0.80% 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
  • 0.75% 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.

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 pair the app with both our Youthsaver account and Smart Access Account for Youth, with parental spend controls to teach children responsible spending habits. 

Explore more

Girl with Dollarmites wallet

School Banking program

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

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

Discover more

Dollarmites

Dollarmites Club

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

Check it out

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
0.05% p.a.
0.75% p.a.
0.80% p.a.
Over $50,000
0.05% p.a.
0.00% p.a.
0.05% p.a.
How to qualify for bonus variable interest:
  • Make at least one deposit each calendar month (excluding interest and bank-initiated transactions)
  • Make no withdrawals each calendar month    

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 Australian 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 Australian 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 child2 (e.g. birth certificate or passport)
  • 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

Things you should know

1 Standard variable interest is calculated daily and paid monthly. Bonus variable interest is calculated daily and paid monthly if the bonus criteria is met. Rates effective 13 November 2020 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 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.