Opening an account for minors

Open a Transaction or Savings Account

Minors 12 years and older can apply for a Transaction and Savings account in their own name by completing an online application via Macquarie Online Banking or via the Macquarie Mobile Banking app. Before we can open an account, we’ll verify their identity and may ask for some additional information. See what you need to open an account. A parent or guardian cannot open an account on behalf of a minor.

We’ve designed this process to be quick and easy.

Macquarie Transaction Account
Macquarie Savings Account – In order to open a Savings account, the applicant will need to first have opened a Transaction Account.

Open a Cash Management Account (CMA) on behalf of a minor

There are two ways you can open an account on behalf of a minor.

Open an account under a formal trust arrangement

Accounts under a formal trust arrangement that are established by a trust deed, can be opened for a minor of any age, up to 18 years old.
To open a trust account, the account name must be in the structure of “Trustee/s ATF Trust” and each trustee must accept the terms of the CMA application.
To complete an application, our standard account opening requirements will apply, and you’ll need to provide the below documents:
A copy of the Trust Deed 
All entities (except the minor) must complete individual Anti-Money Laundering/Counter Terrorism Financing forms.
To open a testamentary trust account for a minor, refer to the unregulated trust section to find out what information is required.

Open an account under a Parent or Guardians name

Minors aren’t eligible to open a Cash Management Account in their own name. Instead, the parents or guardians can open an account in their own name and change the nickname on their account to the minor’s name on Macquarie Online. Refer to Manage your account list to find out how to do this.
You can open a Macquarie Cash Management Account (CMA) by applying online.

Open a Term Deposit for a minor

Accounts for minors are not offered for Macquarie Term Deposits.

Open a Macquarie Online Trading Account for a minor

Accounts for minors are not offered for Macquarie Online Trading.

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