Youth account

Whether you’re saving for your child’s future, or you’d like to teach your child about money, we have account options to suit different goals.

At a glance

• A versatile all-in-one savings and transactional account.  
• No account fee. 
• Interest earned on balances over $0, calculated on the last business day of each month and paid quarterly. 
• Minimum deposit of $350. 
• Only available for children under 18. 

Children 0 – 6 years

Before the age of seven, accounts must be opened for a child by a parent or legal guardian who will be the operator of the account. This means that although your child is the account holder they can’t complete transactions or give instructions to the bank on their own. As the operator you will have authority to instruct TSB and transact on the account on behalf of your child. 

 While an operator arrangement is in place, the following will apply: 

• Accounts are set up under the operation of the parent or legal guardian (we will need evidence of the relationship). 
• An EFTPOS card may be issued to the account operator but is not issued to the child. 
• The operator can access the account using EFTPOS or ATMs.¹ The account can’t be accessed through online banking or the TSB app. 

Children 7-17 years

After the child turns seven, the operator of the account can contact us and ask for the operator arrangement to be removed, which means your child (account holder) will be able to complete transactions and give instructions to the bank independently. Once removed, the operator won’t have any authority to access or transact on the account. If you wish to leave the operator arrangement in place after the child turns 7 (or older), the above account settings for Children 0 - 6 years will apply. 

After removing the operator from the account, the following will apply: 

• Your child can access their account using EFTPOS, ATMs¹, online banking or the TSB app.  
• An EFTPOS card can be issued to your child. Any EFTPOS card that was previously issued to the operator will be cancelled. 

Over 18 

Once the child account holder turns 18 they will no longer be eligible for a Youth account. At this time, any operator arrangement will be removed from the account (if there is still one in place) and we’ll talk to the account holder about choosing another TSB everyday account for their banking needs. 

Don't forget to read this bit

1. Use of ATMs not owned by a bank in New Zealand may incur a service fee (in addition to standard account transaction fees) for which TSB may receive a commission. 

• Interest is calculated on the minimum monthly balance, which is the lowest balance of your account during a calendar month. Interest is paid on the last business day of each quarter ending March, June, September and December. 
• TSB’s account opening criteria apply. Service fees may apply. Interest rates and fees are subject to change. More details can be found here. 
• When you bank with TSB you agree to our General Terms.