Youth & Kids Savings Accounts
Teaching the younger generation financial literacy and educating them on how to save their money sets them up for a future of banking success.
Broken Hill Bank are proud to support the next generation with our dedicated youth & kids savings accounts. With a youth or kids savings account you can provide your child with the opportunity to start making smart money decisions.
What can my child use a savings account for?
When your child gets a savings account, it's important to teach them the value of money. A good idea is to pick a goal together, for them to feel excited about. Adding a fun reward at the end helps keep kids and youth stay motivated to stick to the plan. Some long-term goals that your child can use their savings account for:
Saving for a phone
Saving for a first car
University expenses
A family holiday
Their future home
And much more! Kids savings accounts teach children the importance of saving and how it all works.
First kids savings account
Busy Bee account - a buzzing start to financial education (for ages 0-11)
Our new Busy Bee account is a rewarding first bank account designed for children aged 0-11 to help teach kids about money. This deposit-only account introduces little ones to the value of money and the joy of saving in an interactive way.
Key features and benefits:
Learn about finance in a fun and interactive way
Attractive interest rate
Deposit only! Build your child’s savings with no withdrawals permitted.
No account fees
Receive a reward when you deposit every month for six consecutive months.
How to apply for a Busy Bee kids savings account:
To open a savings account for your child, you need to fill out our join us form
Call into our Branch at 2 Chloride Street. We will require a copy of child’s Birth Certificate and identification from the parent / legal guardian.
Before applying for a Broken Hill Bank Busy Bee account, read the conditions of use and summary of accounts to consider whether the product is appropriate for you and your child before making any decisions. Once a customer turns 12 years of age, the customer becomes ineligible for a Busy Bee account and the account will be closed and all funds transferred into a Super Youth Saver account.
Super Youth Saver account - empowering young savers (for ages 12-17)
The Super Youth Saver account is tailored for young people aged 12-17, providing a stepping stone to financial independence. With no account fees and an attractive interest rate, this youth savings account empowers teens to reach their savings goals, manage their money and set them up for future banking success. This also allows the younger generation to understand how to earn interest through regular deposits.
Key features and benefits:
Attractive interest rate to grow youth savings
Set savings goals and track your progress with our online tools
No account fees
Manage your funds through Internet banking & the Broken Hill Bank banking app
Linked transaction account with Visa debit card
How to apply for a Super Youth savings account:
To begin your youth savings account application, you need to fill out our join us form
Call into our Branch at 2 Chloride Street, Broken Hill NSW 2880.
Kids with an existing Busy Bee account will be transferred into a super Youth Saver account when the child reaches 12 years old.
Before applying for a Broken Hill Bank Super Youth Saver account, read the account and access facility conditions of use, summary of accounts and fees & rates scheduled to consider whether the product is appropriate for you before making any decisions. Once a customer turns 18 years of age, the customer becomes ineligible for a Super Youth Saver account and the account will be closed and all funds transferred into an eCall Account.
At Broken Hill Bank, we believe in fostering financial wisdom from an early age. If your child is buzzing with excitement about their first account or you're a young saver ready to set and achieve financial goals, Broken Hill Bank is here for you. Open an account today and embark on your savings journey with Broken Hill Bank now.
FAQs
Can I open a bank account for my child?
Yes. To begin the application process Join Us here or contact Broken Hill Bank for more information. Please note that only parents or legal guardians can open an account for children aged between 0 – 11 years. For children aged 12 and above, the account is opened solely by the child. Visit the Summary of Accounts for more information.
Should a 12-year-old have a savings account?
A savings account for a 12-year-old is a great way to teach financial responsibility and the value of saving. This will benefit them in the future with understanding how to make smart money decisions and set them up for success. You may open a savings account when your child first receives pocket money to prepare them for the independence of attending high school, or earlier so you can begin saving on their behalf.