Commonwealth Bank Youthsaver Account

Last updated: Jan 5, 2021

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.

Minimum deposit

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Product Name	Commonwealth Bank Youthsaver Account
Maximum Variable Rate	0.7% p.a.
Standard Variable Rate	0.05%
Monthly Account Fee	$0
Minimum Opening Deposit	$0

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

Shirley Liu

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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For each month that a deposit is made into the account, and no money is withdrawn, you will earn a maximum interest rate of 0.7%.

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.

Accessibility

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.

Availability

This account is intended for Australians under the age of 17. 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 $0 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

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. 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.

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 needed

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 submit my application?

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 Comments

Mustafa
November 1, 2019

What are the interest rates for this Youthsaver account?

finder Customer Care

Jhez
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.

Regards,
Jhezelyn

Samantha
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

finder Customer Care

Jeni
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!

Cheers,
Jeni

alex
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?

finder Customer Care

Jhez
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.

Regards,
Jhezelyn

karan
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.

finder Customer Care

Jhez
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.

Regards,
Jhezelyn

Carla
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?

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

Cheers,
Liezl

kim
August 3, 2017

Can you direct deposit to commonwealth youth saver?

Liezl
August 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.

Cheers,
Liezl

Arnold
August 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.

Cheers,
Arnold

kim
August 3, 2017

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

Arnold
August 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.

Cheers,
Arnold

Gina
June 12, 2017

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

finder Customer Care

Dee
June 12, 2017

Hi Gina,

Thanks for your question.

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

Cheers,
Anndy

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 ?

finder Customer Care

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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Commonwealth Bank Youthsaver Account