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 Great Southern Bank Youth eSaver

Last updated: 1 June 2021.

binocular icon
What's hot
  • 2.50% 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 2.50% 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%.

key icon
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 2.50% 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.

snapshot
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.

question icon
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 25 June 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

  • 0 to 17 years

Customer Reviews

How are Great Southern Bank 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 Great Southern Bank Youth eSaver

Thumbnail icon for Great Southern Bank

About Great Southern Bank

Great Southern Bank (formerly 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. Great Southern Bank is committed to helping members through life's big changes, so if you want to make a change for the better, check out Great Southern Bank's range of home loans, personal loans, credit cards, savings accounts and more.

See Great Southern Bank savings accounts