Commonwealth Bank Youthsaver
0.50% p.a.(for $0 and over)
2.30% p.a. (for $0 to $50,000)
Commonwealth Bank Youthsaver
0.50% p.a.(for $0 and over)
2.30% p.a. (for $0 to $50,000)
Commonwealth Bank Youthsaver
0.50% p.a.(for $0 and over)
2.30% p.a. (for $0 to $50,000)
Mozo Review Commonwealth Bank Youthsaver Review
Last updated: 19 June 2018.
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.
Details
Rates and fees information correct as at 21 February 2019. 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: 0.50% 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
Customer Reviews
How are Commonwealth Bank savings accounts rated by the Mozo community?
Latest reviews of Commonwealth Bank Youthsaver
- Overall10/10
10/10
I’ve been with Commonwealth since I was 16 and I have never once had an issue or even considered...
Read full review
I’ve been with Commonwealth since I was 16 and I have never once had an issue or even considered changing banks. I think they have a good system, good deposit and withdrawal methods, they’re up to date and they give a notice whenever the bank is going to be down. More than happy with commonwealth bank.
Price10/10Features10/10Customer service10/10Convenience10/10Trust10/10Less
Tahlia | New South Wales
reviewed 4 months ago
- Overall10/10
Great bank
I've banked with commonwealth for just over a year and i'm glad I did. Very helpful when I need it.
Read full review
I've banked with commonwealth for just over a year and i'm glad I did. Very helpful when I need it.
Price9/10Features8/10Customer service10/10Convenience10/10Trust10/10Less
Chyenne | New South Wales
reviewed about 1 year ago
- Overall10/10
Great bank absolutely recommend
I love commonwealth bank it's easy
Read full review
I love commonwealth bank it's easy
Price-1/10Features-1/10Customer service9/10Convenience10/10Trust10/10Less
Jordan | Victoria
reviewed about 1 year ago
- Overall9/10
Great service and assistance
They are smart and fast
Read full review
They are smart and fast
Price5/10Features5/10Customer service5/10Convenience10/10Trust10/10Less
Kassem | New South Wales
reviewed about 1 year ago
- Overall10/10
Competitive premiums and great customer service
Competitive premiums and great customer service. A friend introduced me to this card.
Read full review
Competitive premiums and great customer service. A friend introduced me to this card.
Price-1/10Features-1/10Customer service10/10Convenience10/10Trust10/10Less
Angie | Victoria
reviewed about 1 year ago
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.
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