Kids younger than 7
At this stage you're look at the money basics: paying for treats, saving for slightly larger treats, perhaps earning money for small chores.
Ideal Saver: the piggy bank (or a very junior account such as the Commonwealth Dollarmite program)
7 to 12 year olds
Now we're looking at savings goals and managing money: deferring purchases for desired goals, getting a good price on purchases, and making interest on savings.
Ideal saver: self-managed account – a bank account that delivers regular statements or has colourful graphs helps your child understand the nature of banking; look for a saver with few withdrawal limitations so your child can manage money without restrictions.
Young teenagers
It's time to get them in the habit of saving, with a high interest account that rewards regular contribution.
Ideal saver: A strong savings account with a high ongoing interest rate.
Older teenagers
Once they're getting casual jobs or thinking about more expensive purchases (stereos, cars, holidays), the bank lessons have hopefully been learned.
Ideal saver: They'll need a bank account with transaction facilities (EFTPOS, ATM withdrawals, direct debit), alongside a high-performing bonus savings account which they can switch if the interest rate drops after an introductory period.