In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.

Commonwealth Bank Youthsaver Account

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For each month that a deposit is made into the account, and no money is withdrawn, you will earn a maximum interest rate of 5%.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

Compare other savings accounts

1 - 15 of 186
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
AMP Saver Account
Maximum Variable Rate p.a.
5.40%
Standard Variable Rate p.a.
1.20%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1000 in previous month
  • Balances up to $250,000
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
Bank of Queensland Simple Saver Account
Maximum Variable Rate p.a.
4.85%
Standard Variable Rate p.a.
4.85%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $5,000,000
Go to siteView details
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
  • Balances up to $100,000
Go to siteView details
Bank of Queensland Future Saver Account - 14 to 35 years
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 eligible transactions
  • Balances up to $50,000
Go to siteView details
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $100
  • No withdrawals
  • Balances up to $249,999
Go to siteView details
Easy Street Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.01%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50+ each month
  • No withdrawals
  • Balances up to $5,000,000
Go to siteView details
MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $20
  • 5 debit card purchases
  • Balances up to $250,000
Go to siteView details
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro Period
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
BCU Bonus Saver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro Period
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
loading
Showing 15 of 15 results

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

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!


Show more Show less
Avatar

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


Show more Show less
Avatar

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.


Show more Show less
Avatar

Jarryd

October 06, 2023

What will happen to my youth saver account when I turn 18? Am I allowed to still hold it as a youthsaver or am I forced to switch to another type of account?


Avatar

Richard Whitten Finder

October 23, 2023

Hi Jarryd,


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.


Go to site