Why choose a Way Cool Saver?
Just for kids
Suitable for children aged between 0 and 15.
Earn interest
Interest is paid on amounts up to $5,000.
No minimum balance
Your child can start saving, no matter how much they’ve got.
Internet banking access
Available between the ages of 12 and 15 – with parental permission, of course.
A future of smart money management awaits
- An account for kids aged between 0 and 15 years old.
- No minimum balance or opening amount required.
- Access to internet banking and the mobile app – they’ll need permission from a parent or guardian first.
- A range of fee-free transactions – including credits and debits, internet banking and mobile app transfers (if they’re granted access), and more.
Rates & fees
Paying kids pocket money is way cooler with a Way Cool Saver.
Interest rates
| Balance | Interest rate | Interest calculated | Interest credited |
|---|---|---|---|
| Under $5,000 | 2.80% p.a. |
Daily
|
End of month |
| $5,000 + | 0.00% p.a. | Daily | End of month |
| The basics | |
|---|---|
| Monthly fee | $0 |
| Minimum monthly balance | No |
| Everyday transactions | |
|---|---|
| Internet banking & mobile app transfer | Free |
| BPAY® transaction | Free |
| Direct debits and direct credits | Free |
Other fees and charges may apply. For more information, please read the full list of account fees and charges.
We’re happy to help you open a Way Cool Saver at your nearest branch. Way Cool Saver accounts can’t be opened over the phone as we need to sight original documents in person.
What you’ll need:
- The child must be under 15 years of age.
- The parent or legal guardian must provide their own Australian driver’s licence or passport.
- To link the parent or guardian to the child, a birth certificate is required – even if a passport is also provided. If a birth certificate isn’t available, legal guardianship documents can be used instead.
Not sure what to use to prove legal guardianship? Find out what documents we accept.
If the child is under 12
- A birth certificate or Australian passport in the child’s name.
Reminder: Even if using a passport, a birth certificate or proof of legal guardianship is still required to establish your relationship to the child.
If the child is 12 or older
- A birth certificate or Australian passport in the child’s name.
- If you're providing only a birth certificate, you’ll also need one of the following documents showing the child’s full name and either date of birth or residential address:
- A school-issued photo ID card, or
- A letter from the child’s school, issued within the last 3 months and signed by the principal.
Reminder: As above, even if a passport is provided, a birth certificate proof of legal guardianship is still required.
Need more information?
Contact us on 13 25 77 – we’re happy to help!
Please be prepared with the following documentation when you visit the branch.
- Child's birth certificate or an Australian passport in the child's name along with proof of legal guardianship.
- Parents or legal guardians will need to provide a driver's licence or Australian passport in their own name.
- To link the parent or guardian to the child, a birth certificate is required – even if a passport is also provided. If a birth certificate isn’t available, legal guardianship documents can be used instead.
Not sure what to use to prove legal guardianship? Find out what documents we accept.
A list of alternative identification documents is available for anyone who:
- is a non-resident
- doesn't have an Australian photo identity document
Handy hint: If your child earns more interest than the limit set by the ATO, they'll need to pay tax. To avoid this, provide your child's tax file number if available.
We’re happy to help you open a Way Cool Saver at your nearest branch. Way Cool Saver accounts can’t be opened over the phone as we need to sight original documents in person.
What you’ll need:
- The child must be under 15 years of age.
- The parent or legal guardian must provide their own Australian driver’s licence or passport.
- To link the parent or guardian to the child, a birth certificate is required – even if a passport is also provided. If a birth certificate isn’t available, legal guardianship documents can be used instead.
Not sure what to use to prove legal guardianship? Find out what documents we accept.
If the child is under 12
- A birth certificate or Australian passport in the child’s name.
Reminder: Even if using a passport, a birth certificate or proof of legal guardianship is still required to establish your relationship to the child.
If the child is 12 or older
- A birth certificate or Australian passport in the child’s name.
- If you're providing only a birth certificate, you’ll also need one of the following documents showing the child’s full name and either date of birth or residential address:
- A school-issued photo ID card, or
- A letter from the child’s school, issued within the last 3 months and signed by the principal.
Reminder: As above, even if a passport is provided, a birth certificate proof of legal guardianship is still required.
Need more information?
Contact us on 13 25 77 – we’re happy to help!
Please be prepared with the following documentation when you visit the branch.
- Child's birth certificate or an Australian passport in the child's name along with proof of legal guardianship.
- Parents or legal guardians will need to provide a driver's licence or Australian passport in their own name.
- To link the parent or guardian to the child, a birth certificate is required – even if a passport is also provided. If a birth certificate isn’t available, legal guardianship documents can be used instead.
Not sure what to use to prove legal guardianship? Find out what documents we accept.
A list of alternative identification documents is available for anyone who:
- is a non-resident
- doesn't have an Australian photo identity document
Handy hint: If your child earns more interest than the limit set by the ATO, they'll need to pay tax. To avoid this, provide your child's tax file number if available.
Got a question about kids accounts?
We understand that sometimes seeing a friendly face and doing your banking in person can be nice. And we welcome you at our branches located throughout the Perth metropolitan area from Ocean Keys to Mandurah, and down south in Bunbury.
Use our Branch Locator to find your nearest P&N Bank branch.
Remember, there are a wide range of actions you can undertake in the mobile app or internet banking for your convenience.
Please contact us on 13 25 77 if you'd like to speak to a team member.
The interest on our savings accounts is calculated on the daily balance and credited on the last day of every month. This means that every deposit you make throughout the month will earn interest from that day onwards.
Bonus interest, if applicable to your account, will also be calculated on your daily balance in line with the bonus interest conditions for your account.
That means by the end of the month, you might have earned a little extra money to treat yourself or give your savings a boost. A mini reward for being a savvy saver!
You can make a deposit of coins at your nearest P&N Bank Branch, not including the Perth Service Hub in Wellington Street.
Fees may apply.
We're here to help
Get answers online
Got a question? Our help centre is the ideal place to start.
Important information
Banking and Credit products issued by Police & Nurses Limited (P&N Bank).
Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms & conditions, fees & charges apply.
Read the relevant product terms and conditions before deciding if a product is right for you.
BPAY® is registered to BPAY Pty Ltd ABN 69 079 137 518.