In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
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Commonwealth Bank Youthsaver Account

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

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert

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

Key features

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For each month that a deposit is made into the account, and no money is withdrawn, you will earn a maximum interest rate of 5%.

Launch savings calculator


How to apply

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

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

  • Minimum age. You must be under 17 to be eligible for this account, but if you are under 16 a parent or guardian must complete the application for you. If you're aged over 17 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.

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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?


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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.


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Villy

September 12, 2023

As my grandchild lives interstate would a copy of their birth certificate do for proof


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Raj Lal Finder

September 13, 2023

Hi Villy,

Yes you can use your grandchild’s birth certificate or passport.


Thanks

Raj


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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?


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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!


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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?


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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!


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