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Mini meca 2020

CUA Youth eSaver

Advertiser disclosure
Interest rate
2.50% p.a.(for $0 to $5,001)
Maximum rate
No Current Offer
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review CUA Youth eSaver

Last updated: 18 December 2020.

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What's hot
  • 2.50% interest rate (under $5,000)
  • 2019 Mozo Experts Choice winner
  • For ages up to 17
What's not
  • 1.00% interest (over $5,000)
Mozo snapshot

If you’re looking for a competitive interest rate on a teen savings account, you’d be hard pressed to find one better than the 2.50% offered by CUA Youth eSaver. In fact, the Mozo judges thought it was one of the best around, awarding it a 2019 Mozo Experts Choice Award for best Pocket Money Saver. 

This is account is only for little'uns up to 17 years old (yup, your newborn babe can open an account) and it comes with no fees. However, keep in mind that if you have over $5,000 in the account, the interest rate will drop to 1.00%.

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Key features

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 high 2.50% interest rate, which at the moment is higher than any interest rate you’ll be able to find on an adult account. However, once the account balance goes over $5,000, any addition funds will only garner 1.00%.

As the CUA Youth eSaver account is a youth account, you’ll only be able to have one if you are under 17 years of age. If the young account holder is under 10, a parent or guardian will have to authorise the account opening and be listed as a signatory to make transactions. The good news is you can throw outany 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.

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Who is it good for

The CUA Youth eSaver is good for anyone under 17 looking to get a leg up as they jump into the world of savings accounts.

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Any catches

Once your account has over $5,000, your interest rate will drop to 1.00% for the addition funds, at which point it may be worth considering alternative youth savings options.

Details

Rates and fees information correct as at 2 March 2021. 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: 2.50% p.a.
    Balances from $5,001: 1.00% p.a.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from phone and internet.

  • n/a

  • n/a

  • n/a

  • $0.00

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $1.00

  • $1.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • Child must be aged 10-17 and sole account owner. Max 1 Youth eSaver account per eligible child. Must link to a transaction account.

  • none

  • 10 to 17 years

Customer Reviews

How are CUA savings accounts rated by the Mozo community?

Overall
8.2/10
Price
7.6/10
Features
6.9/10
Customer service
8.3/10
Convenience
7.6/10
Trust
8.4/10

Latest reviews of CUA Youth eSaver

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About CUA

CUA is Australia's largest credit union and an alternative to the big banks, offering financial, health and insurance solutions to over 500,000 Aussies. As a mutual, it's run by members for members, and reinvests in making its service better for customers and supporting local communities. CUA is committed to helping members through life's big changes, so if you want to make a change for the better, check out CUA's range of home loans, personal loans, credit cards, savings accounts and more.

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