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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

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For each month that a deposit is made into the account, and no money is withdrawn, you will earn a maximum interest rate of 5%.

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. 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.

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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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?

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.

Villy

September 12, 2023

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

Raj Lal Finder

September 13, 2023

Hi Villy,

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

Thanks

Raj

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?

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!

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?

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!

Commonwealth Bank Youthsaver Account

Pros

Cons

Key features

Interest rates

Bonus rates

Interest calculation

No monthly account keeping fees

Bank at School

Accessibility

Availability

Overseas access

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Your reviews

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