Product details
CUA helps develop young Australian’s financial skills from an early with an account that gives you financial freedom with practically no fees. Enjoy the use of a linked debit card for your everyday spending by making regular deposits of your wages, gifts and extra pocket money. This account provides a good start for learning how to manage your money.
This account offers Android Pay and Apple Pay, allowing you to make purchases securely with your phone when you don't have your wallet with you.
- Product Name
- CUA Everyday Youth Account
- Maximum Variable Rate
- 0.00% p.a.
- Standard Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $1
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Minimum Age Requirement
- 10
- Maximum Age Requirement
- 17
What are the CUA Everyday Youth Account features?
When comparing transaction accounts designed for young bankers, look at what various banks are offering to ensure that you choose an account that best suits your needs:
- Monthly fees. With the Everyday Youth Account you will not have to pay any monthly account keeping fees.
- Transaction fees. You are permitted unlimited free daily transactions.
- Transaction methods. Account access methods include ATMs, EFTPOS, online and mobile banking, phone banking via Telebanker and SMS Banker, over the counter at a branch or at Bank@Post.
- 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 age of 14.
- Android Pay and Apple Pay available. You can add your CUA Visa Debit card to Android Pay or Apple Pay to start making secure contactless payments on the go with your phone.
- Visa Debit Card. The Visa Debit Card can be used at any location which accepts the Visa credit card except the funds are withdrawn from your account immediately rather than accruing any interest. It is also equipped with the payWave feature, allowing you to make merchant purchases of up to $100 by waving the card rather than having to swipe it.
- Redi2PAY. If you have the CUA Visa debit card you can add this mobile app which gives you the same purchase option as Visa payWave accept you wave your android phone instead of your card.
- ATM network. With CUA you get unlimited free use of the 3,500 rediATMs located all over Australia.
- Foreign currency transactions. If you use your linked debit card to make a purchase in a foreign currency you will charged a percentage of the purchase value for the conversion to Australian dollars. This fee is 2% for rediCard holders and 2.5% for those using a Visa debit card.
- Overseas withdrawals. Any cash withdrawal made when traveling abroad will result in a $3.50 charge to the account per transaction.
- Availability. 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.
- SMS Banker. This unique feature of CUA allows you to send SMS messages to the bank asking for specific information about your account, such as the available balance. You can also set it up to alert you with a message when your balance falls below a certain limit or for other important events.
Pros
- No monthly account keeping fee
- Linked Visa debit card access
- Access to RediATM network
Cons
- Lack of branches
How do I apply for the CUA Everyday Youth Account?
Existing members of CUA can apply for this account through their already established online banking platform. Non-members will need to apply for membership first, which must be done by visiting a local branch or by calling the bank. Membership is open to all Australians regardless of where you live or work, but there are other eligibility requirements that you will need to meet:
- 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 one dollar will have to be deposited in order for the Everyday Youth Account to be activated.
Bring with you the following documentation when filling out your application to ensure that you are able to provide all of the necessary information:
- 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.
- 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.
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 relevant to your circumstance so that you can begin using the account to make your everyday transactions.
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?
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