Looking for a savings account to help your child or young teen grow their stash? The Australian Mutual Bank Young Saver Account could be the way to do it. This account is available for kids aged 0 to 17 years old and has no pesky ongoing fees. It also comes with a competitive 5.50% interest rate for balances under $5,000 and no monthly deposit requirements attached to it.
An important part of any savings account is the interest rate, and this is where the Australian Mutual Bank Young Saver Account delivers.
For balances under $5,000, kids receive a competitive 5.50% interest rate - with no monthly deposit requirements at all, making it the perfect place to stash savings as often (or not) as you want. Just bear in mind though, the interest rate drops to a less hot 2.50% for balances between $5,000 and $10,000 and then plummets to only 0.01% on balances over $10,000.
You may be pleased to hear that when it comes to account fees, with the Australian Mutual Bank’s Young Saver Account you won’t have to pay them. Plus, there is no minimum opening balance so your child can start saving straight away!
This account is a good option for kids that have a savings stash under $5,000 so they can take advantage of the competitive rate and watch their funds grow.
Just remember, this product is only for kids aged 0 to 17 years old not adults. And if your child is under 12, as a parent, you’ll need to be a member of the Australian Mutual Bank in order to open an account but for kids between 12 and 17 they can be a Junior Member until they turn 18.
Balances from $0: 5.50% p.a. |
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n/a |
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n/a |
$0.00 |
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n/a |
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Unlimited phone and internet banking |
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n/a |
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n/a |
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n/a |
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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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n/a |
$0.00 |
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$0.00 |
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Monthly |
no |
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n/a |
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no |
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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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no |
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Child must be between 12 and 17 or account can be opened in a parents name. Max 1 account per eligible child. |
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none |
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0 to 17 |
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
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
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
Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% 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
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
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)
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)
Hero Saver
4.60% p.a. (for $0 to $250,001)
Yes up to $250,000
1.00% p.a.(for $0 to $5,000,001)
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