Community First Junior Saver

Last updated: Apr 3, 2020

For kids and young adults with one eye on the future.

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.

Account keeping fee

ATM withdrawal fee

Details

Product Name	Community First CU Junior Saver
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
Monthly deposit required to waive account fee	N/A

Joint account availability	Yes
Minimum opening deposit	N/A

Pros

$0 minimum opening balance
$0 monthly service account fee
No transaction fees

Cons

Only available for specific ages

Expert review

Review by

Shirley Liu

shirley@finder.com.au

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.

Expert review

This account is for customers aged under 18 and is a great mix between a transaction account and a savings account. It offers day-to-day access to your money with a linked debit card, while also paying a competitive rate of interest on your balance with no deposit conditions to meet and no account keeping fees.

You can even open the account for customers under 12, however the account will need to be in the name of a parent or guardian.

Key features

Community First members

The account signatory must be a Community First member to open Junior Saver on behalf a dependent.

Interest rate

You will earn 0.55% interest on your entire balance.

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.

How to apply

Eligibility

Visit the Community First website 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.

Documentation needed

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.

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Community First Junior Saver