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 savings 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 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.

Product Name
Commonwealth Bank Youthsaver Account
Maximum Variable Rate
1.85% p.a.
Standard Variable Rate
0.10% p.a.
Bonus Variable Rate
1.75% 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For each month that a deposit is made into the account, and no money is withdrawn, you will earn a maximum interest rate of 1.85%.

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.

No 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. Just remember, each month you make a withdrawal you forfeit your interest.


This account is intended for Australians under the age of 18. However, if you are under 13 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
  • Competitive interest rate available


  • International fees apply on transactions made abroad
  • There may be withdrawal fees from non-Commonwealth bank ATMs

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 and make no withdrawals.

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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19 Responses

  1. Default Gravatar
    MustafaNovember 1, 2019

    What are the interest rates for this Youthsaver account?

    • Avatarfinder Customer Care
      JhezNovember 1, 2019Staff

      Hello Mustafa,

      Thank you for your comment.

      The standard interest rate of the Commonwealth Bank Youthsaver Account is 0.10% p.a. and the bonus interest rate is 1.75% p.a. Terms and conditions apply for the bonus interest rate.

      You can earn up to 1.85% p.a. total variable rate when you make at least one deposit and no withdrawals each calendar month on balances up to and including $50,000. For the portion of the balance over $50,000 and/or if the bonus criteria is not met the standard rate will apply.

      Hope this helps.


  2. Default Gravatar
    SamanthaJuly 29, 2018

    Hi there,
    Just a few questions!
    1. Is there a maximum opening deposit on this account?
    2. Are there any caps on the monthly deposits?
    3. Can the account be linked into current netbanking accounts, or will we need to login seperately to check balance?

    Thank you

    • Avatarfinder Customer Care
      JeniAugust 4, 2018Staff

      Hi Samantha,

      Thank you for getting in touch with finder.

      There’s no maximum opening deposit on this account however it is up to $250,000 per person, per institution that is covered by the Government Guarantee.

      To be eligible for the 1.80% p.a. bonus interest, you must deposit up to $50,000 and no withdrawals each calendar month.

      You may see your child’s account in your NetBank or CommBank app, you have to set that up online separately. Otherwise, CommBank can set this up in branch. You’ll just need to bring along personal ID, like your driver’s licence and child’s birth certificate.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!


  3. Default Gravatar
    alexMarch 8, 2018

    Does the monthly deposit have a minimum? And what happens if u miss making a deposit one month, does that mean no interest earns? And is there any bank fees on this account until they turn 18?

    • Avatarfinder Customer Care
      JhezMarch 10, 2018Staff

      Hi Alex,

      Thank you for your comment.

      You will qualify for the Commonwealth Bank Youthsaver Account introductory bonus interest rate of 2.29% p.a. (on balances up to $50,000) when you make at least one deposit and no withdrawals each calendar month. The minimum monthly deposit is $1. You will not qualify for the bonus interest if you miss making at least one deposit each month but you will still earn the standard interest rate. This account has 0 monthly account fee and no withdrawal fees, regardless wether the account holder turns 18.


  4. Default Gravatar
    karanJanuary 8, 2018

    Hi. I want to know the term ‘covered by government guarantee, up to 250,000 per person per institution in the description about account at last point. what does it really mean to account holder. Thanks.

    • Avatarfinder Customer Care
      JhezJanuary 13, 2018Staff

      Hi Karan,

      Thank you for your comment.

      The Australian Government has guaranteed deposits of up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as your bank, building society or credit union. This means that the money is guaranteed if anything happens to the ADI.

      The cap applies per person and per ADI. So if you have $250,000 with one ADI and $250,000 with another, then both of your deposits are guaranteed. If you have more than $250,000 with one ADI then only up to $250,000 is guaranteed.


  5. Default Gravatar
    CarlaAugust 24, 2017

    Do I need a tax file number for each child if they are under 16? Or do you just require the parent’s tax file number to open the account?

    • Default Gravatar
      LiezlAugust 25, 2017

      Hi Carla,

      Yes, your child will need a Tax File Number to lodge a tax return and declare any interest earnings above the thresholds set by Australian Taxation Office. For more information, you may refer to our guide on tax guidelines for opening kid’s account. You may also look it up on ATO’s website under children’s savings accounts page.


  6. Default Gravatar
    kimAugust 3, 2017

    Can you direct deposit to commonwealth youth saver?

    • Default Gravatar
      LiezlAugust 3, 2017

      Hi Kim,

      Thanks for your question. Yes, you can directly deposit to Commonwealth Youthsaver account. You can deposit to any of their branches or bank at participating schools through their School Banking program.


    • Default Gravatar
      ArnoldAugust 3, 2017

      Hi Kim,

      Thanks for your inquiry.

      Yes, you may. You can deposit through fund transfer or you may use an ATM to deposit into your account or someone else’s.

      Hope this information helped.


    • Default Gravatar
      kimAugust 3, 2017

      great. SO if we deposit $10 month and no withdrawals you get 2.30% interest

    • Default Gravatar
      ArnoldAugust 3, 2017

      Hi Kim,

      Thanks for your inquiry.

      Yes, that is correct. 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.

      Hope this information helped.


  7. Default Gravatar
    GinaJune 12, 2017

    Is there a capped limit of how much deposit is made each month?

    • Avatarfinder Customer Care
      DeeJune 12, 2017Staff

      Hi Gina,

      Thanks for your question.

      There is no limit or maximum amount of deposit for this account.


  8. Default Gravatar
    JaneSeptember 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 ?

    • Avatarfinder Customer Care
      ShirleySeptember 6, 2016Staff

      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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