Savings accounts offering special rates for under 30s
Are you under 35? You’re in luck, as it turns out that some banks offer special rates that apply to certain age brackets. When it comes to savings accounts, utilising whatever you can to get the best deal possible can be helpful in your wealth building journey.
One reason you might consider these accounts is because they usually offer a pretty decent rate, comparatively speaking, and they typically don’t require you to have a minimum deposit (or at least ask for a very small initial deposit).
And as it is with any good savings account, you’ll want to choose one that has no (or few) fees that also lets you withdraw money without a heavy penalty.
Let’s think about choosing savings accounts a little more.
Why should I get a savings account?
With interest rate hikes leading to some banks reaching high interest rates close to 5%, it's no wonder savings accounts have become a favourite amongst savers.
For example, even if you don’t have a savings goal, having a savings account can have several benefits such as:
- Having money for an emergency
- Saving towards a big purchase
- Reducing the temptation to spend
- Helping you to grow your credit score.
So, If you want to earn some extra money while keeping your money safe, a savings account should be your go-to.
Good features on a savings account
When looking at potential savings accounts, first you have to figure out what you want to get out of it. Depending on your situation you might want an account that has money sitting there for ages or an account that gives you penalty-free withdrawals.
You can see common features of a good savings account below:
| No monthly fees | Nowadays, savings accounts don’t come with monthly fees, but keep an eye on accounts that have minimum requirement fees, withdrawal penalties or transaction fees. |
| Good ongoing interest rates | The main reason why you’d put a large sum of money in savings instead of an everyday account is to earn interest. The higher the interest rate the more you’ll earn for keeping money in the account. |
| Withdrawal flexibility | Plenty of savings accounts let you withdraw money, but not all of them will continue to offer the same rate for taking money out. Mozo’s database found that 48 different savings accounts actually drop their bonus rate if you make a withdrawal in the month. |
Looking to open your new bank account? At Mozo we offer comparisons on all the best savings account providers so that you can find the best rate possible that works for you.
Mozo’s favourite under 35 savings account
Bank of Queensland Future Saver Account 14 to 35 years
Bank of Queensland Future Saver Account offers a whopping 3.00% rate for those between the ages of 14-35 who meet the monthly requirements of depositing $1,000 and making five transactions with your linked everyday account. If you’re 14-17 years old, those requirements are waived each month. You need at least $1 to open the account and the max interest rate only applies to balances up to $50,000.
Westpac Life 18-29
- 2022 Mozo Experts Choice Award^ winner
- 5.20% max rate (conditions apply)
- No minimum balance
Westpac Life was the sole winner of the 2022 Mozo Experts Choice Awards^ Young Adult Savings category. The account has a high interest rate of 5.20% p.a. for balances up to $30,000 if you make a minimum of one deposit of any amount so long as the balance is higher than at the beginning of the month. If you don’t meet those conditions you’ll get a lower rate. This account is only available for those with a Westpac everyday account and for those between the ages of 18-29.
Police Bank Online SuperSaver 18-29 years old
Police Bank Online SuperSaver (also called U30 Super Charge) has a high 3.00% interest rate on accounts with a balance up to $10,000. The account comes with no minimum monthly transaction requirements, but you do need to deposit your salary into any Police Bank account to get the high interest rate.
Great Southern Bank Youth Saver 17 and under
- 3.25% interest rate (conditions apply)
- No ongoing account fees
- 2022 Mozo Experts Choice Award^
The Great Southern Bank’s Youth Saver Account is great for kids under the age of 17. It offers an ongoing rate of 3.25% p.a. and has no saving criteria other than its $5,000 balance limit. Anytime the account goes over the max balance the interest rate will become 1.00% p.a. If the account holder is younger than 10, a parent or guardian will have to authorise opening the account and be listed as a signatory to make transactions. This account has no ongoing fees and is a 2022 Mozo Experts Choice Bank Accounts and Savings Award^ winner in the Pocket Money Saver category.
If none of the accounts above tickle your fancy then you may want to consider checking out the winners of the Mozo Expert Choice Award for Best Savings Accounts. Alternatively, you can check out our savings account comparison table below to start comparing
^See information about the Mozo Experts Choice Savings Account Awards
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