Your balance will earn a highly competitive interest rate of 5.5% for balances of up to $5,000. There are no monthly conditions to meet, and you can access your money at any time while still earning interest.
Great Southern Bank Youth eSaver Account
- Maximum variable rate
- 5.50% p.a.
- Base interest rate
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.
Won the Best Kid Savings Account in 2023 Finder Awards
No monthly fee
Competitive interest rate for under 17s
No monthly deposit conditions to meet
Age restrictions apply
Interest only available on balances up to $5,000
|Product Name||Great Southern Bank Youth eSaver Account (0-17 year olds only)|
|Maximum Variable Rate||5.50% p.a.|
|Standard Variable Rate||5.50% p.a.|
|Monthly Account Fee||$0|
|Minimum Opening Deposit||$1|
This account is meant for Australians between the ages of 0 and 17. If you're 10 or older, you can be listed as the only account holder. For children aged under 10 the account must be opened with a parent or guardian as a signatory.
Earn up to 5.5%
Your balance will earn a highly competitive interest rate of 5.5% for balances of up to $5,000. Interest rates are stepped so that any balance above that amount will receive a lower rate of interest. There are no monthly deposit conditions to meet and you can make withdrawals at any time.
When you apply for the Youth eSaver Account you will also be prompted to open a Great Southern Bank 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.
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.
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.
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 Great Southern Bank products here.
How to applyCompleting an application for the Great Southern Bank Youth eSaver Account should take about 10 minutes.
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.
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. Great Southern Bank 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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October 30, 2023
What happens once child turns 18? would the interest rate change?
Richard Whitten Finder
November 06, 2023
Once a child turns 18 the bank will convert the account into a different product, either another savings account or a transaction account. Normally the bank contacts you and explains your options.
September 08, 2023
Hi. Can the linked account be from any bank or does it have to be a Great Southern bank account?
Raj Lal Finder
October 09, 2023
The linked account has to be from Great Southern Bank.
July 13, 2023
Can I withdraw my children money?
Sarah Megginson Finder
July 13, 2023
Hi Siti, If your child is under 10 and you are a signatory to their account, you can make transfers into and out of the account through online and mobile banking as well as over the phone. If your child is 10 or older, they can be listed as the only account holder and you no longer have signatory access or the ability to withdraw funds from their account.
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July 03, 2023
I want to open an account for my son, but do we have to have a linked account?
Raj Lal Finder
August 14, 2023
Yes you would need to open a transaction account which should be linked to the savings account.
Tax file number
June 18, 2023
Does a child (2 years old) require a tax file number to open the account or can one parent use theirs?
Sarah Megginson Finder
June 23, 2023
According to the ATO, you can choose whether to get a TFN for your child or quote your own TFN for their bank account. When deciding whose TFN you should quote, you should consider who owns or uses the funds, your child’s age, and the amount of interest they receive.
If the person who owns or uses the funds is the parent, then the ATO recommends you quote the parent’s TFN.
If you’re saving for your child’s future and they are less than 16 years old, special rules apply to their income from a savings account. If you provide their TFN, they can avoid paying withholding tax on their earnings.
Hope this helps!
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