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About Youthsaver

Features

  • Bonus interest – make just one deposit and no withdrawals each calendar month and you'll earn bonus interest on top of your standard interest
  • Save on fees – no monthly account fee and no withdrawal fees when you use CommBank ATMs and branches
  • Regular savings plan – set the amount, set the date
  • Easy access – CommBank has the most ATMs of any bank in Australia
  • Bank at school – primary school students can bank at school if their school participates in CommBank’s School Banking program
  • 24/7 banking – use NetBank and telephone banking anytime
  • Under 16? – you'll need permission from your parent or guardian to open an account and for a Keycard. If they do your banking, they can link your Youthsaver to their CommBank accounts and their NetBank, making it easy to access. They can also provide you with enquiry-only NetBank access to check your savings online
  • Regular catch-up – we send a statement in the mail every six months so you can keep track of your savings' progress

Check out our Dollarmites Club website for under 12s.


How to apply

  • Be under 18 years
  • Parental approval required if you are under 16 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

  • 16 to 17 year olds
  • Parents and guardians can apply for a Youthsaver account for a child under 16 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

Open in NetBank
  • You can open an account for your child, grandchild, niece or nephew
  • 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

If you have questions or can’t apply online, call 13 2221 anytime to open an account over the phone.

Rates and fees

Balance

Standard interest

Bonus interest

With bonus interest

$0 to $1,999

0.01% p.a.

3.90% p.a.

3.91% p.a.

$2,000 to $4,999

0.01% p.a.

3.90% p.a.

3.91% p.a.

$5,000 to $9,999

0.01% p.a.

3.90% p.a.

3.91% p.a.

$10,000 to $19,999

0.01% p.a.

3.90% p.a.

3.91% p.a.

$20,000 to $49,999

0.01% p.a.

3.90% p.a.

3.91% p.a.

$50,000 to $99,999

0.01% p.a.

3.90% p.a.

3.91% p.a.

$100,000 and over

0.01% p.a.

3.90% p.a.

3.91% p.a.

The Youthsaver account also features no monthly account fee and no withdrawal fees.

Monthly account fee

$0

An Access Fee will be charged on withdrawals you make through an ATM of ASB Bank in New Zealand, Commonwealth Bank in Indonesia and Commonwealth Bank in Vietnam.

AUD $2.00 each

Note: The Bank will not charge Access Fees on withdrawals or account balance enquiries on deposit and transaction accounts (including MISA), home loans, investment home loans, lines of credit and personal loans through non-Commonwealth Bank ATMs in Australia. However, ATM owners may charge a fee, which will be disclosed at the time of the transaction. If you proceed with the transaction, the ATM owner’s fee will be debited to your account (in addition to the withdrawal amount, if applicable).  You should check the ATM owner’s fees that apply carefully before completing transactions at non-Commonwealth Bank ATMs in Australia.

To make travelling easier, you can use your Commonwealth Bank Keycard in any international ATM carrying the Cirrus or Visa Plus signs and also for Maestro EFTPOS purchases. The following fees apply:

Transaction

Fee

Transfers made at a Commonwealth Maestro EFTPOS purchase

3.00% of transaction value

Cirrus and Visa Plus ATM cash withdrawal

AUD$5.00 + 3.00% of transaction value

Keep saving to win the Dollarmites’ sunken treasure.

We’re committed to helping young people understand the importance of saving for the future. So to help keep our Youthsaver account members active with their saving, the Dollarmites want to share the sunken treasure they found in the Lost City of Savings.

Here’s how to win.

If you have a Youthsaver account and are aged between 5-13 years, simply make three or more deposits into your Youthsaver account between 21 April – 4 July 2014 and you’ll be automatically entered into the competition.

Major prize – a family underwater adventure holiday.

  • Five nights’ accommodation at the Sea World Resort & Water Park on the Gold Coast;
  • VIP Passes for two adults and three kids to Sea World, Warner Bros. Movie World and Wet’n’Wild Gold Coast;
  • A Dolphin Family Aqua Adventure; and
  • A $3,000 travel gift card to get you there. 


Runner up prizes.

  • 130 Toys”R”Us Gift Cards to the value of $250 each to spend on your favourite toys.
View the full terms and conditions

 

 

Related products

GoalSaver

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NetBank Saver

A high-interest online savings account that links to your CommBank transaction account.

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Term Deposits

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

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How can we help you?

Important information

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 31 January 2014 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.

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