I’m entering a new phase with my children. My eldest is now learning to drive, navigating public transport and earning money. It’s an interesting phase to navigate – my daughter is still largely dependent, however she is increasingly starting to branch out on her own.
While I do have subsidiary bank accounts for my children, recently my teen and I were looking for a dedicated bank account for this next stage when she is earning regular money. She’s tends to be a saver by nature, however we have found that she increasingly needs a debit card to access her funds for various reasons.
Along with standard features like internet/mobile banking and debit card access, I was particularly looking for an account with the following features:
- no account fees
- access to a wide variety of atms (with no fee)
- PayID capability
- restriction on overdraft (if there is no money in the account).
I asked for recommendations for suitable bank accounts from the BAFM community and that is when I discovered that ING had recently launched a dedicated bank account for the teen years (from ages 15 to 17). This is a fabulous initiative by ING, because this niche age group is often overlooked, and yet it’s such an important phase. The dedicated Orange Everyday Youth account ticks all my boxes, so I thought it would be worth sharing here for any others in this stage with their children.
The idea of the Orange Everyday Youth account is you get all the features from the standard ING Everyday account, however without the need for minimum deposits/transactions each month (so no strings).
Setting up an account is super easy, all you need to do is go online here: Orange Everyday Youth – and fill out the online form.
To set up an account, you’ll need about 10 minutes, the Internet, a mobile phone and some ID (that you can take a photo of and upload to the system for checking).
Once the ID checks out, you’ll get a notification, and then just follow the instructions to activate the account. Soon, the card will arrive in the mail and your teen will be ready to go. The Orange Everyday Youth include many features, including the following I’ve listed out below.
No monthly account fees
This means fees won’t eat into their savings.
No atm fees
Not just in Australia, globally too. This includes atms in petrol stations and stopping centers – everywhere! If the atm used does charge a fee, it will be refunded immediately (for overseas transactions, can take up to a week). The good thing is, the teen doesn’t need to worry about looking for a particular atm (ING don’t have dedicated atms), if they see an atm, they can use it free.
No international purchase or transaction fees
Great for online shopping coming up to Christmas.
Everyday roundup (automated savings round up technology)
This is one of my favourite features. I would encourage your teen to turn this feature on. Once the account is set up, just need go to àManage Accounts àEveryday round up àand then switch it on. What happens is that every eligible card purchase they make is rounded up to the nearest $1 or $5 (your choice), and the extra amount is shifted to a Savings Maximiser account. It’s a brilliant way to save, without even noticing it. For example, say you choose to round up to nearest $1, and they buy an iced chocolate for $5.50, it will round the transaction up to $6 and move the extra $0.50 into the chosen account.
Ability to bundle with a Savings Maximiser account
By creating a Savings Maximiser account attached to their profile, the teen can earn a bonus interest rate on their savings, while still having their Everyday Youth Account for regular transactions.
VISA debit card
The teen will receive a debit card within a week of activating their account online. This is ideal for shopping online without the need for a credit card. It acts like a credit card, however the money is taken from the account (not from credit).
I recommended setting up a PayID with the account. It means as a parent, you can send money instantly to your child if needed. This means if they are stuck somewhere and needs funds urgently it will be transferred immediately. It’s easy to do, once the account is set up, just go to àMy profile àPayID details àand then set it up using either their mobile phone number or email address.
This means if I need to transfer money to my daughter from my bank account, I select the method we set up (in our case, mobile phone number) instead of using the BSB/Account Number, and money will be in their account in 30 seconds. So great.
There are plenty more features, which you can explore here.
Step-By-Step Process for Parents
Since I have just done this with my daughter, I have included below the step-by-step process of what I have done. Just a tip, do all this with your teen, so they are involved in the process.
- Set up Orange Everyday Youth.
- Once ID checks out (in a few days), activate account as instructed.
- Install and set up ING app on their mobile phone.
- Set up PayID (instructions above). It’s fun to try it out straight away, and even just put $5 over as an incentive for them.
- Set up Everyday round up feature if desired (instructions above). This will also set up a Savings Maximiser Account (separate to their Orange Everyday Youth account) so they can separate savings from their everyday transaction account.
- Activate card when it arrives in the mail.
I found it easy to do all this without assistance, however the good thing is if you do need any help, there is 24/7 support available from ING.
My husband and I were saying the other day, just how it happened that our little bubby was finishing school and entering a new phase. When they are little, time goes slow, but looking back – wow, where does the time go. I have to say, seeing your child become confident and independent is one of the best things I have experienced in my life. Onward.
Update – 2 months on
My daughter has been using her ING Orange Everyday Youth account for a few months now. You want their everyday banking account to cater for their needs, and I thought it would be useful to give an update on why it is helpful to set up the features I listed in the ‘Step-By-Step Process for Parents’ section above.
- When my daughter is paid, she transfers a portion from her Orange Everyday Youth account to her Savings account using the mobile app.
- She recently graduated school, and has gone out a few times with her friends so easy access her money through ATMs or EFPTOS has been handy.
- The automatic ‘Everyday round up’ we set up on purchases means a round up amount is transferred to her savings account (so she is saving a little as she spends).
- I pay for her driving lessons, however I was out and there was only one appointment left on the day she could do it and she wanted to snap it up. I transferred money over to her via the PayID we set up, which transfers money immediately. Then she booked online using her debit card. Done.
I’ve also received questions I will address here, firstly, how to deposit cash and cheques. So much is digital these days, but if your child does have cash or cheques to deposit, below is the process.
Drop into any Australia Post Bank@Post outlet (use this search tool to find locations near you) with their Visa Debit Card to make deposits.
The other question is about the ID required to open accounts. My eldest has her learner licence, so it was easy to open an account online. I opened another ING Orange Everyday Youth account for my other daughter who recently turned 15. She doesn’t have the required photo identification yet, so we printed a form and dropped into an Australia Post Bank@Post outlet with the required ID for verification.
The information presented is factual in nature only. It is not intended to be financial product advice or to imply any recommendation or opinion about a financial product. It does not consider your personal objectives, financial situation or needs. The content was not written or created by ING and ING is not responsible for the content. INGmakes no representation as to the accuracy, completeness or reliability of the content, nor does ING accept any liability or responsibility arising in any way from omissions or errors in the content. ING strongly recommends that you obtain independent advice before making any financial decisions. Kelly Burstow uses ING’s trademarks under arrangement with ING. Orange Everyday Youth is issued by ING, a business name of ING Bank (Australia) Limited, ABN 24 000 893 292, AFSL 229823