Commonwealth Bank Youthsaver

0.10% p.a.(for $0 and over)

1.85% p.a. (for $0 to $50,000)

Commonwealth Bank Youthsaver

0.10% p.a.(for $0 and over)

1.85% p.a. (for $0 to $50,000)

Mozo Review   Commonwealth Bank Youthsaver Review

Last updated: 4 October 2019.

What's hot:
  • 1.85% p.a. bonus variable interest rate (when criteria is met)

  • No monthly account fee

  • Automatic Dollarmites club membership (for 12 & under)

What's not:
  • 0.10% 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 0.10% 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.

Any catches?

If you don't want your child to miss out on the 1.85% p.a bonus interest rate then don't make any withdrawals from the Commonwealth Bank Youthsaver account. So, if you need to make regular withdrawals or transactions, then you'll want to do so from a separate everyday transaction account instead.

Details

Rates and fees information correct as at 15 October 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: 0.10% p.a.

  • Balances from $0: 1.85% p.a.
    Balances from $50,000: 0.10% p.a.

  • Minimum one deposit and no withdrawals in the month

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

Customer Reviews

How are Commonwealth Bank savings accounts rated by the Mozo community?

Overall customer rating
7.5/10
Price
6.6/10
Features
6.3/10
Customer service
7.6/10
Convenience
8.2/10
Trust
7.6/10

Latest reviews of Commonwealth Bank Youthsaver

  • Overall
    10/10
    10/10

    I’ve been with Commonwealth since I was 16 and I have never once had an issue or even considered...

    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.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Tahlia | New South Wales

    reviewed 12 months ago

  • Overall
    10/10
    Great bank

    I've banked with commonwealth for just over a year and i'm glad I did. Very helpful when I need it.

    I've banked with commonwealth for just over a year and i'm glad I did. Very helpful when I need it.

    Price
    9/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Chyenne | New South Wales

    reviewed over 1 year ago

  • Overall
    10/10
    Great bank absolutely recommend

    I love commonwealth bank it's easy

    I love commonwealth bank it's easy

    Price
    -1/10
    Features
    -1/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    10/10

    Jordan | Victoria

    reviewed over 1 year ago

  • Overall
    9/10
    Great service and assistance

    They are smart and fast

    They are smart and fast

    Price
    5/10
    Features
    5/10
    Customer service
    5/10
    Convenience
    10/10
    Trust
    10/10

    Kassem | New South Wales

    reviewed almost 2 years ago

  • Overall
    10/10
    Competitive premiums and great customer service

    Competitive premiums and great customer service. A friend introduced me to this card.

    Competitive premiums and great customer service. A friend introduced me to this card.

    Price
    -1/10
    Features
    -1/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Angie | Victoria

    reviewed almost 2 years ago

Commonwealth Bank

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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