Best Bank Account for Teens

[Deactivated] on 22/11/2020 - 12:41
Last edited 23/11/2020 - 21:09

Hey Guys,

Looking for a bank account for Teens/Students. Savings and transaction account. I personally value ease of use, customer service, ATM coverage, extra benefits and definitely no monthly fees..

I've read a lot about ING Everyday Teen account linked with Savings Maximiser which can be used with any ATM, has good customer service and is easy to use, no account fees and good interest rate. I've also read some good things about CUA YouthEsaver and also recommendations on Commbank Everyday.

What would bank for teens would you recommend and why!
Thanks!

EDIT: Guys, ended up going with CUA as the card can be used with any of the four major bank ATM's, has a good interest rate and ticked most of the boxes.

Poll Options

  • 3
    ING
  • 7
    Commbank
  • 0
    CUA
  • 11
    Other?
Financial

Comments

  • Godric on 22/11/2020 - 12:54
    +1

    value ease of use, customer service, ATM coverage, extra benefits and definitely no monthly fees..

    CBA ticks all these boxes, but then again with ING you can withdraw from any ATM with no fee, they have good customer service how ever obviously it's all done over the phone as they have no branches.

  • Ryk on 22/11/2020 - 12:56
    +1

    anything that is, and will be, free with no deposit or transaction hurdles.

    also look at the age requirement;
    Like, "CUA Visa Debit card with payWave if you're over 14, or a CUA rediCARD if you're over 10."
    Up, "These accounts are available only to individuals over 16 years of age."
    ING, "Orange Everyday Youth, Helping teens aged 15 - 17 to start out right."
    86400, "16 years old or over"

    CBA, "Children under 14 will need a parent or legal guardian to open a Smart Access Account for Youth on their behalf"
    "If you’re aged 14 or over, you can apply for an Everyday Account Smart Access yourself - online or in-branch."
    warning, once the child becomes an adult, fees are applicable.

    NAB, "Must be at least 16 and a permanent Australian resident to apply online
    Call us on 13 22 65 or visit a branch if you’re under 16 or a non-permanent resident"

    • No Username on 22/11/2020 - 16:46

      once the child becomes an adult, fees are applicable.

      I think CBA Everyday Account Smart Access is now fee free.
      I'm 20 and don't have any monthly fee on my account. Same goes with my CBA Business Debit Card. Use to be $10 a month then they dropped it to $0.
      My ANZ, Westpac and NAB also have no monthly fee.

      • Ryk on 22/11/2020 - 17:09

        CBA Everyday Account Smart Access is $4.

        The fee will be waived if:
        You’re under 25 years

  • 1d0ntkn0w on 22/11/2020 - 13:32
    +1

    Westpac is decent. Their saving account goes upto 3% interest per annum for 18 to 29.

  • AustriaBargain on 22/11/2020 - 15:22

    NABs standard account has no fees. Must be 16, but maybe it'd be easier to be with NAB now and then when they turn 16 they can use the same account on their free adult option.

    • [Deactivated] on 22/11/2020 - 15:22

      Looking for an account for 15 yr old. Thanks tho!

      • AustriaBargain on 22/11/2020 - 15:34
        +1

        I'm saying you should get any account available to a 15 year old with NAB, in preparation for next year when they turn 16 and can turn it into an ordinary account with NAB.

  • orangetrain on 23/11/2020 - 07:51
    +2

    There's some good options for teens out there but beware, some banks are trying to trap (lazy) customers to make them bleed for rest of life. Make sure your kids keep track of fees and other options on the market from time to time as thry get older.

  • realfancyman on 24/11/2020 - 00:31

    CBA's big advantage is many of their branches have coin deposit machines attached to the ATMs, good for kids to make sure they're putting their money in the bank

  • His_Holiness on 24/11/2020 - 17:26

    EDIT: Guys, ended up going with CUA

    So you went with the one with zero votes…?

    Could have gone Macquarie. Only need to be 14yo to open a transaction account.

    • [Deactivated] on 24/11/2020 - 19:52

      Actually went with the one with the highest interest rate. May not be that much but for a saver, its worth it.

  • Ryk on 02/12/2020 - 13:52

    https://www.boq.com.au/personal/banking/savings-and-term-dep…

    3.00 %P.A.^^
    Bonus Interest on balances up to $10,000 when Bonus Criteria is met*

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