CUA Youth eSaver Account

Last updated: Apr 27, 2020

With no strings attached Australian young people can build their savings rapidly with a high rate of interest and no fees to pay

With no limit on how much you have to deposit, or how little you can withdraw, CUA provides a high rate of interest to its Youth eSaver Account holders. This convenient account is designed for use by young Australians who want to reach their savings goals quickly. Being online, you can enjoy around the clock access to keep track of earnings and make transfers when needed.

3% p.a.

Maximum variable rate

3% p.a.

Base interest rate

Minimum opening balance

Product Name	CUA Youth eSaver Account
Maximum Variable Rate	3% p.a.
Standard Variable Rate	3.00%
Bonus Variable Rate	0.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$1
Minimum Age	10

Pros

No monthly fee
Unlimited electronic transactions
Competitive interest rate

Cons

No counter service

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

A parent or guardian can open this account for a child under the age of 10, however you must act as the signatory for the account. The child can't make transactions from the account until they're 10 or older.

Key features

Availability

This account is meant for Australians between the ages of 10 and 17 who must be listed as the only account holder. No joint account holders are permitted although a parent or guardian may be given the authority to monitor the account.

Linked account

When you apply for the Youth eSaver Account you will also be prompted to open a CUA Everyday Youth Account so that you can easily make transfers into and out of your online savings account.

Account keeping fees

There are no monthly fees to be paid for this account.

Accessibility

You can make transfers into and out of the account through online and mobile banking as well as over the phone. These are unlimited free transactions that include direct credits and debits, periodical payments and BPAY.

Easy deposit

Family members and friends can make deposits into the account on your behalf without a linked bank account. You are also allowed to deposit money boxes at a branch for no charge.

Interest rates

Your balance earns a highly competitive interest rate for an at call account on balances of up to $5,000. Interest rates are stepped so that any balance above that amount will receive a lower rate of interest.

Interest payments

The interest is calculated on the daily balance and deposited into the account each month. The interest rate is variable, which means it could change at any time.

Minimum ongoing balance

You must maintain a minimum balance of one dollar with this account.

When you turn 18 years old

Once the account holder reaches their 18th birthday, the Youth eSaver will be automatically converted to an eSaver Plus Account. You can also take a look at other CUA products here.

Launch savings calculator

How to apply

Completing an application for the CUA Youth eSaver Account should take about 10 minutes.

Eligibility

You will be asked to confirm that you meet the eligibility requirements before beginning. These include:

Minimum age. Account holders must be between the ages of 10 and 17 for the Youth eSaver Account to be opened in their name.
Residency requirements. In order to be eligible you must be a permanent resident of Australia and have a residential mailing address.

Depository requirements. The minimum opening deposit amount is one dollar in order to activate the account.

Documentation needed

You will also be asked to supply certain information as you fill out the online application which can be found on the following documentation:

Tax file number. Depending on your circumstance, interest earnings can be taxed as a part of your income. CUA is obligated to withhold tax on interest earnings in some cases, and will use your tax file number (TFN) or exemption code to ensure that they are applying the correct rate.
Identification. A primary photo identification document such as a driver's licence or passport is typically used for identification, but with minors who do not have either of these documents a school ID card or your Australian birth certificate can be used.
Third party authority. There is a section on the application that grants a parent or guardian the authority to obtain information about the account if you desire to do so.

What happens after I submit my application?

After submitting the online application you will be notified if any additional information is needed in order for the account to be activated. Once all the details have been confirmation you will receive your account number and deposit instructions so that you may begin earning interest on your savings.

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4 Comments

Toni
October 21, 2018

Which ATMs are accessible without a fee?

Reply
- finder Customer Care
  
  John
  October 24, 2018
  
  Hi Toni,
  
  Thank you for leaving a question.
  
  You may visit the Credit Union Australia website and look at the top right hand corner of the page to see the “Find a Branch or ATM” button. Once you have entered your postcode, all CUA affiliated ATMs will reflect which are free of fees. Hope this helps.
  
  Cheers,
  Reggie
  
  Reply
Pierce
July 4, 2017

Do u still get the 4% p.a. No matter how many withdrawals you make

Reply
- finder Customer Care
  
  May
  July 4, 2017
  
  Hi Pierce,
  
  Thanks for reaching out.
  
  With the CUA Youth eSaver Account, the 4% interest p.a. is only applied to balances $0-$5,000. So even if you make withdrawals but if you maintain your balance not more than $5,000, you’d be able to receive the 4% interest. The 1.00% interest p.a. will be applied to that portion of the balance over $5,000.
  
  Cheers,
  May
  
  Reply

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