To make sure your child is receiving that 2.30% bonus interest rate and not the low 0.01% 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.
We wouldn't recommend using the Commonwealth Youth Saver as a transaction account because your child will lose the high 2.30% p.a bonus interest rate with any withdrawals.