1.30% p.a. total variable rate when you make at least one deposit and no withdrawals each calendar month on balances up to and including $50,000

  • 0.05% p.a. standard variable rate
  • 1.25% 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 is not met the standard rate will apply.

Features & benefits

No account fees

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

Access options

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

Plus make deposits at participating schools through School Banking

Teaching children real-life money skills

Youth App

CommBank Youth app

The CommBank Youth app gives under 14s a hands-on digital banking experience that’s fun, easy to use and secure. Children can check their account balance, set savings goals or create a list of chores. 

You can also pair with our transaction account for youth with parental spend controls, to teach responsible spending habits. 

Explore more

Girl with Dollarmites wallet

School Banking program

School Banking encourages children to regularly deposit money in their Youthsaver account and earn Dollarmites tokens for saving.

Once they've collected 10 tokens, they can be redeemed for an exciting reward through our Rewards Program.

Discover more


Dollarmites Club

When you open a Youthsaver account for a child who’s 12 or under, they’ll automatically join the Dollarmites Club and will have access to fun online activities.

Check it out

Interest rates & fees

All rates displayed in the table are per annum.

Standard interest1
Bonus interest
With bonus interest
Up to and including $50,000
0.05% p.a.
1.25% p.a.
1.30% p.a.
Over $50,000
0.05% p.a.
0.00% p.a.
0.05% p.a.
  • $0 monthly account fee
  • No withdrawal fees

How to qualify for bonus interest:

  • Make at least one deposit each calendar month (excluding interest and bank initiated transactions)
  • Make no withdrawals each calendar month    

How to apply

Who can apply?

This account is for anyone under 18 years of age. For children 13 years or under, a parent or legal guardian will need to open the account (either online or in a branch). If you're 14 or over, you can apply by yourself at your nearest branch.

Accounts must be in the child’s name only and are unable to be opened as a trust.

You'll need

  • An Australian residential address
  • At least one form of personal identification for you and one for your child, such as an Australian birth certificate, passport, current driver's licence or Medicare card – if you apply online2
  • A Tax File Number (TFN) or TFN Exemption. It's not an offence to withhold your TFN for the deposit account. However if you don't quote it, the Bank is required by law to deduct tax from any interest earned on the deposit account, above a certain threshold

Who can apply online?

  • A parent or legal guardian can open a Youthsaver account online for a child who's 13 or under

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Things you should know

1 Interest is calculated daily and paid monthly. Rates effective 26 March 2020 but subject to change.

2 You’ll need personal identification for you and your child. You’ll need to have at least one of the following forms of ID if you apply online: Australian birth certificate, passport, current drivers licence or Medicare card. If applying in branch, parents and guardians will need either their passport or current drivers licence, or, any two of their birth certificate, citizenship certificate or Centrelink pension/health card. Parents and guardians please also bring along your child’s birth certificate and/or any applicable Court Order to help us identify you as the parent or legal guardian. Please note citizenship certificate can only be used as identification in branch. Birth certificate or the birth extract issued by an Australian state or territory. Birth certificate issued by a foreign government, the United Nations (UN) or an agency of the UN. Citizenship certificate issued by the Commonwealth. Citizenship certificate issued by a foreign government. Note: if written in a language not understood by the person carrying out the verification, the document must be accompanied by an English translation from either a translator at the level of Professional Translator (or above) currently accredited by the National Accreditation Authority for Translators and Interpreters Ltd (NAATI) or another accredited translator who currently holds an equivalent accreditation. NAATI is the Australian government owned National Accreditation Authority for Translators and Interpreters. Where a parent/legal guardian is a signatory to the child’s account, they are required to be identified to the acceptable identification standard.

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 68KB). Full terms and conditions for the transaction and savings accounts mentioned (PDF 660KB) and Electronic Banking are available here or from any branch of the Commonwealth Bank. Other fees and charges may apply.