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Banking / Kids

Compare & choose one or more youth accounts

Youthsaver

Bonus interest rewards for under 18s when savings goals are reached

This could be for you and your child if you want:

  • To help teach your child how to save
  • $0 monthly account fee 

More about Youthsaver

Smart Access for Youth

Transaction account for under 14s with parental controls

This could be for you and your child if you want:

  • To help your child learn responsible spending habits
  • Account visibility and flexibility, with the added protection of spend limits that can be set via the CommBank app.
  • $0 monthly account fee 

More about Smart Access for Youth

Other options

If you’re still unsure which youth account to choose

Visit a branch to explore other options if you want:

  • To put away savings for a child, but aren’t their parent or legal guardian
  • To hold funds on behalf of your child even after they turn 14 or 18

Find nearest branch

Kit – The kids pocket money app, built by CommBank

Kit is an earning-and-learning, mindfully-spending, money-mastering app for kids over 5 years of age.

It features gamified learning to help teach kids about money, and comes with a digital prepaid card available in-app, as well as a physical card.

The Kit app helps you to:

  • Improve the financial capability of your child
  • Easily send your child pocket money and assign them chores
  • Stay in control of your child’s spending with a prepaid Kit card that offers parental controls
  • Teach your kids about money with in-app gamified learning that nudges real-world behaviours 
     

Discover Kit

Comparison – Overview 

Overview
Youthsaver Account 
Smart Access Account for Youth 
Kit - The kids pocket money app  
Purpose
To help teach children to save and earn interest
To help children learn responsible spending habits
To help children master money through earning, learning and mindfully-spending  
Who’s in control?
The child is the accountholder and the parent/carer is an authorised operator
The child is the accountholder and the parent/carer is an authorised operator 
The parent/carer has total control – they’re the accountholder, and the child is added as a cardholder (up to 5 kids can be added)  

Comparison – Features

Overview
Youthsaver Account 
Smart Access Account for Youth 
Kit - The kids pocket money app  
Age to access account 
Under 14s with a parent, and 14-17 on their own
Under 14s with a parent, and 14-17 on their own 
From 5 years
Interest-earning
Yes - Refer to Youthsaver
No
No
Card access
No
Yes
Yes
Age required to have a card
Not applicable
From 9 years
From 5 years (parent/carer orders the card and can give it to the child)
Spend via digital card in phone wallet (Apple Pay, Google Pay)
Not applicable
Yes (Apple Pay: 13+; Google Pay 16+; ability for parent/carer to add card to wallet)
Yes (Apple Pay: 13+; Google Pay 16+; ability for parent/carer to add card to wallet)
Parents/carers can view spending via app 
Yes
Yes
Yes
Instant money transfer
Yes
Yes
Yes
Spend online
No
Yes
Yes
ATM withdrawals
No
Yes
Yes
Tailored education
No
No
Yes
Full access to app (CommBank/Kit)
To CommBank app  
To CommBank app
To Kit app

Comparison – Parental controls

Overview
Youthsaver Account 
Smart Access Account for Youth 
Kit - The kids pocket money app  
Spend limit
Not applicable
Yes (weekly)
Yes (daily - can set your own spending limit)
Lock contactless and online payments
Not applicable
Yes
No (can lock whole card only)
Lock card (e.g. if lost)
Not applicable
Yes
Yes
Transaction notifications
Not applicable
Yes
Yes
Merchant blocking
Not applicable
No
Yes - can block at any merchant 

Comparison – Fees

Overview
Youthsaver Account 
Smart Access Account for Youth 
Kit - The kids pocket money app  
Account fees
No account fee  
 
Refer to Youthsaver rates and fees for more information
No account fee  
   
Refer to Smart Access rates and fees for more information
Yes

Refer to Kit pricing for more information

Teach kids about money

See our one-stop resource that helps parents and guardians bring money to life for children. Browse practical tips and handy guidance on having money conversations with your kids.
 

How to teach children about money

Teach kids about money

See our one-stop resource that helps parents and guardians bring money to life for children. Browse practical tips and handy guidance on having money conversations with your kids.
 

How to teach children about money

Things you should know

  • The target market for the Youthsaver and Smart Access product will be found within the product’s Target Market Determination, available here.

    The target market for Kit will be found within the Target Market Determination, available here.

    Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.