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Banking / Youthsaver account

Featured rate

  • 5.55 % PA
    total variable rate with bonus interest:1
     
    When you grow your balance (excluding interest and transactions initiated by the Bank) each calendar month on balances up to and including $50,000.
    • 2.55% p.a. standard variable rate
    • 3.00% p.a. when the bonus 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.

  • Bonus interest for growing your savings

    Earn bonus interest when you grow your savings balance each calendar month (excluding interest and transactions initiated by the Bank).

  • Controls 

    Parent or legal guardian can operate and manage the account on their child’s behalf, until the child has authority via NetBank and the CommBank app.

  • Start smart with Kit

    Set up pocket money and chores with Kit to help your child save, spend wisely and build confidence with money, which you can link to their Youthsaver for easy transfers. Free with CommBank Yello*.

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
2.55% p.a.
3.00% p.a.
5.55% p.a.
Over $50,000
2.55% p.a.
0.00% p.a.
2.55% p.a.
How to qualify for bonus variable interest:
 
  • Make at least one deposit of any amount into your account in the calendar month; and
  • Have a higher account balance at the end of the calendar month than at the start of the calendar month. If you withdraw from your account, deposit more money than you withdrew in the calendar month. 

For bonus interest eligibility purposes, transactions initiated by the Bank are excluded, such as:  

  • Interest paid into your account do not count as deposits;
  • Bank or government fees and charges on this account do not count as withdrawals.

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

How to apply

Parents or legal guardian

You can open an account on behalf of your child under 14 online or at your nearest branch. If your child is 14-17 years old, you’ll need to visit a branch with them.

By opening an account for your child:

  • You’ll have authority over child’s account, allowing you to operate and manage the account on child’s behalf 
  • Your child will be the account holder and can also access the account.

What you’ll need

  • One form of your physical ID3  e.g. current driver’s licence or passport 
  • One form of your child’s physical ID3 e.g. Australian birth certificate, passport, or Medicare card
  • Both your and the child’s Australian residential address 
  • Confirm your tax residency and the tax residency of your child (a Government requirement) 
  • You may choose to quote your Tax File Number (TFN), Australian Business Number (ABN) or TFN Exemption (if applicable).2

Opening in branch?

In addition to the above, you’ll also need to:

  • Provide proof that you’re the child’s parent or legal guardian e.g. birth certificate or a court order3
  • Bring your child to the branch with you if they’re 14-17 years old.

Teen (14-17 years old)

You can open an account for yourself online or at your nearest branch.

By opening an account for yourself, you’ll be able to access and manage your account independently.  

What you’ll need

  • Your Australian residential address
  • One form of your physical ID3 e.g. (current driver’s licence, passport, Medicare Card or Australian birth certificate)
  • Confirm your tax residency  (a Government requirement)
  • You may choose to provide a Tax File Number (TFN), Australian Business Number (ABN) or TFN Exemption.2

FAQs

When a parent or legal guardian has authority on a child’s account, they can help manage the account on the child’s behalf. This can make it easier to support the child as they learn about banking and managing their money.

From age 14, the child can apply for sole access and manage the account independently. If they don’t, the parent or legal guardian’s authority will automatically end when the child turns 18.

Details around TFNs for children and withholding tax can be found here: What you need to know about Tax File Numbers (TFNs) for children

If you’re a parent or legal guardian opening an account for your child, the access they’re set up with depends on their age: 

  • If you’re opening an account online for a child under 14 years of age, they’ll be initially allowed to view account balance and transfer money between their own CommBank accounts. You can update the child's access to transfer money to third party accounts after opening the account.
  • If you’re opening an account online for a child aged 14 to 17 years, they’ll have full access to view balance and make money transfers to third party accounts. 
  • If you’re opening an account for your child at a branch, you can choose the level of access available to them.  

Support

We're here to help

Things you should know

  • 1 Interest is calculated daily and paid monthly. Rates effective 13 November 2026 but subject to change.

    2 The Bank is authorised under the taxation laws to collect a Tax File Number (TFN), an Australian Business Number (ABN) or an exemption code.  It is not an offence if you don’t provide a TFN, an ABN or an exemption code, but by law, we may be required to withhold a portion of your interest earned on the account. 

    3 Please check the list of acceptable documents. 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.

    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.

    Kit is a brand of CBA New Digital Businesses Pty Ltd ABN 38 633 072 830 trading as HEY KIT. CBA New Digital Businesses Pty Ltd is a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (CBA). CBA New Digital Businesses Pty Ltd is not an Authorised Deposit-taking Institution for the purposes of the Banking Act 1959 and its obligations do not represent deposits or other liabilities of Commonwealth Bank of Australia or its subsidiaries, and therefore you may be exposed to investment risk including possible delays in repayment and loss of income and principal invested, as relevant. CBA New Digital Businesses Pty Ltd has been appointed as authorised representative (001296799) of Hay Limited (ABN 34 629 037 403 AFSL 515459), who is the issuer of the Kit Account and associated Kit Cards. View the CBA New Digital Businesses Pty Ltd Financial Services Guide (PDF). Any advice provided is general only and does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. Please consider the Product Disclosure Statement (PDF), before making any decision about the products. Fees and charges may apply. View the Target Market Determination (PDF). Please visit Important Information to access detailed terms and conditions about our app and the services, our Privacy Policy (PDF) and other important legal documents.

    CBA New Digital Businesses Pty Ltd (ABN 38 633 072 830), trading as Hey Kit, has been appointed as authorised representative (001296799) of Commonwealth Bank of Australia (ABN 48 123 123 124 AFSL 234945) who is the issuer of the CommBank Youthsaver account.

    * CommBank Yello is a customer rewards and recognition program offered by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. Eligibility is typically assessed at the beginning of each calendar month based on your eligible CommBank account activity in the previous calendar month. The exact date the assessment is completed and your eligibility updated may vary. Offer eligibility conditions also apply and offers may vary between customers. For more information, visit commbank.com.au/commbankyello. Full T&Cs and details on how to activate the offer at heykit.com.au/commbankyello.