In this guide

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  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Commonwealth Bank Youthsaver Account

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Commonwealth Bank Youthsaver Account
Maximum variable rate
5.00% p.a.
Base interest rate
2.6%p.a.
Minimum deposit
$1

Summary

Get a bonus on your interest every time you practice good savings habits with your Youthsaver Account

Designed to encourage young Australians to save, the Youthsaver Account pays interest on the balance, and then adds a bonus to that each month you are able to meet their terms. Pay no monthly fees, and use CommBank facilities to make your withdrawals and you can avoid any transaction fees as well.

Pros

  • No account keeping fees
  • Phone and internet banking available
  • Counter service available
  • Competitive interest rate available

Cons

  • International fees apply on transactions made abroad
  • There may be withdrawal fees from non-Commonwealth bank ATMs

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Commonwealth Bank Youthsaver Account
Maximum Variable Rate 5.00% p.a.
Standard Variable Rate 2.60% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0

Key features

Interest rates

The base rate for this account is nominal.

Bonus rates

For each month that a deposit is made into the account, and no money is withdrawn, you will earn a maximum interest rate of 5%.

Launch savings calculator


How to apply

If you are new to Commonwealth Bank both the account holder and signatory adult if applicable will need to visit a local branch to apply for the account. If you are already a Commonwealth Bank customer you are able to apply for the Youthsaver Account through NetBank by applying online but there are special conditions for applying online.

Eligibility

Check with the following eligibility requirements before proceeding with the application:

  • Minimum age. You must be under 17 to be eligible for this account, but if you are under 16 a parent or guardian must complete the application for you. If you're aged over 17 may apply on behalf of their child, grandchild, niece or nephew but accounts cannot be opened through a trust.
  • Residency requirements. You will need to be able to provide an Australian residential address when applying for this account.

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Rabobank High Interest Savings Account
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Earn a high interest rate of 5.75% for the first 4 months and then 4.35% thereafter, with $0 account keeping fees and no monthly balance requirements.
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Rabobank High Interest Savings Account
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ING Savings Accelerator ($150,000 - $500,000)
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Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
ING Savings Accelerator ($150,000 - $500,000)
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Maximum Variable Rate p.a.
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Suncorp Bank Growth Saver Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Monthly Max Rate Conditions
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ING Savings Maximiser
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Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
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Newcastle Permanent Smart Saver Account - Under 25s
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Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
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Macquarie Savings Account
Macquarie Bank logo
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
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Monthly Max Rate Conditions
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Newcastle Permanent Smart Saver Account
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Maximum Variable Rate p.a.
4.50%
Standard Variable Rate p.a.
0.05%
Intro/Ongoing
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Monthly Max Rate Conditions
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First Option Bank Savings+Bonus Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Monthly Max Rate Conditions
  • Deposit $100
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Newcastle Permanent Online Savings Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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BCU Bonus Saver
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Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
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Alison Finder

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Cate

February 06, 2024

I want to set up a bank account for my grandson to give him when he turns 18. What is the best acct and how do I do this


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Sarah Megginson Finder

September 23, 2024

Hi Cate,


You can learn more about opening an account for your grandson along with some suitable accounts in this guide. Hope this helps!


Avatar

Melannie

January 28, 2024

What is the minimum monthly deposit amount to receive the 5% interest rate?


Avatar

Jason Loewenthal Finder

February 02, 2024

Hi Melannie,


There is no minimum monthly deposit for this account, though to active the bonus interest you need to grow the balance each month (excluding interest earned that month).


I hope that helps.


Avatar

Julie

January 11, 2024

Do you know what happens after they turn 17? Do they need to start a new account?


Avatar

Sarah Megginson Finder

January 11, 2024

Hi Julie, The account is designed for people aged up to 17. Once you turn 18, the bank will contact you and help you transfer the account to a different savings or transaction account of your choice.


Avatar

Sarah

January 10, 2024

Do I have to have an account with you to open up a youth saver account for my child?


Avatar

Sarah Megginson Finder

January 10, 2024

Hi Sarah, No you don’t need to be a CommBank customer. But depending on your child’s age, as a parent or legal guardian, you may need to open a Youthsaver account on their behalf. For a child under 14, you’ll need You’ll need to provide at least one form of ID for you (e.g. current driver’s licence or passport) if you don’t already bank with CommBank, and ID for your child (e.g. birth certificate or passport).


Hope this helps!


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Jana Roki

December 29, 2023

Hi, please help.

My 17 years old son is about to start TAFE in February and we have set up a payment plan through PaySmart with payments coming out on fortnightly basis from his Youthsaver Account. His first payment didn’t go through even though he had sufficient funds in it. Please advise. Does he need to open a different account?

Thank you


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Jason Loewenthal Finder

January 05, 2024

Hi Jana,


We’re a comparison site, not CommBank, so you might have more luck contacting CommBank directly on 13 22 21.


The Youthsaver account is a savings account, so there might be restrictions on payments coming out of it. You may need an everyday account for the payments to be taken out of.


I hope that helps.


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