Your First Bank Account

Kids and teens banking 

We understand how overwhelming raising a child can be and all the different decisions parents have to make as their children age. That's why we've gone to great lengths to help you and your kids and teens navigate their banking journey with ease. At BOQ, we're here to help you simplify your decision-making process and make kids and teens banking as simplistic as possible. 

Here's some of the benefits of opening a BOQ savings account for kids and teens: 

• Personalised service with a branch manager every step of the way 
• Access to competitive interest rates to help your child save 
• Kids receive statements in their name so they can watch their savings grow 
• Kids receive their own deposit book and wallet to track their savings 

Step 1: Talking to kids and teens about saving

First steps for kids and teens

Encouraging your children to start the right saving behaviour early is important. As a parent you're going to play a vital role in developing positive habits around money, including spending, budgeting, earning and finally saving. It's all about setting up positive behaviours that will last a lifetime. 

Here are some key points to discuss with your children:

• Talk to your children about the importance of saving for the future 
• Explain to your children where money comes from and where it goes   
• Using cash for purchases can help your children understand the physical exchange of money and its tangibility 
• When your children are age appropriate introduce pocket money for odd jobs around the house 

For more savings tips for kids check here

Step 2: Opening your bank account 

Next steps for teens and kids banking 

When thinking about opening a savings account for your kids or teens there are many things that need to be carefully considered. Generally, you'll want to open an account that earns high interest and has low account keeping fees. Generally, children under 14 will need a guardian or parent to help them set up the account either online or at a branch. Remember to also bring your Medicare card (when your children are listed) and also your child's birth certificate as proof of identity. 

Here are some questions to ask yourself while selecting a kids savings account: 

• How easily are you able to access the money? 
• What exactly is the interest rate? 
• What are the fees associated with the account? 
• Is there a minimum monthly deposit? 
• Does the account offer free transactions? 

For more tips on saving with your kids check here

Step 3: The importance of money monitoring 

Watching their savings grow

So now you've selected your savings account of choice it's important to get your kids or teens excited about watching their money grow and learning the basics of budgeting. 

Here are our tips to help get them involved in the process: 

• Talk to your children about making regular deposits 
• Check the account regularly with your children and explain to them about the interest that's been earned
• Have your children closely monitor their deposit book 
• Draw up a budget for the month, highlighting their expenses and explain to them the importance of saving, and not just spending
• If they wish to purchase something in particular, help them work towards saving for the item eg. their first car

For more tips on saving with your kids check here 

Step 4: Next steps for teen banking

Important future financial considerations

Once your teen reaches a certain age, conversations about their future and their financial literacy will become increasingly important. After all, money certainly doesn't grow on trees and it's vital they understand this. 

Here's our tips for topics you'll want to cover with your teen: 

• When they start their first job, do they have a savings plan? 
• When they eventually move out of home do they have a budgeting plan and savings?  
• What study goals are they working towards? 
• What is superannuation and why it's important 
• Why a healthy credit score is so important 

For more tips on saving with your kids check here 

Helpful tools for opening your first account

Let's get your kids saving faster with our savings tools

These tools can be a great way to introduce the idea of setting budgets and working towards saving goals for your children, helping to simplify the sometimes complex process. These calculators can help your children determine what they're spending and where, and how you can reach your savings goals faster.

Ready to get started?

We’re here to answer any questions you may have.