People’s Choice Young Saver Account
- Maximum variable rate
- 5.05% p.a.
- Base interest rate
- 0.1%p.a.
- Minimum deposit
- $5
Our verdict
If you're under 18, you can earn bonus interest each month you deposit just $5 and make no withdrawals.
This account could suit you if you're under 18 and looking for an account to help you kickstart your savings and build good savings habits. You can earn an ongoing bonus interest rate of 5.05% each month you deposit just $5 and make no withdrawals. This bonus rate is a bit lower than other leading youth accounts in the market, however, the monthly deposit condition is also much lower and easier to meet. The fact you can't make withdrawals if you want to earn bonus interest is a good way to resist impulse purchases.
Pros
-
No monthly service fee
-
$0 minimum deposit
-
Small monthly deposit condition
-
Decent ongoing variable bonus rate
Cons
-
No withdrawals to be eligible for bonus interest
-
Low variable base rate if bonus conditions aren't met
Details
Key details
| Product Name | People's Choice Young Saver Account |
| Maximum Variable Rate | 5.05% p.a. |
| Standard Variable Rate | 0.10% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
Your reviews
Alison Finder
Editor
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Sarah Megginson Finder
April 23, 2024
Hi Dom,
If you have an account set up for your child in their name, they will earn interest. If they do not have a tax file number and earn more interest than the annual threshold as set by the government, some of that interest will be held as withholding tax. Currently, that amount is set at $416 per year.
Hope this helps!
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Irene Kalman
February 23, 2024
What happens to the account when the child turns 19. Do you need to change accounts or will it continue till it’s closed?
Sarah Megginson Finder
May 17, 2024
Hi Irene,
You can open the account for your child, and once the child reaches 18 years of age, full account access is given to them and the account remains open.
Hope this helps!
Sree
April 18, 2018
Hi, Would like to open account for my son. Would they receive a Savings Card to access the money? Is there a fee & charges when card is used at stores?
Ash Munoz
April 18, 2018
Hi Sree,
Thank you for visiting finder.
The People’s Choice Young Saver Account from Credit Union does not come with Visa/ Mastercard Debit Card. You may access the account through Internet, Phone or visit the nearest branch to make any transaction.
You may use the account to pay for stores using BPAY payments and direct debit though there will be a $1.25 per debit with a free one transaction every month.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
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Charlie
April 05, 2018
Hi. I was thinking of setting up an account each for my daughters under 10. Just wanted to know about the direct deposit fee, do they get charged if I set an direct deposit from my account into theirs or is it only when you set a direct deposit up from there saving account to another?
Nikki Angco
April 05, 2018
Hi Charlie!
Thanks for your message and for contacting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?
The direct debit fee is only applicable if the withdrawals are made from their deposit accounts to another. If the money is deposited in their account no charge/fees apply.
Hope this clarifies!
Feel free to message us anytime should you have further questions.
Best regards,
Nikki
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Trish
March 21, 2018
Hi. I wanted to open a young savers account for my 14yo son. Do I need a TFN exemption number for him? Thanks.
Jhezelyn Finder
March 24, 2018
Hi Trish,
Thank you for your comment.
Because having a savings account lets one earn interest, TFN must be provided. You need to consider who will make use of the account and who will benefit the interest. If you get to use the account, then the TFN must be quoted for you. Per ATO, children are not exempted from quoting a TFN. Special rules apply to your child’s income from a savings account. I suggest that you check Australian Taxation Office website and go to Children’s savings accounts to know the details of getting a TFN for your 14 year old child.
Regards,
Jhezelyn
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Dom
April 10, 2024
Will my 7 year old be deducted interest?