Great Southern Bank Youth eSaver Account
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, Great Southern Bank 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.
Maximum variable rate
Base interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
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.
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.
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.
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.
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.