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Great Southern Bank Youth eSaver

Advertiser disclosure
Interest rate
2.40% p.a.(for $0 to $5,001)
Maximum rate
No Current Offer
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Great Southern Bank Youth eSaver - last updated: 17 September 2021

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What's hot
  • 2.40% interest rate (under $5,000)
  • No ongoing account fees
  • Unlimited free withdrawals
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 2.40% offered by Great Southern Bank's Youth eSaver. 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 savings interest return, then the Great Southern Bank Youth eSaver can help do just that. If the account balance is under $5,000, it’ll come with a high 2.40% interest rate, which at the moment is higher than most interest rates 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 Great Southern Bank 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 out any concerns about fees wearing down your savings stash, as this is a fee-free zone.

Lastly, don’t be afraid that your account will disappear once you turn 18, as the account will automatically be converted to a Great Southern Bank eSaver Reward.

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Who is it good for

The Great Southern Bank 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 21 October 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: 2.40% p.a.
Balances from $5,001: 1.00% p.a.

n/a

n/a

Fees

$0.00

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Unlimited free transactions from phone and internet.

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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

0 to 17 years

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