Kids Savings Account Growth Calculator
Project how a child's Australian savings account will grow over time with regular deposits from pocket money, gifts and interest.
Your results
Calculation breakdown
- Monthly growth
- Balance = balance × (1 + monthly rate) + monthly deposit, repeated each month
Worked example
Starting with $500 and adding $50 a month at 4% p.a. for 10 years grows to about $7,850, of which roughly $1,350 is interest earned.
Assumptions
- Assumes consistent monthly deposits with no withdrawals over the period.
- Excludes any tax that may apply to interest earned in a child's name above ATO thresholds.
How this calculator works
Many Australian banks offer children's savings accounts with bonus interest for regular deposits. Enter a starting balance, regular monthly deposit (from pocket money, chores or gifts) and the interest rate to project how the balance will grow until the child reaches a chosen age.
Frequently asked questions
Do children pay tax on savings interest?
Interest earned by a minor can be taxed at penalty rates if it exceeds low thresholds, especially if the money isn't genuinely theirs; check current ATO rules.
What interest rate should I use?
Use the advertised rate for junior saver or youth accounts, which are often higher than standard adult savings rates.
Can grandparents' gifts be included?
Yes, add any regular or expected lump-sum gifts into the monthly deposit or starting balance to see their impact on growth.
Results are estimates only and are not financial, tax, legal or credit advice.