If your child’s ready to start building up their savings stash, they’ll need a great value savings account to put it in. That’s where the Endeavour Mutual Bank Young Saver comes in. Endeavour Mutual Bank's Young Saver account has a bumper 1.00% interest rate and no account keeping fees, so kids up to 17 years old can get a great return on their pocket money with this account.
Let’s start with the feature you really want to know about - that generous 1.00% interest rate. Savings kept in the Endeavour Mutual Bank Young Saver account will earn this interest on balances up to $5,000 without you lifting a finger - there are no deposit requirements or withdrawal limits.
There’s also the ability to make unlimited free transactions either through online banking or over the phone, plus, kids will get online access to newsletters, activity sheets, competitions and financial tips to help keep them motivated and in the loop when it comes to their money.
Kids also have the option to link this account to an Endeavour Mutual transaction account with a linked debit card, so they can get at their stash a bit easier and start working on their budgeting skills!
This account is available for Aussie kids and youths up to 17 years old, though keep in mind there’s a limit of one account per child and it’s not available to kids who already have a Kickstart Saver Account.
The Endeavour Mutual Bank Young Saver Account is truly a kids account - it’s available up until your kids turn 17, and it’s held in their name, not as a trust account (although they will need a parent or legal guardian to sign off on official documents until they’re 12 years old).
This account has a $10,000 balance limit, so if you go above that amount, you’ll need to open a different account for their stash. Another thing to keep in mind is that once kids turn 18, they’ll become a full Adult Member of Endeavour Mutual Bank, and their Young Saver account will need to be closed.
Balances from $0: 1.00% p.a.
Balances from $5,001: 0.25% p.a.
Balances from $10,000: 0.01% p.a.
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n/a
$0.00
n/a
Unlimited free transactions from phone and internet.
n/a
n/a
n/a
$0.00
$0.00
n/a
$0.00
$0.00
n/a
$0.00
$1.00
Monthly
no
none
no
no
no
yes
no
yes
yes
yes
no
Child must be between 12 and 17 or account can be opened in a parents name. Max 1 account per eligible child.
none
12 to 17 years
Endeavour Mutual Bank, established in 1953, has been providing banking services to the community for over 60 years. By offering all the traditional banking services you?ve come to expect, plus keeping up with the latest banking innovations, Endeavour Mutual Bank offers its members tonnes of value and great service. Products on offer include car loans, personal loans and credit cards, along with a great range of full featured home loans for multiple purposes including refinance, investment purchases and owner occupied purposes.
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
0.10% p.a.(for $0 and over)
1.20% p.a. (for $0 to $250,000)
Yes up to $250,000
HSBC
Serious Saver
0.15% p.a.(for $0 and over)
0.30% p.a. (for $0 to $1,000,000)
Yes up to $250,000
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
0.80% p.a. (for $0 to $250,001)
Yes up to $250,000
Citi
Online Saver
0.35% p.a.(for $0 and over)
1.10% p.a. (for $0 to $500,000)
Yes up to $250,000
HSBC
Flexi Saver
0.05% p.a.(for $0 to $5,000,000)
0.25% p.a. (for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
0.05% p.a.(for $1 and over)
1.05% p.a. (for $1 to $250,000)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.40% p.a. (for $0 and over)
Yes up to $250,000
