Get your child off to the right start with the under 18's Commonwealth Bank Youthsaver account, which offers a standard interest rate of 0.05% p.a., or a 0.45% p.a. bonus variable interest rate when you grow your savings within a calendar month on balances up to $50,000. On top of this, when you open a Youthsaver for a child that's 12 or under, they'll automatically become a member of the Dollarmites Club, where they'll have access to fun online activities.
To ensure your kid gets the 0.45% p.a. bonus interest rate and not just the low 0.05% p.a. standard interest rate, you'll need to grow the account balance 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 Bank Youthsaver account is available for kids under 18, however, children under 14 years old 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 don't even need to visit a branch to apply, and the account will be activated within 3 days.
The Commonwealth Bank Youthsaver is a great first savings account for Aussie kids and teens under the age of 18.
If you don't want your child to miss out on the 0.45% p.a bonus interest rate, make sure the balance grows in your Commonwealth Bank Youthsaver account. If you need to make regular withdrawals or transactions, you may want to do so from a separate everyday transaction account instead.
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Balances from $0: 0.05% p.a. |
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Balances from $0: 0.45% p.a. |
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Grow the savings balance for the month (excluding interest and bank-initiated transactions). |
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$0.00 |
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n/a |
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unlimited free transactions |
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$0.00 |
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Commonwealth, Bankwest |
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n/a |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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yes |
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none |
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yes |
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no |
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no |
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yes |
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no |
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no |
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yes |
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no |
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yes |
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none |
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none |
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Under 18 |
I have youth savers for both of my children and I like how they give you the option to have the account on your netbank app to easily transfer money back and forth if needed or to only be able to be accessed if you go into the bank.
Read full reviewI have youth savers for both of my children and I like how they give you the option to have the account on your netbank app to easily transfer money back and forth if needed or to only be able to be accessed if you go into the bank.
Commonwealth Bank offers an easy and simple banking experience for all users, with excellent service and a high level of trust.
Read full reviewCommonwealth Bank offers an easy and simple banking experience for all users, with excellent service and a high level of trust.
All my money is in one place, including my son's savings account which is linked to mine. Convenient. No complaints after 6 years with them.
Read full reviewAll my money is in one place, including my son's savings account which is linked to mine. Convenient. No complaints after 6 years with them.
I like it because there are ATM’s everywhere you go. I don’t like my particular branch because I cannot pay money online with it. Nor can I connect it to my phone tap and go. It takes too long to order a new card so I don’t bother.
Read full reviewI like it because there are ATM’s everywhere you go. I don’t like my particular branch because I cannot pay money online with it. Nor can I connect it to my phone tap and go. It takes too long to order a new card so I don’t bother.
I like the bank cause they offer great customer service.
Read full reviewI like the bank cause they offer great customer service.
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
1.26% p.a. (for $0 and over)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000