Commonwealth Bank Youthsaver Account

Commonwealth Bank Youthsaver Account

Maximum Variable Rate


Standard Variable Rate


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

  • No linked account required
  • Suitable for children
  • Bonus interest paid if at least one deposit is made (no withdrawals)

Product details

Designed to encourage Australian young people 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. Get this account started for your own child, or any kid you care about, and get them started on planning for their financial future.

Product Name
Commonwealth Bank Youthsaver Account
Maximum Variable Rate
2.30% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
2.29% p.a.
Introductory / Bonus Offer Conditions
Maximum rate is paid if you make at least one deposit to the account and have no withdrawals during a calendar month.
Monthly Fee
Minimum Opening Deposit
Minimum monthly deposit for bonus interest rate
Internet Banking
Internet Transaction Fee
Phone Banking
Phone Transaction Fee
Joint application?
Minimum Age Requirement
No Minimum Age
Maximum Age Requirement
Age Conditions
Parental approval is required if you are under 16 years of age. (Parents/ guardians can apply for a Youthsaver account for a child under 16 years old.)
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Commonwealth Bank Youthsaver Account?

Starting a savings account for a young Australian is a good way to get them started on responsible savings. To make the most of this type of account, check the ones being offered by other banks, and compare their features to these that you get from Commonwealth Bank:

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For each month that a deposit is made into the account, and no money is withdrawn, you will earn a bonus rate added to the base rate. When combined, this equals a variable competitive interest rate.

Interest calculation

Interest is calculated on the balance each day and paid into the account quarterly, starting in March, June, September and December. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.

Monthly account keeping fees

You are not charged any monthly fees for this account.

Bank at School

This program is designed for primary school students, and allows them to bank at school if the school is a part of the CommBank School Banking Program.


You can make withdrawals from the account for free using any CommBank ATM or branch in Australia. You also get unlimited access to your account through CommBank’s award winning NetBank.


This account is intended for Australians under the age of 18. However, if you are under 16 you will need a parent or guardian to open the account for you, and for a Keycard to be issued. They can also link their CommBank NetBanking to the Youthsaver for easy access.

Overseas access

You can use Cirrus and Visa Plus ATMs abroad to make cash withdrawals, but you will be charged $5 plus 3% of the transaction amount. If you like the features of these accounts it might be a good idea to look over some of the other Commonwealth Bank Savings Accounts, including ones designed specially for students, retirees and almost anyone else who wants to save more money.

To see how much interest you will actually earn, in real dollar amounts, you might also consider using a savings calculator to compare accounts in detail.

Launch savings calculator


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


  • International fees apply on transactions made abroad
  • There are withdrawal fees from non-Commonwealth bank ATM

How do I apply for the Commonwealth Bank Youthsaver Account?

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 to apply

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

  • Minimum age. You must be under 18 to be eligible for this account, but if you are under 16 a parent or guardian must complete the application for you. Adults over 18 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.
  • Depository requirements. While no opening balance is required, keep in mind that in order to receive the bonus interest applied to your balance you must make at least one deposit per month.

Documentation required

When applying, you will need to have certain documentation readily available to ensure that you are able to complete the application in its entirety:

  • Tax file number. Commonwealth Bank will ask for your tax file number (TFN) or exemption code. This will allow them to withhold tax on your interest earnings as applicable.
  • Identification. A driver’s licence or passport can be used to help verify your identity online. For those under 16, the applicant should be prepared to provide information from the birth certificate.

What happens after I open an account?

New accounts are opened in real time, so the next time you log onto NetBank you will see your Youthsaver account. Within three days it will be activated and ready to use.


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2 Responses to Commonwealth Bank Youthsaver Account

  1. Default Gravatar
    Jane | September 5, 2016

    I wish to open a Joint Bank Savings account for my two grandchildren 10 and 8 years .. making a small deposit each month. I plan to be the Guardian of this account. Is Youthsaver account suitable ?

    • Staff
      Shirley | September 6, 2016

      Hi Jane,

      Thanks for your question.

      Parents and guardians can apply for a Youthsaver account for a child under 14 years. You need the child’s birth certificate to open the account.

      Hope this helps.

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