In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.
🏆 Finder award

Great Southern Bank Youth eSaver Account

  • Avatar
Great Southern Bank Youth eSaver Account (0-17 year olds only)
Maximum variable rate
5.50% p.a.
Base interest rate
5.5%p.a.

Our verdict

Aged under 17? Earn up to 5.5% on your savings with no conditions to meet.

Gold Finder Awards Badge
Finder Awards winner

A parent or guardian can open this account for a child under the age of 10, however you must act as the signatory for the account. The child can't make transactions from the account until they're 10 or older.

Pros

  • Won the Best Kid Savings Account in 2023 Finder Awards
  • No monthly fee
  • Competitive interest rate for under 17s
  • No monthly deposit conditions to meet

Cons

  • Age restrictions apply
  • Interest only available on balances up to $5,000

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Your balance will earn a highly competitive interest rate of 5.5% for balances of up to $5,000. There are no monthly conditions to meet, and you can access your money at any time while still earning interest.

Details

Key details

Product Name Great Southern Bank Youth eSaver Account (0-17 year olds only)
Maximum Variable Rate 5.50% p.a.
Standard Variable Rate 5.50% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1

Congratulations, Great Southern Bank!

Great Southern Bank Youth eSaver Account (0-17 year olds only) won the award for 'Kids Savings Account' in the 2024 Product Awards.

Full list of 2024 winners

Key features

Availability

This account is meant for Australians between the ages of 0 and 17. If you're 10 or older, you can be listed as the only account holder. For children aged under 10 the account must be opened with a parent or guardian as a signatory.

Earn up to 5.5%

Your balance will earn a highly competitive interest rate of 5.5% for balances of up to $5,000. Interest rates are stepped so that any balance above that amount will receive a lower rate of interest. There are no monthly deposit conditions to meet and you can make withdrawals at any time.

Launch savings calculator


How to apply

Completing an application for the Great Southern Bank Youth eSaver Account should take about 10 minutes.

Eligibility

You will be asked to confirm that you meet the eligibility requirements before beginning. These include:

  • Minimum age. Account holders must be between the ages of 10 and 17 for the Youth eSaver Account to be opened in their name.
  • Residency requirements. In order to be eligible you must be a permanent resident of Australia and have a residential mailing address.

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 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

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

Avatar

TT

October 30, 2023

What happens once child turns 18? would the interest rate change?


Avatar

Richard Whitten Finder

November 06, 2023

Once a child turns 18 the bank will convert the account into a different product, either another savings account or a transaction account. Normally the bank contacts you and explains your options.


Avatar

Anica Nieuwoudt

September 08, 2023

Hi. Can the linked account be from any bank or does it have to be a Great Southern bank account?


Avatar

Raj Lal Finder

October 09, 2023

Hi Anica,


The linked account has to be from Great Southern Bank.


Thanks

Raj


Avatar

Siti

July 13, 2023

Can I withdraw my children money?


Avatar

Sarah Megginson Finder

July 13, 2023

Hi Siti, If your child is under 10 and you are a signatory to their account, you can make transfers into and out of the account through online and mobile banking as well as over the phone. If your child is 10 or older, they can be listed as the only account holder and you no longer have signatory access or the ability to withdraw funds from their account.


Show more Show less
Avatar

Anita

July 03, 2023

I want to open an account for my son, but do we have to have a linked account?


Avatar

Raj Lal Finder

August 14, 2023

Hi Anita,


Yes you would need to open a transaction account which should be linked to the savings account.


Thanks

Raj


Avatar

Tax file number

June 18, 2023

Does a child (2 years old) require a tax file number to open the account or can one parent use theirs?


Avatar

Sarah Megginson Finder

June 23, 2023

Hi Abigail,


According to the ATO, you can choose whether to get a TFN for your child or quote your own TFN for their bank account. When deciding whose TFN you should quote, you should consider who owns or uses the funds, your child’s age, and the amount of interest they receive.


If the person who owns or uses the funds is the parent, then the ATO recommends you quote the parent’s TFN.


If you’re saving for your child’s future and they are less than 16 years old, special rules apply to their income from a savings account. If you provide their TFN, they can avoid paying withholding tax on their earnings.


Hope this helps!


Show more Show less
Go to site