Commonwealth Bank Youthsaver

0.50% p.a.(for $0 and over)

2.30% p.a. (for $0 to $50,000)

 

Commonwealth Bank Youthsaver Review

Rates and fees information correct as at 23 July 2018.

Review published: 2 October 2012

What's hot:

  • 2.30% p.a. bonus interest

  • No monthly account fee

  • Dollarmites club option (for under 12's)

What's not:

  • 0.50% p.a. standard interest rate

Mozo snapshot:

Get your child off to the right start with the Commonwealth Youth Saver. Children under 12 will receive the added benefits that make saving fun with the Dollarmites club option, and for the older ones they'll be more than happy with an ongoing bonus interest rate of 2.30%.


Key features:

To make sure your child is receiving that 2.30% bonus interest rate and not the low 0.50% standard interest rate you'll have to make at least one deposit and no withdrawals every month. Set up a regular savings plan, even if it's only $5 a month, so your child will receive the higher interest rate. There's also no monthly account fee, no withdrawal fees and a 24/7 online and over the phone banking option.

The Commonwealth Youth Saver is available for young savers under 18 but for children under 14 they will need parental approval. Parents and guardians who have a Netbank account can apply online for children under 14. All you need is your child's birth certificate and your Netbank logon details. You won't have to enter a branch and the Commonwealth Youth Saver will be activated within 3 days.

Who it's good for:

The Commonwealth Youth Saver is a great high interest savings account for kids and young adults.

Any catches?

We wouldn't recommend using the Commonwealth Youth Saver as a transaction account because your child will lose the 2.30% p.a bonus interest rate with any withdrawals.

How are Commonwealth Bank savings accounts rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
8.1

Based on 4756
Commonwealth Bank savings accounts reviews

7.2 7.0 8.2 8.4 8.2

Read Commonwealth Bank savings account reviews by the Mozo community

Latest reviews of Commonwealth Bank Youthsaver

Commonwealth Bank

Commonwealth Bank Youthsaver savings account review

Overall rating   10 / 10

Great bank

I've banked with commonwealth for just over a year and i'm glad I did. Very helpful when I need it.

Full review

I've banked with commonwealth for just over a year and i'm glad I did. Very helpful when I need it.

    Price   9 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Chyenne (NSW), reviewed 6 months ago

Commonwealth Bank

Commonwealth Bank Youthsaver savings account review

Overall rating   10 / 10

Great bank absolutely recommend

I love commonwealth bank it's easy

Full review

I love commonwealth bank it's easy

    Price   -1 / 10

    Features   -1 / 10

    Customer service   9 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Jordan (VIC), reviewed 6 months ago

Commonwealth Bank

Commonwealth Bank Youthsaver savings account review

Overall rating   9 / 10

Great service and assistance

They are smart and fast

Full review

They are smart and fast

    Price   5 / 10

    Features   5 / 10

    Customer service   5 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Kassem (NSW), reviewed 6 months ago

Commonwealth Bank

Commonwealth Bank Youthsaver savings account review

Overall rating   10 / 10

Competitive premiums and great customer service

Competitive premiums and great customer service. A friend introduced me to this card.

Full review

Competitive premiums and great customer service. A friend introduced me to this card.

    Price   -1 / 10

    Features   -1 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Angie (VIC), reviewed 7 months ago

Commonwealth Bank

Commonwealth Bank Youthsaver savings account review

Overall rating   9 / 10

Cool bank and Workers

Happy overall, cool bank and workers.

Full review

Happy overall, cool bank and workers.

    Price   9 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Arwa (QLD), reviewed 7 months ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.50% p.a.

  • Balances from $0: 2.30% p.a.
    Balances from $50,000: 0.50% p.a.

  • Minimum one deposit and no withdrawals in the month

Fees

  • $0.00

  • none

  • unlimited free transactions

  • $0.00

  • Commonwealth, Bankwest

  • none

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • yes

  • none

  • yes

  • no

  • no

  • yes

  • no

  • no

  • yes

  • no

  • yes

  • none

  • none

  • Under 18

About Commonwealth Bank

The Commonwealth Bank might be one of Australia's oldest and largest banks, but lately it's determined to do things differently. The Commonwealth Bank reckons it's focusing more on customer service and earning your business rather than counting on it. If you like the sound of that, then check out the Commonwealth Bank's wide range of personal banking products, including term deposits, savings accounts, credit cards, home loans and personal loans.

Compare other savings accounts
Advertisement