If you or your child are looking to make a bumper return on your savings, then the CUA Youth eSaver can help do just that. If the account has under $5,000 in it, it’ll come with a very high 4.00% interest rate, which at the moment is higher than any interest rate you’ll be able to find on an adult account. The flipside is once the account balance goes over $5,000 the interest rate drops to only 1.00%.
As the CUA Youth eSaver account is a youth account, you’ll only be able to have one if you are between the age of 10-17 years of age, but the good news is you can throw any concerns about fees wearing down your savings stash, as it comes with no fees at all.
Lastly, don’t be afraid that your account will disappear once you turn 18, as the account will automatically be converted to a CUA eSaver Reward.
Who it's good for:
The CUA Youth eSaver is good for anyone between 10-17 years old, looking to get a leg up as they jump into the world of savings accounts.
Once your account has over $5,000, your interest rate will drop to 1.00%, at which point it may be worth considering alternative youth savings options.