Personal

Children's and Teen Accounts

The Rock offers low-fee savings accounts for both children and teenagers, which mature as they do - offering more features as they grow. What's more, young savers can who make a least one deposit during the month, regardless of the amount, and no withdrawals, will earn double interest for that month.

For a PDF print version of all savings accounts interest rates click here.

The Children's Account (0-12 years inclusive) recognises this age group have basic needs with money and need guidance in managing their savings. Features include:

1. Passbook (optional).
2. No monthly account keeping fees.
3. Incoming cheques are accepted (in account holder's name).
4. Periodical payments accepted (incoming only).

The Teen Account (13-17 years inclusive) recognises the growing freedom of teenagers and has additional access options including ATM and internet banking*. Features include:

1. Passbook (optional).
2. ATM access, phone and internet banking (signed waiver required for under 16s).
3. Discounted DesignACard available ($10).
4. No monthly account keeping fees.
5. Fee-free BPAY, EFTPOS, periodical payments, direct debits, coin-counting, cheque deposit, counter cheques, staff-assisted external transfer.
6. Incoming cheques are accepted (in account holder's name).
7. No Rock ATM fees (The Rock will not charge fees for ATM usage at either Rock or foreign ATMs, however, ATM providers other than the Rock may charge fees at the time of a transaction when using their equipment).
8. Periodical payments accepted (incoming only).

What also sets these accounts apart is the Children's Account will automatically roll into the more sophisticated Teen Account after your child's 13th birthday. And once they turn 18-years-old, the account will automatically roll into a Rock Only Account.

Both the Children's and Teen Accounts must be opened with a parent/adult guardian as an Authority to Operate when the child is aged under 16 years.#

If you require further information on The Children's or Teen Accounts please click here, call us on 1800 806 645 or email us now.

*The parent/guardian acting as the Authority to Operate must approve the supply of an ATM Card and PIN; telephone and internet banking access for account holders aged under 16 years. For full terms and conditions please refer to the Product Schedules Part A & B.

#The parent/guardian can choose to waive their status as an Authority to Operate giving the child full access to the account on their own, if the child is aged at least 7 years and is capable of producing a consistent signature.

Children's and Teen Accounts are designed to supply low or fee-free banking for children aged under 18 years. If The Rock believes these accounts are being used for any purposes that are not purely for the benefit of the account holder we reserve the right, at our complete discretion, to close the account and transfer the balance to a normal savings account (The Only).