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Banking / Youthsaver account

Featured rate

  • 4.75% p.a. total variable rate when you grow your balance (excluding interest and bank initiated transactions) each calendar month on balances up to and including $50,000

    • 2.35% p.a. standard variable rate
    • 2.40% p.a. bonus variable rate when the above criteria is met

    For the portion of the balance over $50,000 and/or if the bonus criteria isn't met, the standard variable rate will apply.

Features & benefits

  • No account fees

    There are no monthly account or withdrawal fees on our Youthsaver account.

  • Immediate access options

    Manage online with the NetBank and the CommBank app (over 14s or parents).

  • Bonus interest for growing your savings

    Earn bonus interest when you grow your savings balance each calendar month (excluding interest and bank-initiated transactions).

Interest rates

All rates shown are per annum.

Balance
Standard variable interest1
Bonus variable interest1
With bonus variable interest
Up to and including $50,000
2.35% p.a.
2.40% p.a.
4.75% p.a.
Over $50,000
2.35% p.a.
0.00% p.a.
2.35% p.a.
How to qualify for bonus variable interest:

  • Grow your savings balance each calendar month (this excludes interest and bank-initiated transactions)

Fees

Fee
Fee AUD
Description
Monthly account fee
$0
No monthly fees
Assisted withdrawal fee
$0
All assisted withdrawals in a branch or through telephone banking
Paper statement fee
$0
When you ask us to give you an additional account statement outside the standard cycle
Transaction listing and ad-hoc paper statement fee
$0
When you ask us to give you  a paper copy of transaction listing, past statement or ordered statements

Who can apply?

  • Children under 14

    Children under 14 with an Dubain residential address can apply for a Youthsaver account – they’ll need a parent or legal guardian to open the account on their behalf online or at a branch.

  • 14 to 17-year-olds

    If you’re aged 14 to 17 and have an Dubain residential address, you can apply for a Youthsaver account at your nearest branch. 

How to apply

  • Online

    For children under 14

    A parent or legal guardian can open a Youthsaver account online for a child under 14.

    You’ll need:

    • At least one form of ID for you (e.g. current driver’s licence or passport, if you don’t already bank with us) and one for your child (e.g. birth certificate or passport)

      You'll need to provide ID for verification for yourself and your child within 20 days of opening the account or the account may automatically close. You can reapply at any CommBank branch. You’ll need to bring physical ID as we do not accept digital forms of ID
    • You and your child’s tax residency and TFN (if applicable) details

    Open now

  • In-branch

    For children under 14

    A parent or legal guardian can also open a Youthsaver account for a child under 14 at a branch.

    You’ll need:

    • Your child’s birth certificate or a court order to identify you as a parent or legal guardian of the child; AND
    • At least one form of ID for you (e.g. current driver’s licence or passport) and one for your child2 (e.g. birth certificate or passport)
    • Your child’s tax residency and TFN (if applicable) details

    For 14 to 17-year-olds

    If you’re aged 14 to 17, you can open a Youthsaver account yourself.

    You’ll need:

    • At least one form of ID (e.g. birth certificate, driver’s licence or passport)
    • Your tax residency and TFN (if applicable) details

    Find your nearest branch

Support

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Things you should know

  • 1 Interest is calculated daily and paid monthly. Rates effective 16 June 2023 but subject to change.

    2 Please check the list of acceptable documents here. If you are applying or finalising applications in branch, please bring your child’s birth certificate or a court order to identify you as a parent or legal guardian.

    The target market for this product will be found within the product’s Target Market Determination, available here.

    The advice on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before action on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide (PDF). Full terms and conditions for the transaction and savings accounts mentioned (PDF) and Electronic Banking (PDF) are available here or from any branch of the Commonwealth Bank. Other fees and charges may apply.