Commonwealth Bank Youthsaver Account

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.

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0.6% p.a.

Maximum variable rate


Base interest rate


Minimum deposit

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Product NameCommonwealth Bank Youthsaver Account
Maximum Variable Rate0.6% p.a.
Standard Variable Rate0.05%
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For each month that a deposit is made into the account, and no money is withdrawn, you will earn a maximum interest rate of 0.6%.

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.


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. Adults 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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    Default Gravatar
    November 1, 2019

    What are the interest rates for this Youthsaver account?

      Avatarfinder Customer Care
      November 1, 2019

      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.


    Default Gravatar
    July 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
      August 4, 2018

      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!


    Default Gravatar
    March 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
      March 10, 2018

      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.


    Default Gravatar
    January 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
      January 13, 2018

      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.


    Default Gravatar
    August 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
      August 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 guidelines for opening kid’s account. You may also look it up on ATO’s website under children’s savings accounts page.


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