Refer a Friend
To open an account for a child under 17 years of age, visit your local branch and our friendly staff can help.
Your child will need to be present to open an account if they are 12 years old or over. If your child is younger you might still like to take them with you and encourage them to ask questions. It’s a great way to help them own and be responsible for the account.
There are a number of things you’ll need to have to open the account – including the correct identification. If your child is 11 years or under, you will need to become an authorised signatory on your child's account by completing a form and providing further identification.
Yes you'll need to bring identification along. There are lots of combinations for identification so you might like to contact your local branch or our contact centre beforehand to confirm exactly what you need.
As a parent/guardian you’ll have full operating authority on the account until your child turns 12. Once your child turns 12, they will be given full operating authority and can begin to transact on the account
There are many ways to introduce banking to your child. Involving your child in banking can be as simple as sitting them with you while you do online transactions, take them into the bank with you, or through games such as playing ‘shops’. Remember, it’s okay for your kids to understand financial difficulty exists. While you shouldn’t worry your children with details, it’s helpful for them to understand money isn’t magical – it doesn’t just appear when you need it.
Before you set a bank account up for your child, spend some time discussing what the bank account will be used for. Is it a way to save money to buy something special in the medium term? Or, do you have a longer-term plan for the savings in the account? Explain the advantages of setting up and using a bank account rather than a piggy bank, such as the ability to earn interest, and also to keep their money in a safe place.
The next step is to open the account with a Heritage staff member. You can do this by going into a branch. Remember, there are a number of things you’ll need to have to open the account – including the correct identification. If going into a branch, take your child with you and encourage them to ask questions. It’s a great way to help them feel ownership and responsibility for the account.
Motivating your child to show interest and save their money is a great way to help them reach their savings goals. Some ideas to help motivate include:
1. Offer extra pocket money for special jobs
2. Encourage them to save their spare change
3. Reward your child for saving. For example, a special treat when they reach a small goal
4. Match your child’s contributions
5. Help your child understand the importance of waiting to purchase an item, rather than buying it on the spot.
Tip for kids: use our easy Pocket Money Tracker to keep track of what you've been earning and saving.