The CommBank Youth app for under 14s helps you teach your child about saving and managing money in a fun and secure way.
1. Learn day-to-day banking skills
Your child can check how much money they have in their account and transactions they have made, at a glance – in real time. And, under your supervision, make transfers between their Smart Access Account for Youth (transaction account) and Youthsaver (savings account) in the CommBank Youth app.
2. Track pocket money/ earnings
Together you and your child can create chores/jobs in the CommBank Youth app, ticking them off once completed. Leaving you to transfer pocket money into your child’s bank account (which appears in the CommBank Youth app) helping them track every dollar earned.
3. Set saving goals
Having an incentive to save is key. Your child can set up a saving goal e.g. new skateboard, add a picture of it in the CommBank Youth app and follow their progress towards achieving their goal. Once they’ve saved enough, your child is shown the implications to their account balance of continuing to save or withdrawing spending money.
4. Make sensible spending decisions
It’s important to teach children responsible spending habits. A Smart Access account for Youth helps children learn to balance saving and spending choices. Once your child has achieved their saving goal, they can learn how to access money in their Smart Access Account by using their Debit Mastercard to buy whatever they’ve saved hard for. And then see the impact of that spend on their savings in the CommBank Youth app.
5. Collect Dollarmites rewards
If your child participates in CommBank's School Banking program they can see the Dollarmites tokens they earn as part of School Banking in the CommBank Youth app. And once they’ve collected 10 tokens, they can redeem them for exciting rewards.
Parental account controls
Your child’s bank accounts appear alongside your own accounts in your CommBank app so you can keep an eye on your child’s banking activity.
And, in case you need to step in and steer your child in the right direction, you have the added reassurance of parental account controls - meaning you can lock or set a spending limit at any time.