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
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 |
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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.

Villy
September 12, 2023
As my grandchild lives interstate would a copy of their birth certificate do for proof

Raj Lal Finder
September 13, 2023
Hi Villy,
Yes you can use your grandchild’s birth certificate or passport.
Thanks
Raj

Grandma
August 23, 2023
Can I open an account for my grandchild and be the signatory? Other than their birth certificate and my ID, do I need anything else to set it up?

Sarah Megginson Finder
September 04, 2023
Hi Lyn,
Yes you can open an account for your grandchild, depending on their age; if they are 17 or over, they can apply without an adult’s signatory. Their birth certificate and your government issued ID is all you need to open an account. Hope this helps!

Marie
August 14, 2023
Hi! Does withdrawal of money from this account effect interest rate for particular month only or will it affect the whole year? Also is the maximum variable rate only an estimate of “best case” or is that a guarantee if all conditions are met?

Alison Banney Finder
August 23, 2023
Hi, interest in paid monthly. If you don’t qualify for bonus interest one month, you can still qualify the following month if you meet the account conditions. The maximum rate is the rate you’ll get if you meet the conditions – it’s not an estimate. However, it’s worth noting that this is a variable rate so it can change at any time if the bank chooses to do so.
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Karen Plumpton
August 02, 2023
Hi
I am the sole grandparent career with full parental responsibility given to me by the NSW Family Law Courts. I have the orders on file I can email to you for confirmation. I wish to set up a Commonwealth Bank Youthsaver Account one for each of the boys. Can someone please contact me to advise me how to apply and what is required. I look forward to your response.
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Sarah Megginson Finder
September 04, 2023
Hi Karen,
Your best bet is to visit a CBA branch with this paperwork and a copy of the child’s birth certificate. They can assist you in setting up a bank account from there. Best of luck!
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?