Commonwealth Bank Youthsaver

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 0.10% p.a. plus, a 1.85% p.a. bonus variable interest rate when you make at least one deposit and no withdrawals each calendar month on balances up to and including $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.

Key features:

To ensure your kid gets the 1.85% p.a. bonus interest rate and not just the low 0.10% p.a. standard interest rate, you'll need to make at least one deposit into the account 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 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.

Who it's good for:

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