’s Savings Account without permission from a parent or legal guardian (if you’re not already linked to a membership).
Existing members
Open a child membership by following these instructions:
- Log into your Internet Banking
- Select Apply for from the top menu
- Click Child Membership from the drop-down menu
- Complete our online Child Membership form.
Please note you’ll need a photo/scan of the child’s birth certificate or passport to complete the process.
Not a member? (16-18 year olds)
If you’re 16-18 years of age and not already linked to a membership you can join online now. Simply complete our online membership form.
Please note you’ll need a at least one form of personal identification (either a driver’s licence or passport).
Not a member? (Guardian or parent)
If you’re over 18 years of age and would like to open a membership for a child, simply complete our online child membership form.
Please note you’ll need a at least one form of personal identification for yourself (either driver’s licence or passport) and a photo/scan of the child’s birth certificate or passport to complete the process.
You should review the Deposit Accounts and Access Services Terms and Conditions to determine if this product is suitable for your personal needs and situation.
If an account is opened on behalf of a child, the account operator can choose when to provide access to the child at any time up to the age of 18, at which time the child can automatically claim access themselves.
Our Mobile Banking App is an application that is downloaded to your smart device via the App Store that makes accessing your accounts even easier. Once your Mobile Banking App is setup, you can access your accounts at the touch of a button using a four digit PIN, fingerprint or FaceID.
Our Mobile Banking App provides you with access to the most popular Internet Banking features including:
- Checking your balances and transaction history
- Transferring money from or to other Credit Union SA members
- Transferring money to other financial institutions
- Paying a bill using BPAY®
- Opening a new account
Internet Banking is accessed via a web browser, which can still be accessed on your smart device or desktop computer using your account number and password. For services such as loan redraw, or opening a new savings account, you will need to access Internet Banking from a web browser on a computer or smart device.
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At Credit Union SA, we offer all the same services as a bank but with one very important difference - our highest priorities are our members and our community.
How we
can help
Contact us
You can contact us by calling us, visiting us, making an appointment, using Web Chat or Secure Mail.
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We’re here to answer any questions you might have – make sure you have your Access Code ready!
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Related products
INFORMATION YOU SHOULD KNOW
Download a copy of our Home Loan Interest Rates, Lending Fees and Charges, and our Terms and Conditions. Interest rates are subject to change and special offers may be withdrawn at any time.
The target market for this product can be found within the product’s Target Market Determination (TMD), available at creditunionsa.com.au/legal/terms-and-conditions/target-market-determination.
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*We do not charge any fees when using ATMs within Australia. However, some ATM operators may charge a fee to process your transaction or balance enquiry. If withdrawing cash overseas a fee may be charged by the ATM operator and the details will be disclosed at the time of the transaction or enquiry. Other fees and charges may apply.
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Canstar’s Awards uses a methodology unique to Canstar, which compares institutions’ products and services and recognises the providers found to offer outstanding value. Visit canstar.com.au for details of Credit Union SA’s awards.