CUA Everyday Youth Account

Last updated: Apr 27, 2020

This is an everyday transaction account with no monthly fees for young Australians aged between 10 and 17 years old.

The CUA Everyday Youth Account is a convenient transaction account for day-to-day spending for young Australians. The account has no monthly account keeping fees to worry about and offers Apple Pay, Samsung Pay or Google Pay as well as comes with a free linked Visa Debit Card or a rediCard. This account provides a good start for learning how to manage your money from a young age.

Account keeping fee

ATM withdrawal fee

$4.5

Overseas ATM withdrawal fee

2.95%

Overseas transaction fee

of transaction value

Details

Product Name	CUA Everyday Youth Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
Internatonal ATM Fee	$4.50
International transaction fee	2.95%
Monthly deposit required to waive account fee	N/A

Minimum Age	10
Minimum opening deposit	$1

Pros

No monthly account keeping fee
Linked Visa Debit Card or rediCard
Apple Pay, Samsung Pay and Google Pay available
Access thousands of ATMs in Australia and overseas for free

Cons

Lack of branches
Overseas transaction fees and ATM fees apply

Expert review

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

Customers aged 14 or older will receive a free linked Visa Debit Card with the account, and those aged under 14 will instead receive a rediCard.

Key features

No monthly fees

With the Everyday Youth Account you will not have to pay any monthly account keeping fees.

No everyday transaction fees

You can make unlimited free everyday transactions such as deposits into your account, transfers out of your account, payments using online banking and EFTPOS purchases. (But note that a fee will apply to deposits and withdrawals made using the Bank@Post facility from March 1st 2020.)

Linked debit card

The Everyday Youth Account is linked to a Visa debit card for customers over the age of 14, or a rediCard for account holders under the aged 10-14. The Visa Debit Card comes with payWave so you can make tap-and-go payments without a PIN for transactions $100 or less.

Google Pay, Apple Pay and Samsung Pay available

You can add your CUA Visa Debit card to Apple Pay, Samsung Pay or Google Pay to start making secure contactless payments on the go with your phone.

Access thousands of ATMs for free

Make cash withdrawals from any CUA ATMs as well as CommBank, Westpac, NAB or ANZ ATMs for free.

International transaction fees and overseas ATM fees apply

If you use your Visa Debit Card to make a purchase in a foreign currency you will be charged 2.75% of the purchase value for the conversion to Australian dollars. This fee also applies when shopping online in Australia from international merchants. There's also a $4.50 fee for cash withdrawals at overseas AMTs.

Available for Australians aged 10 to 17

This account is only available to individuals between the ages of 10 to 17. For account holders under the age of 14, only the rediCard will be made available. If you're 18 or older you'll instead receive the CUA Everyday Account.

Mobile banking app available

CUA offers a free mobile app for iPhone and Android devices, so you can manage your balance and make payments on-the-go.

How to apply

Existing members of CUA can apply for this account through their already established online banking platform. If you're not already a member, you can apply online in a matter of minutes.

Eligibility

Minimum age. Applicants must be at least 10 years of age, but no more than 17 years old. When the account holder reaches the age of 18, CUA will automatically convert this account to an Everyday Account.
Residency requirements. You must be an Australian resident with a residential address in order to be eligible for this account.

Depository requirements. A minimum of $1 will have to be deposited in order for the Everyday Youth Account to be activated.

Documentation needed

Tax file number. You will not be obligated to provide your tax file number (TFN) or exemption code, however it is used on interest earning accounts to make sure that the correct withholding tax rate is being applied, so it's a good idea to supply this.
Identification. If a passport or driver's licence is not available for identification purposes, you may still be able to use a Medicare card, student identification card or even an Australian birth certificate to help verify your identity.

What happens after I submit my application?

After completing the application forms, they will be processed by CUA before you are given the details of your new account. Once activated you will receive the linked debit card in the mail so that you can begin using the account to make your everyday transactions.

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2 Comments

Caroline
January 5, 2017

We are seeking to transfer our Bank Account to a Credit Union, is there fees involved to do this?

Do you offer a Checking Account?

Reply
- finder Customer Care
  
  May
  January 6, 2017
  
  Hi Caroline,
  
  Thanks for your question and for contacting finder.com.au – a financial comparison website and general information service designed to help consumers make better decisions. We do not represent CUA or any company we feature on our pages.
  
  If you’ve finally decided to transfer a bank, you can go ahead and open an account with CUA. The banking products of CUA are listed on this page. If you are concerned about the fees when closing your current bank account, I suggest that you check it with your financial institution directly. Fees charged by CUA will depend on the account you open. CUA have a checking account as well.
  
  Meantime, you may like to read this article on guidelines how to close your bank account, which you may find useful.
  
  Cheers,
  May
  
  Reply

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