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Why save with CommBank?

Percentage icon

Bonus interest rate

Make at least one deposit and no withdrawals each calendar month and you'll earn bonus interest of 2.29% p.a. on balances up to $50,000.

NetBank app icon

More ways to bank

950 branches and 24/7 banking in NetBank and the CommBank app. Plus bank at participating schools through School Banking.

CommBank Youth app

Teach your child to spend their savings responsibly. The CommBank Youth app gives under 14s hands-on experience that’s fun and secure.

Ready to open a Youthsaver account?

or

Already a customer banking online with us?

Save time by using your NetBank details.

Open in NetBank

New customer or don't bank online with us?

Open now

or

  Rates and fees

Balance

Standard interest

Bonus interest1

With bonus interest

Up to $50,000

0.01% p.a.

2.29% p.a.

2.30% p.a.

Above $50,000

0.01% p.a.

0.00% p.a.

0.01% p.a.

  • $0 monthly account fee
  • No withdrawal fees.
See more

  How to apply

  • 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 at 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.
  • A parent or legal guardian can open a Youthsaver account online for a child who's 13 or under.

or

Already a customer banking online with us?

Save time by using your NetBank details.

Open in NetBank

New customer or don't bank online with us?

Open now

or

  • Accounts must be in the child's name only and are unable to be opened as a trust.
  • Primary school students can bank at school if their school participates in CommBank’s School Banking program.
  • Regular catch-up – we create a statement every six months, which you can view or download from NetBank to keep track of your savings' progress.

If you’ve got a question check out Support Community, call us 24/7 on 13 2221 or drop in to your nearest branch.

Looking for a child’s transaction account?

Our Smart Access Account for under 14s helps your child learn responsible spending habits with the protection of parental controls. 

Discover more

School Banking

The School Banking program provides a fun, interactive and engaging way for young Australians to learn about money and develop good saving habits.

See more
Tools to help you save

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.

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.

1 To qualify for bonus interest you need to make at least one deposit and no withdrawals each calendar month (excluding interest and bank initiated transactions). 

Rate is calculated daily and paid monthly. Rate effective 01 November 2017 but subject to change.