Bank accounts

Bank accounts for kids and teens

Start early and save regularly to get ahead on your savings with a bank account that will kickstart your future.

What type of bank account could I get?

Savings account

It’s the account you choose when you want to grow your money rather than spending it, as you’ll earn interest on your balance.

Transaction

You’ll use this account to withdraw cash or buy things in-store or online, and if you're 14 or older, it comes with a debit card2.

Bundle both

Get both accounts so you don’t need to choose, linking them so you can easily manage your money with Mobile Banking.

Want a $50 kickstart? Get both a savings and a transaction account
 

Already have one of these accounts?

Great news you're halfway there. Just open the bank account type you don't have yet, either the Incentive Saver savings account or the Complete Freedom transaction account. 

Then, within 30 days of opening the new account:

  • Deposit at least $100 into your Incentive Saver account
  • We'll then deposit $50 into your Complete Freedom account within 50 days of the new account opening*.

I’ve never had the account I am opening now before:

Don't have either account?

Then open both the Incentive Saver savings account and the Complete Freedom transaction account online today if you're 14 or older. If you're under 14, you'll need to go into a branch with a parent or guardian.

Then, within 30 days of opening both accounts:

  • Deposit at least $100 into your Incentive Saver account
  • We'll then deposit $50 into your Complete Freedom account within 50 days of the new accounts opening*.

I’ve never had an Incentive Saver or Complete Freedom account before:

Open both accounts

How do I open a bank account?

1.

Have your ID handy

Types of ID you can use

2.

14 or over: Open your account(s) online using one of the Open buttons

Under 14: You’ll need to head into your nearest BankSA branch with your parent or guardian

3.
Start using your account(s), with easy access to your banking on your mobile phone

What you’ll get with your bank account

Savings only

Incentive Saver

  • $0 Account-keeping fee

  • Earn up to 5.15% p.a. when you grow your account by at least $0.01 a month1 and your account balance remains below $250,000.
  • Open online if you're 14 or over, if under 14 you'll need to head into branch with a parent or guardian.


 

Open now

Transaction only

Complete Freedom

  • $0 Account-keeping fee

  • Get a Visa Debit card2 (aged 14 and over) or Freedom Card (12 or 13)
  • Open online if you're 14 or over, if under 14 you'll need to head into branch with a parent or guardian.


 

Open now

Bundle both

Complete Freedom + Incentive Saver

  • $0 Account-keeping fee on both accounts
  • Get a Visa Debit card (aged 14 and over) or Freedom Card (12 or 13)
  • Earn up to 5.15% p.a. when you grow your incentive saver account by at least $0.01 a month1 and your account balance remains below $250,000.
  • Open online if you're 14 or over, if under 14 you'll need to head into branch with a parent or guardian.


 

Open now

Learning about money

Check out these tips and tools to help get you started:

FAQs

You can get a debit card with a BankSA Complete Freedom account if you’re 12 or over. It will be a VISA Debit Card2 if you’re 14 or over and a Freedom Card if you’re 12 or 13.

 

Important information


Before making a decision about any of our products or services, please read all the terms and conditions and consider whether the product or service is right for you. Fees and charges apply and may change.

Terms and conditions including fees for Transaction, Savings and Investment Accounts (PDF 929KB)

*Youth MyEDB Promotion Terms and Conditions

  • To receive $50 you must meet the eligibility criteria and satisfy the requirements in these Terms and Conditions. This promotion commences 05/12/2023 and is available for a limited time only.
  • Available to new or existing BankSA customers under 18 years of age (Customer), who have not previously:
         - held an Incentive Saver or Complete Freedom account;
         - held an Incentive Saver together with a Complete Freedom account (or vice versa).
  • Excludes Customers who, within the last three years, have:
         - opened and closed either of these accounts;
         - become a Customer of the Westpac Group and no longer hold any products/ are a Customer.
  • During the promotion, the Customer must open the required account(s) so that the customer holds both an Incentive Saver and Complete Freedom account in the Customer’s name and deposits a cumulative minimum of $100 into their Incentive Saver account within 30 days of opening the account(s). If the Customer is not an existing BankSA customer, the Customer must open both an Incentive Saver and Complete Freedom account in the Customer’s name within 7 days of each other.
  • Deposit must be Customer initiated and does not include interest payments into your account.
  • The $50 promotion amount will be paid into the Customer’s Complete Freedom account within 50 days of meeting these Terms and Conditions. Both the Incentive Saver and Complete Freedom account must remain open during that period for the $50 promotion amount to be paid.
  • Each eligible Customer is only entitled to one $50 promotion amount payment when the Customer has met all the requirements set out in these Terms and Conditions. Not available in conjunction with any other offer across the Westpac Group and brands, unless we determine otherwise.
  • In the event multiple eligible accounts are open for the same Customer, the $50 promotion amount will be paid to the Customer’s Complete Freedom account that was opened first.
  • We reserve the right to withdraw, amend or extend this offer at any time.
  • Transaction, Savings and Investment Accounts Terms and Conditions apply to BankSA Incentive Saver and Complete Freedom accounts. Please read these terms and conditions carefully to determine whether these products are right for your needs and requirements.

BankSA Bank accounts interest rates.

1. The 5.15% p.a. rate is a combination of a variable base rate of 1.85% p.a., and a variable bonus rate of 3.30% p.a. Earn the variable bonus rate as long as you grow your account balance by at least $50 a month (for customers 21 or over) or $0.01 a month (for customers under 21) and your account balance does not fall below $0.

2. To be eligible for a Visa Debit Card, you must have an Australian residential address and be 14 years old or over. If you’re 12 or 13 years old and have an Australian residential address, you can request a Freedom Card in branch.