Why save with CommBank?
What you need
- To be under 18 years of age
- A parent or legal guardian to open the account for you if you're 13 or under
- If you're 14 or over, you can apply by yourself by dropping in to your nearest branch
- An Australian residential address
- A copy of your birth certificate or passport
- A 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.
- 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 generate a statement every six months, which you can view or download from NetBank to keep track of your savings' progress.
Helping your child to spend and save
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 monthly. Rate effective 19 August 2016 but subject to change.