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Why save with CommBank?

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Bonus interest rate

Make just one deposit and no withdrawals each calendar month and you'll earn bonus interest of 2.29% p.a. See more about rates and fees.

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Instant access to your money

Over 4,000 ATMs, 950 branches and 24/7 banking in NetBank and the CommBank app.

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Tools to help you save

See how much you can save with our savings calculator. You can also check out our Dollarmites saving club for under 12s.

Ready to open a Youthsaver account?

or

If you bank online with us, you can open the account for your child now. You'll just need the child's birth certificate.

Open in NetBank

If both you and the child are new to CommBank, please come and visit us in any branch to open the account. 

Locate a branch

or

Balance

Standard interest

Bonus interest

With bonus interest

All balances

0.01% p.a.

2.29% p.a.

2.30% p.a.

There are no monthly account fees and no withdrawal fees from CommBank and Bankwest ATMs in Australia, however additional fees may apply for international transactions.

See more

What you need

  • Aged under 18 years
  • Parental approval required if you are under 14 years of age
  • Australian residential address
  • 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.
  • Copy of birth certificate.

  • 14-18 years old
  • Parents and guardians can apply for a Youthsaver account for a child under 14 years. You need the child’s birth certificate and your NetBank log-on details. CommBank checks the birth certificate details online, so you won’t need to visit a branch.

or

If you bank online with us, you can open the account for your child now. You'll just need the child's birth certificate.

Open in NetBank

If both you and the child are new to CommBank, please come and visit us in any branch to open the account. 

Locate a branch

or

  • Accounts are opened in real-time in NetBank, so you’ll see it when you next log on. It will be ready to use in NetBank within three days
  • Accounts can't be opened through a trust and must be in the child's name only
  • Primary school students can bank at school if their school participates in CommBank’s School Banking program.
  • Regular catch-up – we send a statement in the mail every six months so you can keep track of your savings' progress.

If you have questions call 13 2221 anytime or if you can't apply online please visit your nearest Branch.

More CommBank savings accounts

GoalSaver

Reach your savings goals faster thanks to a variable bonus rate.

See more

NetBank Saver

An online savings account that links to your CommBank transaction account.

See more

Term Deposits

Enjoy a fixed rate of return for the nominated term, so you know exactly what your investment's worth.

See more

Things you should know

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 and Electronic Banking are available here (PDF 660KB) or from any branch of the Commonwealth Bank.

Bank fees and government charges apply. Rate applies to the whole balance of account, and is calculated daily and paid quarterly. Rate effective date 19 August 2016 but are subject to change. Annual Effective Interest Rates apply when interest is added to principal and not withdrawn. The calculation assumes that the rates quoted remain constant for 12 months.