Why two accounts are better than one.
If your kid is 12 or over, it might be the perfect time to start teaching them how to be savvy when it comes to saving and spending.
Most kids see a bank account as one big pot of money. But having both a spending and a savings account can make a big difference.
When money goes into a savings account, kids can see their money grow and help them stay on track for goals. A transaction account, on the other hand, keeps spending separate so money doesn’t disappear without them realising.
Two accounts, one smart habit.
Access account
With their own card and easy-to-use app, they’ll learn to manage money, make smart choices, and build lifelong confidence.
Why choose a Life Saver account for your child?
They’ll get rewarded for saving. If they grow their savings each month, they’ll earn interest on their entire balance.
No monthly account keeping fees or transaction fees here. They’ll get to keep their money where it matters.
Get them started young. Open a Life Saver on behalf of your child or grandchild to help them kick start their financial journey.
Same benefits for life
Our Life Saver gives your child all the benefits of a youth account that will stay with them as they grow. With a competitive interest rate and a focus on building good habits early, it’s a smart step towards long-term success.
Life Saver account interest rates~
| Life Saver | $0.00+ |
|---|---|
| Variable | 5.25% p.a. |
Fees
| Monthly account-keeping fee | $0 |
| Everyday transaction fees | $0 |
Our Access account is their key to everyday banking
More for them. Start them off with zero monthly fees and unlimited free everyday transactions.
Safe and secure. Every transaction is backed by 24/7 fraud monitoring and built-in security, so their money stays protected wherever they spend.
Supports financial independence. For kids aged 12+, with their own card and easy-to-use app, they can learn to manage money, make smart choices, and build lifelong confidence.
Money management 101
With an Access account, eligible customers aged 12+ can access a Visa Debit card and gain real-world experience managing their spending.
Access account interest rates
| Rates for portion of balance between: | $0.00 - $4,999.99 | $5,000.00 - $99,999.99 | $100,000.00+ |
|---|---|---|---|
| Variable | 0.00% p.a. | 0.00% p.a. | 0.01% p.a. |
Fees and charges
| Monthly account keeping fee | $0 |
| eftpos fee | N/A |
| Greater Bank ATM withdrawal fee | N/A |
| Branch withdrawal fee | N/A |
Refer to the Product Schedule for further information regarding Account Terms, Conditions, fees and charges that may apply.
I want to open a Life Saver account for my child
How do I open a Life Saver account for my child?
Visit your nearest branch to get started.
If you’ll be acting as a benefactor on the account, your child does not need to be present.
But you will need to have both your identification and their identification with you.
If you’re not acting as a benefactor, your child will need to be present.
They’ll need to be able to understand and accept the Terms and Conditions and be able to sign for themselves. They’ll also need to have their identification with them.
If you’re unsure about the process or have any questions before visiting, give us a call on 13 13 86 and we’ll walk you through it.
What do I need to bring?
Bring a few forms of identification with you to the branch:
- Your ID (if you’ll be a benefactor) – e.g. Australian drivers licence.
- Your child’s ID – e.g. Birth certificate and Medicare card, or passport.
We’ll need physical copies of these documents as we can’t currently accept digital versions.
Check out our FAQs for other accepted forms of identification.
FAQs
Any parent, guardian or adult (18+) – whether that’s a grandparent, relative or family friend – can open a Life Saver on behalf of a child. Right now, this process can only be completed in your nearest branch.
If you intend to act as a benefactor on the account for the child, we’ll need you to bring along ID for both you and the child. We will need you to bring physical copies as we are not currently able to accept digital versions of your identification.
If you don’t intend to act as a benefactor, you will just need to provide your child’s ID. Your child will also need to be with you as they will need to be able to understand and accept the Terms and Conditions and be able to sign for themselves.
If you don’t have a drivers licence or the child is unable to locate their birth certificate, we still may be able to help. Check out our FAQs for more identification options.
If you’re still unsure or would like further clarification before opening an account on behalf of a child, you can give us a call on 13 13 86.
Account terms, conditions, fees and charges apply.
Once you turn 25, you can continue to use your Life Saver account as your savings account, earning bonus interest as long as your account balance continues to grow with at least one deposit each month.
Account terms, conditions, fees and charges apply.
You can view the full range of fees and charges applying to our Bonus Saver, Life Saver, Term Deposits and Term Deposits (monthly income) Accounts in the relevant Product Schedule PDFs on our Disclosure Documents page below.
|
If you already bank with us: If you’re already banking with us and registered for online banking, we won’t require any additional information from you as we have already verified your identity. You’ll simply need to:
If you don’t bank with us yet: If you’re a new customer, we’ll need to verify your identity by having you complete one of our everyday account online forms. In order to verify your identity, you'll need any two of: your current Australian driver licence, Medicare, or passport. |
Account terms, conditions, fees and charges apply.
SPARK - parent portal
We've got hints and tips to help all parents to empower their children to understand money.
Start them saving early with higher interest, building smart money habits for life.
Money conversations to have with your kids
Can I open a bank account for my child or grandchild?
It’s never too early to teach kids about money and the benefits of regular saving. That’s why many parents or grandparents may want to open a Greater Bank account for a child or grandchild.
No-fluff parents guide to the basics of banking
Does your child know what they need to about money? Teach the basics of transaction accounts, savings, interest, apps, and security in this smart, no-fluff guide to taking control of your money.
Teaching your child financial responsibility
The sooner we can start to introduce them to the basic concepts of money, the more likely they are to develop healthy habits that will stick.
Account terms, conditions, fees and charges apply.
~Must be under 25 to open. To qualify for interest, your closing balance must be higher than the opening balance (excluding any interest earned) for the calendar month.