In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert
Finder makes money from featured partners, but editorial opinions are our own.

People’s Choice Young Saver Account

  • Avatar
People's Choice Young Saver Account
Maximum variable rate
4.90% p.a.
Base interest rate
Minimum deposit

Our verdict

If you're under 18, you can earn bonus interest each month you deposit just $5 and make no withdrawals.

This account could suit you if you're under 18 and looking for an account to help you kickstart your savings and build good savings habits. You can earn an ongoing bonus interest rate of 4.9% each month you deposit just $5 and make no withdrawals. This bonus rate is a bit lower than other leading youth accounts in the market, however, the monthly deposit condition is also much lower and easier to meet. The fact you can't make withdrawals if you want to earn bonus interest is a good way to resist impulse purchases.


  • No monthly service fee
  • $0 minimum deposit
  • Small monthly deposit condition
  • Decent ongoing variable bonus rate


  • No withdrawals to be eligible for bonus interest
  • Low variable base rate if bonus conditions aren't met

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask an expert


Key details

Product Name People's Choice Young Saver Account
Maximum Variable Rate 4.90% p.a.
Standard Variable Rate 0.10% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0

Key features

$0 Account keeping fees

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

Up to 4.9% p.a. when you deposit at least $5 and make no withdrawals for that month.

You can earn a total bonus rate of 4.9% 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.

Standard variable rate of 0.1%

If you don't meet the conditions one month you'll earn the standard variable rate. However, you can be eligible for the bonus rate again the following month.

How to apply

You can apply for this account online if you're under 18.

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.


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 must be permanent residents of Australia with a Australian residential address.

Your reviews

No reviews yet. Write a review

Ask an expert

Ask a question

Alison Finder


Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.



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?


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.



Show more Show less


April 05, 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?


Nikki Angco

April 05, 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,


Show more Show less


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.


Jhezelyn Finder

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.



Show more Show less
Go to site