Get your child off to the right start with the under 18's Commonwealth Bank Youthsaver account, which offers a standard interest rate of 2.60% p.a., or a 5.00% p.a. bonus variable interest rate when you grow your savings within a calendar month on balances up to $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.
To ensure your kid gets the 5.00% p.a. bonus interest rate and not just the low 2.60% p.a. standard interest rate, you'll need to grow the account balance 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.
The Commonwealth Bank Youthsaver is a great first savings account for Aussie kids and teens under the age of 18.
If you don't want your child to miss out on the 5.00% p.a bonus interest rate, make sure the balance grows in your Commonwealth Bank Youthsaver account. If you need to make regular withdrawals or transactions, you may want to do so from a separate everyday transaction account instead.
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Balances from $0: 2.60% p.a. |
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Balances from $0: 5.00% p.a. |
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Grow the savings balance for the month (excluding interest and bank-initiated transactions). |
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$0.00 |
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n/a |
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unlimited free transactions |
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$0.00 |
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Commonwealth, Bankwest |
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n/a |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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yes |
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n/a |
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yes |
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no |
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no |
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yes |
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no |
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no |
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yes |
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no |
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yes |
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none |
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none |
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Under 18 |
I would recommend a youth saver account for families wanting to save money on the side as there's no tax or charges and you actually gain interest aswell.
Read full reviewI would recommend a youth saver account for families wanting to save money on the side as there's no tax or charges and you actually gain interest aswell.
I just really think they are great and super helpful. Also great to there customers.
Read full reviewI just really think they are great and super helpful. Also great to there customers.
Opening and closing hours still stuck in the 1970s, a long wait when you drop in for customer service. Over an hour and a half. One of the only banks to do kids accounts.
Read full reviewOpening and closing hours still stuck in the 1970s, a long wait when you drop in for customer service. Over an hour and a half. One of the only banks to do kids accounts.
I recently signed my 13 year old up for a youth saver account. As I'm an existing customer the sign up was online and easy. Only concern is that it keeps saying my sons birth certificate is invalid because it's asking for 11/ all numbers and my sons birth Cert is 10 numbers and 1 letter, so we are having to attend the branch now for validation of identity which is inconvenient. Looking forward to watching my son manage his money with a savings and spendings set up.
Read full reviewI recently signed my 13 year old up for a youth saver account. As I'm an existing customer the sign up was online and easy. Only concern is that it keeps saying my sons birth certificate is invalid because it's asking for 11/ all numbers and my sons birth Cert is 10 numbers and 1 letter, so we are having to attend the branch now for validation of identity which is inconvenient. Looking forward to watching my son manage his money with a savings and spendings set up.
I have been a customer of combank for over 20 years, as a pensioner I love the fact I have no fees and all of my money comes to me. The app is convenient and makes it a fast and simple to check my balance at any time wherever I go. So far I have had no issues and feel at ease knowing my money is safe, I have every confidence in combank and I have no plans to bank anywhere else in the future, The staff are always friendly and helpful. they take the time to explain things and answer any questions you may have. So I always would recommend combank to everyone
Read full reviewI have been a customer of combank for over 20 years, as a pensioner I love the fact I have no fees and all of my money comes to me. The app is convenient and makes it a fast and simple to check my balance at any time wherever I go. So far I have had no issues and feel at ease knowing my money is safe, I have every confidence in combank and I have no plans to bank anywhere else in the future, The staff are always friendly and helpful. they take the time to explain things and answer any questions you may have. So I always would recommend combank to everyone
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
Yes up to $250,000
4.40% p.a.(for $0 to $250,001)
Savings Account
5.35% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
Savings+Bonus
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
2.00% p.a.(for $0 to $250,000)
Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
0% p.a.(for $0 and over)
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
0.05% p.a.(for $0 and over)
Reward Saver Account
0% p.a.(for $0 and over)
5.25% p.a. (for $0 to $1,000,000)
Yes up to $250,000
AMP Saver Account
1.20% p.a.(for $0 to $5,000,000)
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
Savings+Bonus
2.00% p.a.(for $0 to $250,000)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
