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 23 February 2020. 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 9/10
    Amazing app.

    Amazing app. The option to add goals and jobs is really helpful and encouraging.

    Read full review

    Amazing app. The option to add goals and jobs is really helpful and encouraging.

    Price
    5/10
    Features
    10/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    10/10
    Less
    Isabelle, New South Wales reviewed 3 months ago
  • Overall 7/10
    Outdated but functional.

    Youthsaver is not that convenient for kids these days, no ATM access, and online it's via my main account. Youthsaver account cant be accessed without giving kids my main password.

    Read full review

    Youthsaver is not that convenient for kids these days, no ATM access, and online it's via my main account. Youthsaver account cant be accessed without giving kids my main password.

    Price
    7/10
    Features
    5/10
    Customer service
    8/10
    Convenience
    6/10
    Trust
    8/10
    Less
    Nick, New South Wales reviewed 3 months ago
  • Overall 6/10
    Low Interest, Clear Details, Highly recommendable.

    The interest rates are pretty low, so I might recommend this bank to my friends who want to open savings accounts.

    Read full review

    The interest rates are pretty low, so I might recommend this bank to my friends who want to open savings accounts.

    Price
    4/10
    Features
    7/10
    Customer service
    6/10
    Convenience
    8/10
    Trust
    -1/10
    Less
    Wendy, New South Wales reviewed 4 months ago
  • Overall 10/10
    Commonwealth bank is very good

    Everything is very good. Commonwealth bank is very good

    Read full review

    Everything is very good. Commonwealth bank is very good

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Caroline, New South Wales reviewed 4 months ago
  • 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 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.

    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.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Tahlia, New South Wales reviewed over 1 year 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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