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 08 July 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). 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.