It’s never too early to start saving. The Junior Saver is a fee free savings account for Community First members younger than 18. Community First members older than 12 years old get their own debit card to use for withdrawals, over the counter purchases and to shop online.
What are the features of the Community First Junior Saver ?
- Community First members. The account signatory must be a Community First member to open Junior Saver on behalf a dependent.
- Interest rate. The Community First Junior Saver has five different interest rate tiers. Different rates apply depending on the account balance. Interest is paid on the highest tier balance. For example, a deposit of $1,000 in the Junior Saver accrues interest at 0.50% p.a. Balances of $10,000 are rewarded with 1.50% p.a. and deposits greater than $50,000 accrue interest at 2.00% p.a. Interest is calculated daily and paid to the account on the last day of February, June and October.
- Service fees. There is no charge to open this account and no account keeping fees. The Visa Debit Card can be used to make free withdrawals from rediATMs.
- Making deposits. Deposits to this account are available via direct credit. Employers or parents can recurring payments directly this account. One-off electronic transfers can be made from other financial institutions. Over the counter deposits are available at Community First branches and Australia Post retail outlets via Bank@Post.
- On call account access. Funds are available when you want to make a withdrawal, there are no minimum deposit periods or withdrawal restrictions. A Visa Debit card can be issued to Community First Junior Saver members over the age of 12. The Visa Debit Card can be used to make free cash withdrawals from rediATMs, over the counter purchases and online purchases wherever Visa is accepted. ATM withdrawals are capped at $1,000 a day and over the counter cash withdrawals are limited to $2,000 a day. This account does not offer cheque book access.
- Internet and telephone banking. Community First internet banking can be used to make BPAY payments to accounts held at other financial institutions. Funds can be instantly transferred between the Junior Saver and other Community First accounts linked by internet banking. Electronic transfers to non-Community First accounts are capped at $2,500 a day.
- Eligibility and authorisation. This account is open to Community First members 18 or younger. An adult signatory can open this account on behalf of a child. Juniors can open this account in their own name if they can provide an approved form of identification and are already a member of Community First. The Junior Saver will transition to the Community First Access Account once the applicant reaches 18 years of age.
- $0 minimum opening balance
- $0 monthly service account fee
- No transaction fees
- Only available for specific ages
How do I apply for the Community First Junior Saver?
Click “Go to site” to start the Community First membership application process. The Community First Junior Saver has the following eligibility requirements:
- Age. This account can only be opened for people 18 or younger.
- Deposit. This account has no minimum deposit requirement.
An adult signatory can open the Junior Saver on behalf of a dependent child. The adult signatory has control of the account and the funds within the account until a Junior Membership Authorisation Form is completed and returned to Community First.
The following information needs to be provided to Community First to open the Junior Saver account.
- Identification. Community First require that online applicants are over 18, so only parents can apply for their children at this current point time. You’ll need your child’s identification documents along with his or her personal details.
- Taxes. Community First will deduct interest earnings at the marginal tax rate if a Tax File Number (TFN) isn’t provided when this account is opened. A TFN can be provided to the credit union after the account is opened.