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Commonwealth Bank Youthsaver

Advertiser disclosure
Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
0.55% p.a. (for $0 to $50,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Commonwealth Bank Youthsaver - last updated: 31 August 2021

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What's hot
  • 0.55% p.a. bonus variable interest rate (when criteria is met)
  • No monthly account fee
  • Automatic Dollarmites club membership (for 12 & under)
What's not
  • 0.05% p.a. variable interest rate
Mozo snapshot

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 0.55% 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.

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Key features

To ensure your kid gets the 0.55% 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.

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Who is it good for

The Commonwealth Bank Youthsaver is a great first savings account for Aussie kids and teens under the age of 18.

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Any catches

If you don't want your child to miss out on the 0.55% 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.

Details

Rates and fees information correct as at 16 October 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 0.05% p.a.

Balances from $0: 0.55% p.a.
Balances from $50,000: 0.05% p.a.

Grow the savings balance for the month (excluding interest and bank-initiated transactions).

Fees

$0.00

n/a

unlimited free transactions

$0.00

Commonwealth, Bankwest

n/a

$0.00

$0.00

$0.00

$0.00

$0.00

n/a

Other financial bits

$0.00

$0.00

Monthly

Features

yes

none

yes

no

no

yes

no

no

yes

no

yes

none

none

Under 18

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