• No minimum balance required

  • No account management or transaction fees while your kids are under 19

  • Kids can personalise their account name, like ‘Sam’s bike savings’

  • Your kids can set savings goals and track their progress inside this account using Goal Tracker

  • They’ll get a statement in the mail every six months.

Tips for parents

Kids know they need money to buy things. But it can take a while to understand just how much they need, and how long it takes to save. Help your kids learn the value of money with these tips.

  • When you withdraw cash from an ATM, show your kids the receipt. This shows that you need money in your account before you can take money out.
  • Encourage kids to save for something they want. You can help them track their progress with timelines on how long it will take at their current savings rate, and how this will change if they increase or decrease their spending.
  • Teach your kids that they can earn interest when they save, but have to pay it to borrow money.

If you’re opening a new account with Kiwibank, we’ll need to see some ID to verify your identity and your address at your local Kiwibank.

If your kid is under 16 years old they can open a new account after they’ve had a parent or guardian complete a one-off declaration to certify their tax residency.

How it works

  • It is not possible to have an ATM/EFTPOS card or Visa Debit Card on a First Saver account.
  • It is not possible to make bill payments, automatic payments or direct debits from a First Saver account.
  • Under 7 years: A parent or guardian must operate the account on the kid’s behalf.
  • 7+ years: Kids can withdraw money over the counter – a parent or guardian will need to co–sign the withdrawal. Kids can also get access to read–only internet banking so they can see their balance.
  • 10+ years: Kids can get an ATM/EFTPOS card with parents’ or guardians' permission. As ATM/EFTPOS cards aren’t available on a First Saver account, another Kiwibank everyday account would need to be opened.
  • 13+ years: Kids can withdraw money and make over–the–counter transactions on their own. They can get access to internet banking and phone banking to transfer money between other Kiwibank accounts. They can open other types of everyday accounts themselves now too and get an ATM card without parental permission.
  • 15+ years: Your kid can get a Visa Debit Card if they've got another Kiwibank everyday account.
  • Under 16 year olds: Will need a parent or guardian to complete a one-off declaration on their behalf to certify their overseas tax residency before any accounts can be opened in their name.

Please note: It is not possible to make bill payments, automatic payments or direct debits from a First Saver account.

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Download Kiwibank’s Disclosure Statement (PDF 474.3 KB) or pick up a copy at your local Kiwibank.