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 ongoing rate of 5.50% p.a. offered by Great Southern Bank's Youth eSaver. This is account is only for little ones 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%.
Best of all, the Youth eSaver was named a 2023 Mozo Experts Choice Bank Accounts and Savings Award winner in the Pocket Money Saver category.
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 5.50% 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.
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.
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.
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Balances from $0: 5.50% p.a. |
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n/a |
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n/a |
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$0.00 |
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n/a |
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Unlimited free transactions from phone and internet. |
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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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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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$1.00 |
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$1.00 |
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Monthly |
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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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yes |
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yes |
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yes |
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no |
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Child must be aged 10-17 and sole account owner. Max 1 Youth eSaver account per eligible child. Must link to a transaction account. |
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none |
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0 to 17 years |
Unfortunately couldn't get past the first stage of verification and needed to print off forms and visit the local post office to have identity verified.
Read full reviewUnfortunately couldn't get past the first stage of verification and needed to print off forms and visit the local post office to have identity verified.
High interest rates, no fees and convenient online services. I have saved more than ever before. Highly recommend CUA over any other.
Read full reviewHigh interest rates, no fees and convenient online services. I have saved more than ever before. Highly recommend CUA over any other.
I like the bank overall just need to fix a few things like rewards or interests
Read full reviewI like the bank overall just need to fix a few things like rewards or interests
I love how you can use your card at any rediATM in Australia without paying a fee.
Read full reviewI love how you can use your card at any rediATM in Australia without paying a fee.
I like this bank because they have my best interest; they use different methods of saving that allowed me to save more money rather than it going into bank fee.
Read full reviewI like this bank because they have my best interest; they use different methods of saving that allowed me to save more money rather than it going into bank fee.
Savings Account
5.50% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
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
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
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
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)
Savings Account
5.50% p.a. (for $0 to $250,000)
Yes up to $250,000
4.75% p.a.(for $0 to $1,000,000)
Reward Saver
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
0.30% p.a.(for $0 and over)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
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 Maximiser
5.50% p.a. (for $0 to $100,000)
Yes up to $250,000
0.55% 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
Reward Saver
0.30% p.a.(for $0 and over)
5.25% p.a. (for $0 to $100,000)
Yes up to $250,000
Save Account
0.10% p.a.(for $0 and over)
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
Bonus Saver Account
0.05% p.a.(for $0 and over)
5.00% p.a. (for $0 to $250,000)
Yes up to $250,000
Savings Maximiser
0.55% p.a.(for $0 and over)
5.50% p.a. (for $0 to $100,000)
Yes up to $250,000
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Mighty Saver Account
0.10% p.a.(for $0 and over)
1.20% p.a. (for $0 and over)
Yes up to $250,000
Mighty Saver Account
0.10% p.a.(for $0 and over)
1.20% p.a. (for $0 and over)
Yes up to $250,000
