People’s Choice Young Saver Account

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Young Australians can appreciate the value of good saving habits with bonus interest from their People’s Choice Young Saver Account.

The Young Saver Account is exclusively for Australians under the age of 18 who are beginning to understand the value of saving. Featuring bonus interest for regular deposits and no withdrawals, you have the opportunity to watch as your savings grow quickly from accumulated interest. With no fees to pay and easy ways to meet your deposit terms, you will have no trouble managing your first nest egg.

$5

Minimum deposit

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Details

Product NamePeople's Choice Young Saver Account
Maximum Variable Rate1.1% p.a.
Standard Variable Rate0.10%
Monthly Account Fee$0
Minimum Opening Deposit$0

Expert review

Shirley Liu

Review by


Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

Learning how to save from a young age is important. Be rewarded with bonus interest when the conditions are met.

Key features

$0 Account keeping fees

With the Young Saver Account you are not charged any monthly account keeping fees.

Up to 1.1% p.a. when you deposit at least $5 and make no withdrawals for that month

The standard interest rate for this account is a variable competitive rate. You can add to the interest amount each month by making a minimum deposit of $5 and no withdrawals. In order for a deposit to qualify you for the bonus interest, it must be made before 5:00pm Central Standard time on the last day of the month.

Launch savings calculator


How to apply

If you have made your comparisons and found the Young Saver Account has the features you need to help reach your savings goals, you can apply online.

Existing members of the credit union will be prompted to login to their online banking in order to complete the application while non-members will first need to apply to become a member.

Eligibility

Before proceeding, check the following eligibility requirements to make sure that your application will be accepted:

  • Minimum age. This account is structured for individuals under the age of 18.
  • Residency requirements. Applicants can be permanent residents of Australia or temporary residents with a valid work visa.

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6 Comments

    Default Gravatar
    Sree
    April 18, 2018

    Hi, Would like to open account for my son. Would they receive a Savings Card to access the money? Is there a fee & charges when card is used at stores?

      Default Gravatar
      Ash Munoz
      April 18, 2018

      Hi Sree,

      Thank you for visiting finder.

      The People’s Choice Young Saver Account from Credit Union does not come with Visa/ Mastercard Debit Card. You may access the account through Internet, Phone or visit the nearest branch to make any transaction.

      You may use the account to pay for stores using BPAY payments and direct debit though there will be a $1.25 per debit with a free one transaction every month.

      I hope this helps.

      Let us know if there is anything else that we may assist you with.

      Cheers,
      Ash

    Default Gravatar
    Charlie
    April 5, 2018

    Hi. I was thinking of setting up an account each for my daughters under 10. Just wanted to know about the direct deposit fee, do they get charged if I set an direct deposit from my account into theirs or is it only when you set a direct deposit up from there saving account to another?

      Default Gravatar
      Nikki
      April 5, 2018

      Hi Charlie!

      Thanks for your message and for contacting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      The direct debit fee is only applicable if the withdrawals are made from their deposit accounts to another. If the money is deposited in their account no charge/fees apply.

      Hope this clarifies!

      Feel free to message us anytime should you have further questions.

      Best regards,

      Nikki

    Default Gravatar
    Trish
    March 21, 2018

    Hi. I wanted to open a young savers account for my 14yo son. Do I need a TFN exemption number for him? Thanks.

      Avatarfinder Customer Care
      Jhez
      March 24, 2018

      Hi Trish,

      Thank you for your comment.

      Because having a savings account lets one earn interest, TFN must be provided. You need to consider who will make use of the account and who will benefit the interest. If you get to use the account, then the TFN must be quoted for you. Per ATO, children are not exempted from quoting a TFN. Special rules apply to your child’s income from a savings account. I suggest that you check Australian Taxation Office website and go to Children’s savings accounts to know the details of getting a TFN for your 14 year old child.

      Regards,
      Jhezelyn

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