Children’s bank accounts in NZ: What parents should compare

This guide covers the age requirements, parental access, fees, interest and debit cards for kids’ accounts in New Zealand. 

It also introduces Wise Young Explorer, a parent-managed card for children aged 6 – 17, which can sit alongside a local bank account.

Key takeaways

• Basic access can start as early as age 7 or 10, but teens generally gain more independent control around age 13.
• Banks usually offer basic EFTPOS cards for in-store shopping first. Debit cards are typically available for older teens.
• Interest earned in NZ is taxable, and banks deduct Resident Withholding Tax (RWT) from it. Provide your child’s IRD number and the correct RWT rate.
• Wise Young Explorer is a prepaid card you manage. It doesn’t give your child their own bank account details.

This guide is general information only and is not personal financial or tax advice.

How children’s bank accounts work in NZ

Children’s banking in New Zealand usually comes in one of three forms: an everyday spending account, a savings account, or a combined youth account.

Some banks offer a single all-in-one youth product. Others let you pair a spending account with a separate savings account. If your child only saves birthday money and doesn’t need a card, a savings account may be enough. If they need to pay for school lunch, shop online or check their balance in an app, an everyday account or linked setup is more practical.

Transfers follow standard NZ banking rules, so it helps to understand how NZ bank account numbers work if you’re setting up a regular allowance from a parent account.

What to compare before you choose

Start with costs, then check what your child can actually do with the account, and whether it suits your family’s routine.

Fees, interest and account type

• Look out for replacement card fees, charges for in-branch service and restrictions on withdrawing from savings.
• Check whether the account pays interest at all, and what conditions apply.
• Don’t choose on interest rates alone. High-interest savers often limit withdrawals, while a basic everyday account is usually better for learning to spend and budget.

Cards, apps and parental controls

Compare how much independence your child gets as they grow:

• Can they only save, or can they spend in stores?
• Is the card limited to in-person EFTPOS, or can they get a debit card for online use?
• Does your child get their own banking app login, or can only parents view the account at first?
• Can parents keep joint access to monitor activity and set card limits?

When a Wise account may help

For everyday spending in NZ, a local youth bank account is usually the best fit. Wise becomes useful if your family travels, pays relatives overseas or manages multiple currencies.

Wise is not a dedicated children’s bank account in New Zealand. Wise Young Explorer is a separate product for children (see below), and parents can also hold a Wise account alongside a child’s local bank account.

Age rules for kids and teens in NZ

Rules differ by bank, but the pattern is similar: parents start in full control, and kids gain access as they grow.

Under 13: A parent or guardian opens and manages the account. These accounts usually focus on saving, with strict spending limits.

Ages 13 to 15: Your teen can start managing their own money, though the exact rules depend on the bank:

• BNZ: Children aged 13+ can open and operate their own account.
• Kiwibank: Children aged 13+ can open a Free Up account and get a card.
• ASB: Teens aged 13 to 17 can open and manage a Headstart account in their own name.
• ANZ: At age 13, your teen can remove you as an authorised signatory and take sole control.

Older teens: Westpac, for example, gradually unlocks full everyday banking features between ages 16 and 18.

Card access by bank

• Ages 10+: Kiwibank and BNZ allow children to get a basic EFTPOS card for in-person spending with parental permission. BNZ offers a Flexi Debit Visa from age 13.
• Ages 15+: Westpac offers a Debit Mastercard with a parent’s signature.

Documents, IRD and safety checks

Banks must verify identity. Requirements depend on the provider, your child’s age and whether you apply online or in person. You’ll typically need:

• your child’s ID (birth certificate or passport)
• parent or guardian ID
• proof of address
• proof of guardianship

Younger children may need an in-branch appointment, while older teens can often verify online using RealMe.

Interest earned on NZ bank accounts is taxable, and banks deduct RWT. Give the bank your child’s IRD number and the correct RWT rate so they’re taxed correctly. If no IRD number is supplied, the bank must apply the maximum 45% non-declaration rate.

Check whether the provider is covered by the Depositor Compensation Scheme (DCS). The scheme protects eligible deposits up to NZ$100,000 per depositor, per licensed institution, if a bank fails. It applies to eligible bank deposits, not every financial product, so confirm coverage for any non-bank product you’re considering.

Comparing major local banks

Provider	Age & access	Account style	Card & app access	Fees & savings highlights
ANZ	A parent or guardian opens and manages the account for younger children. From 13, a child can open a new account in their own name.	Go account for daily spending; Serious Saver for savings, set up in the child’s name or managed on their behalf.	Internet banking, app access and EFTPOS cards can start from age 7 with consent.	$0 monthly account fees on youth options. Serious Saver offers higher interest if conditions are met.
ASB	Kids aged 0–12 need a parent or guardian to open the account. Teens aged 13–17 can open and manage it themselves.	Headstart account combines everyday spending and savings.	Teens can request an ASB Visa Debit card through the app with a caregiver’s permission.	$0 monthly account and transaction fees; interest on savings.
BNZ	Kids under 13 need a parent or guardian to open and manage the account. From 13, teens can open and run it themselves.	YouMoney for daily spending; Rapid Save for savings.	EFTPOS card from age 10; Flexi Debit Visa from 13, when BNZ app access is also available.	No monthly account fees on YouMoney. Rapid Save earns interest, but free withdrawals are limited.
Kiwibank	A parent or guardian manages accounts for younger children. From 13, teens can open a Free Up account without parental permission.	Free Up account for everyday spending; savings options such as Online Call and Notice Saver.	Read-only app access from age 7; ATM or EFTPOS cards from age 10 with permission; Visa Debit from 13.	No transaction fees if the child is under 19.
Westpac	Parents have full control for kids under 12. Children aged 12–15 can open an account with permission; teens aged 16–18 can manage their own.	Fee-free everyday account; savings options such as Simple Saver, Bonus Saver or Notice Saver.	EFTPOS card for the everyday account with permission; Debit Mastercard from 15 with parent’s signature.	$0 monthly fees on the youth everyday account. Standard service fees may apply, such as replacement card fees.

Details are as reported in the original guide and should be checked against each bank’s current terms before you choose.

Wise Young Explorer: a parent-managed card for ages 6 – 17

Wise Young Explorer is available in New Zealand for children aged 6 – 17. Your child will get a card which they can use to spend directly from money you set aside for them. They won’t have their own account details and it won’t be possible for them to top up their card, so any money will need to be added by you for now.

How it works

• Who can apply: You need a Wise account in your own name. You’re the parent or legal guardian, and you’re responsible for all transactions on the card.
• Who can use it: Children aged 6 – 17. Your child can’t use it after they turn 18. At that point they’re invited to open their own Wise account, which won’t include the Young Explorer transaction history.
• Cost: No monthly subscription. The physical card costs NZ$14.
• Topping up: You add money from your Wise account or another account. Your child can’t add funds.
• Limits:
  • Holding limit: NZ$999 on the card at any one time.
  • Top-ups: up to NZ$9,999 in any consecutive 12-month period.
  • Default spending limit: NZ$690 per month, including ATM withdrawals. You can lower this within the maximum.
  • Your own Wise account limits also apply. If you reach your overall limit, the child’s card may stop working even if its own limit hasn’t been reached.
• Where it works: The card can be used in stores, online and at ATMs. From age 13, it can be added to Apple Pay or Google Pay.
• Child app view: In New Zealand, your child can have a child-friendly view of the Wise app to see how much they have to spend.

Who it suits

Young Explorer works well for:

• a pre-teen or teen who needs spending money for online or overseas purchases, with you controlling how much is loaded
• families who want to teach budgeting with a fixed monthly amount
• parents who want to avoid giving a child a bank card linked to a full account

It’s less suitable if you want your child to earn interest, hold their own account number or receive regular pay, since a local youth bank account is better for those things.

Which setup fits your family best

• Younger children who mainly save gift money: A basic savings account managed by a parent is usually enough. Focus on interest conditions and withdrawal limits rather than card access.
• Pre-teens who need money for school: Look for an account with an EFTPOS card and parental oversight. Adding Wise Young Explorer can help with spending abroad or online while you keep control of the amounts.
• Teenagers: Focus on digital features. Check when they can manage the account alone, whether they can get a debit card for online purchases, and how parental access changes over time.
• Families who travel or send money overseas: Keep a local NZ bank account for everyday use, and add a Wise account for international spending and transfers.

FAQ

Can a child open a bank account in NZ without a parent?

Younger children can’t open or manage an account alone. Some banks let teens aged 13 and over open and run their own account, but the age limit depends on the bank.

Do children’s bank accounts in NZ have fees?

Many youth accounts are fee-free or low-fee, but other charges may apply, such as replacement card fees, in-branch service charges and savings-withdrawal conditions.

Can my child get an EFTPOS or debit card in NZ?

Yes, depending on their age and account type. Basic EFTPOS cards for in-store shopping are often available to younger children. Debit cards for online use are usually unlocked later.

What is Wise Young Explorer?

It’s a prepaid card for children aged 6–17 in NZ that you load and manage. Your child can spend from money you’ve added, within the limits you set. The card costs NZ$14 and has a default monthly spending limit of NZ$690. It doesn’t give your child a bank account.

Is Wise a children’s bank account in NZ?

No. Wise isn’t a dedicated children’s bank account. Wise Young Explorer is a parent-managed card, and a Wise account is useful for travel, overseas payments and multiple currencies.

What documents do I need to open a child’s bank account in NZ?

You’ll generally need your child’s ID, parent or guardian ID, proof of address and proof of guardianship. Requirements can change depending on the child’s age and whether you apply online or in branch.

Sources 

• ANZ account (checked on 27 October 2026)
• ASB account (checked on 27 October 2026)
• Kiwibank account (checked on 27 October 2026)
• Westpac account (checked on 27 October 2026)
• BNZ account (checked on 27 October 2026)
• BNZ unclaimed money and inactive accounts (checked on 27 October 2026)
• Wise Help Center