💰 Ages 13–17: Future Investors
Opening a Bank Account
Welcome to the next level of financial independence!
If you're between 13 and 17, you're at the perfect age to take control of your money and start learning how the financial world works.
One of the most important first steps?
Opening your own bank account.
💳 Why Open a Bank Account Now?
At this stage, you might be getting a part-time job, earning pocket money, or even making cash from side gigs like babysitting or tutoring.
Rather than stuffing your earnings under the mattress or carrying it around in your wallet, opening a bank account is a safer, smarter, and more grown-up way to manage your money.
A bank account gives you:
- A safe place to store your money
- Access to savings tools to help you reach your goals
- Digital banking so you can track your balance and transactions
- A debit card to make purchases in-store or online (with permission!)
- Interest on your savings (free money for doing nothing!)
🏦 Types of Accounts for Teenagers
Most major Australian banks offer accounts designed specifically for under-18s.
These usually have:
- No account-keeping fees
- Parental or guardian consent required if you’re under 14
- Low minimum deposits
- Savings incentives or bonus interest for good saving habits
📝 Common account types:
- Youth Savings Account – Great for growing your money with interest
- Everyday Transaction Account – For spending with a debit card or PayID
- Joint Accounts with Parents – Optional for younger teens or those learning with guidance
🛠️ How to Open a Bank Account (Step-by-Step)
Opening a bank account as a teenager is pretty straightforward.
Here’s how it works:
- Choose a bank – Compare options for features, fees, and apps.
- Check the requirements – Most banks will need:
- Proof of identity (like a birth certificate, passport, or student ID)
- Your Tax File Number (TFN) if you want to avoid automatic tax on interest
- Parental or guardian permission (if under 14, and sometimes even up to 16)
- Visit a branch or apply online – Some banks let you start the process online and finish in person.
- Set up digital access – Get your mobile banking app, set up a PIN, and learn how to use it safely.
- Activate your debit card – Once received, you’ll be ready to spend (or save) like a pro!
🎯 What to Look for as a Teenager in Bank Account
Here are a few things to consider when choosing the best account for you:
| Feature | Why It Matters |
|---|---|
| No monthly fees | Save money every month |
| Banking app access | Track spending and balances easily |
| Bonus interest rates | Get rewarded for saving regularly |
| Parental controls | Helpful for learning and safety |
| Teen rewards | Some banks offer giveaways or savings challenges |
📚 Smart Tips for Teenage Bankers
- Check your balance regularly – Stay in control by knowing what’s going in and out.
- Set savings goals – Whether it’s a new phone, a car, or a gap year, saving starts now.
- Use banking alerts – Get notified when you get paid or spend money.
- Avoid impulse spending – Just because you can tap your card doesn’t mean you should.
- Learn to read your statements – They tell the story of how you use your money.
👨👩👧 Parent/Guardian Note
Helping your teenager open their first bank account is a great opportunity to teach them about financial responsibility.
It can spark conversations around earning, saving, budgeting, and even interest rates.
Many parents choose to set up joint accounts or co-monitor transactions during the early stages of financial independence.
🧠 Real-Life Scenario: Meet Jordan, 15
Jordan just landed a weekend job at a local café.
With her first pay going directly into her new youth account, she’s now learning how to split her earnings:
- 50% into savings
- 30% for spending
- 20% for longer-term goals like her school trip next year
Jordan uses her bank’s mobile app to track her spending and set savings goals.
She even earned bonus interest last month by meeting her savings target.
Go, Jordan!
✅ Checklist: Are You Ready to Open a Bank Account?
- I'm earning money from a job or pocket money
- I want a safe place to keep and grow my money
- I’ve spoken to my parent/guardian about it
- I have ID documents ready
- I’ve researched which bank suits me best
If you ticked most of these – you’re ready to take the leap!
🏁 Final Thought
Opening a bank account is more than just a cool milestone — it’s your first step toward financial freedom.
The earlier you start learning how to manage money, the more confident and independent you’ll become. Whether you're saving for a phone, your first car, or your future, a bank account is the tool that helps turn your goals into reality.
Start smart.
Save smart.
Spend smart.
You're not just a teenager — you're a Future Investor.
