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First Penny Saver Account

A high interest savings account for under 18s. The perfect place to start saving. Open an account today.

Rates up to

3.25% p.a.,1


Key Features

Designed for under 18’s, it’s the perfect account for your first job, pocket money or birthday cash gifts.

Earn higher interest on balances under $2k

Kids save faster with 3.25% on balances under $2,000 and the flexibility to dip into your money without impacting your interest.

Specifically designed for kids

Account in the child's name, limited card access and view only internet access and a passbook available as a tangible record of saving and spending.

Competitive fees

$0 monthly account keeping fees.

Rates & Fees

Most of our banking is free. Where we need to make a charge, we keep these to an absolute minimum.

Interest rates on balances

Monthly Fee$0

For more information about our fees and charges click here

How to apply

Pop into the branch and our friendly staff will be ready to assist you.

1. Apply in branch

You’ll need a parent or guardian to open your account with you if you’re under 18.  Just bring in your Birth Certificate and for the parent or guardian you will need 1 form of identification that can include Driver’s Licence, Passport or Birth Certificate.

2. Set up your savings account

We’ll activate your First Penny Saver Account and we can take you through how to log in whilst you’re in the branch.

Savings account FAQs

Who is Cairns Bank?

Cairns Bank is the trading name of Cairns Penny Savings & Loans Ltd. We’ve been supporting the Cairns community with their banking needs for over 125 years.

We take pride in our personal approach to banking. Getting to know our customers and delivering simple products and services is what we’re all about.

And as a customer owned bank we make decisions based on our customers’ needs, rather than the needs of shareholders.

Yes. Money placed in a savings account with Cairns Bank is protected by the Australian Government’s Financial Claims Scheme (FCS).

The scheme protects deposits up to $250,000 per person, per financial institution. 

You’ll need a parent or guardian to open your account with you if you’re under 18. When you come into the branch, we’ll set up your savings account and help you get started.

Yes, you can arrange to have Visa debit card and internet access. There are some limits to card access, to help encourage savings habits.

Interest is paid monthly. The best part is you can dip into your money without it affecting your interest rate. See the table above for the specific rates available.

Whether it’s that dog walking business or Christmas cash gift, each time you find yourself with a little extra money, deposit it into your First Penny Saver Account by coming into the branch or electronically to your account. As long as your account balance is below $2,000, you’ll enjoy the 3.25%1 interest rate.

Try not to be tempted to dip into the money, as the more you save, the more you’ll end up with in the long run, which you could eventually put towards a new game console, bike or even first car. It’s no wonder there’s an age old saying, a penny saved is a penny earned.

Open a savings account today

To find out more or to open a savings account, book an appointment with our friendly team or visit us in branch.