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Banking / Youthsaver account

Featured rate

  • 4.30 %
    p.a. total variable rate:1
     
    When you grow your balance (excluding interest and transactions initiated by the Bank) each calendar month on balances up to and including $50,000.
    • 1.90% p.a. standard variable rate
    • 2.40% p.a. bonus variable rate when the above criteria is met

    For the portion of the balance over $50,000 and/or if the bonus criteria isn't met, the standard variable rate will apply.

Features & benefits

  • No account fees

    There are no monthly account or withdrawal fees on our Youthsaver account.

  • Bonus interest for growing your savings

    Earn bonus interest when you grow your savings balance each calendar month (excluding interest and transactions initiated by the Bank).

  • Immediate access options

    Manage online with the NetBank and the CommBank app (over 14s or parents).

  • Start smart with Kit

    Set up pocket money and chores with Kit to help your child save, spend wisely and build confidence with money, which you can link to their Youthsaver for easy transfers. Free with CommBank Yello*.

Interest rates

All rates shown are per annum.

Balance
Standard variable interest1
Bonus variable interest1
With bonus variable interest
Up to and including $50,000
1.90% p.a.
2.40% p.a.
4.30% p.a.
Over $50,000
1.90% p.a.
0.00% p.a.
1.90% p.a.
How to qualify for bonus variable interest:
 
  • Make at least one deposit of any amount into your account in the calendar month; and
  • Have a higher account balance at the end of the calendar month than at the start of the calendar month. If you withdraw from your account, deposit more money than you withdrew in the calendar month. 

For bonus interest eligibility purposes, transactions initiated by the Bank are excluded, such as:  

  • Interest paid into your account do not count as deposits;
  • Bank or government fees and charges on this account do not count as withdrawals.

Fees

Fee
Fee AUD
Description
Monthly account fee
$0
No monthly fees
Assisted withdrawal fee
$0
All assisted withdrawals in a branch or through telephone banking
Paper statement fee
$0
When you ask us to give you an additional account statement outside the standard cycle

Who can apply?

  • Children under 14

    Children under 14 with an Australian residential address can apply for a Youthsaver account – they’ll need a parent or legal guardian to open the account on their behalf online or at a branch.

  • 14 to 17-year-olds

    If you’re aged 14 to 17 and have an Australian residential address, you can apply for a Youthsaver account at your nearest branch. 

How to apply

  • For children under 14

    A parent or legal guardian can open a Youthsaver account for a child under 14 at a branch or online.

    For both ‘In-branch’ and ‘Online’, you’ll need:

    You may choose to quote a Tax File Number (TFN), Australian Business Number (ABN) or TFN Exemption (if applicable)2

    In-branch

    You’ll need:

    1. To establish you as the parent or legal guardian of the child: Your child’s birth certificate3 or a court order; AND
    2. For you: At least one form of ID (e.g., current driver’s licence or passport); AND
    3. For your child: One form of ID3 (e.g., child’s birth certificate)

    Find your nearest branch

  • For 14 to 17-year-olds

    If you’re aged 14 to 17, you can open a Youthsaver account yourself by applying at a branch only.

    In-branch

    You’ll need:

    1. At least one form of ID (e.g., birth certificate, driver’s licence, or passport)
    2. To provide your tax residency (a Government requirement)

    You may choose to quote your Tax File Number (TFN), Australian Business Number (ABN)  or TFN Exemption (if applicable)2

    Find your nearest branch

  • Online

    You’ll need:

    1. To confirm you’re the child’s parent or legal guardian.
    2. For you: At least one form of ID (e.g., current driver’s licence or passport, if you don’t already bank with us); AND
    3. For your child: One form of ID3 (e.g., child’s birth certificate)

    You'll need to provide ID for verification for yourself and your child within 20 days of opening the account or the account may automatically close. You can reapply at any CommBank branch. You’ll need to bring physical ID as we do not accept digital forms of ID.

    If you are applying or finalising applications in branch, please bring your child’s birth certificate or a court order to identify you as a parent or legal guardian.

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Things you should know

  • 1 Interest is calculated daily and paid monthly. Rates effective 22 August 2025 but subject to change.

    2 The Bank is authorised under the taxation laws to collect a Tax File Number (TFN), an Australian Business Number (ABN) or an exemption code.  It is not an offence if you don’t provide a TFN, an ABN or an exemption code, but by law, we may be required to withhold a portion of your interest earned on the account. 

    3 Please check the list of acceptable documents here. If you are applying or finalising applications in branch, please bring your child’s birth certificate or a court order to identify you as a parent or legal guardian.

    The target market for this product will be found within the product’s Target Market Determination, available here.

    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). Full terms and conditions for the transaction and savings accounts mentioned (PDF) and Electronic Banking (PDF) are available here or from any branch of the Commonwealth Bank. Other fees and charges may apply.

    Kit is a brand of CBA New Digital Businesses Pty Ltd ABN 38 633 072 830 trading as HEY KIT. CBA New Digital Businesses Pty Ltd is a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (CBA). CBA New Digital Businesses Pty Ltd is not an Authorised Deposit-taking Institution for the purposes of the Banking Act 1959 and its obligations do not represent deposits or other liabilities of Commonwealth Bank of Australia or its subsidiaries, and therefore you may be exposed to investment risk including possible delays in repayment and loss of income and principal invested, as relevant. CBA New Digital Businesses Pty Ltd has been appointed as authorised representative (001296799) of Hay Limited (ABN 34 629 037 403 AFSL 515459), who is the issuer of the Kit Account and associated Kit Cards. View the CBA New Digital Businesses Pty Ltd Financial Services Guide (PDF). Any advice provided is general only and does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. Please consider the Product Disclosure Statement (PDF), before making any decision about the products. Fees and charges may apply. View the Target Market Determination (PDF). Please visit Important Legal Information to access detailed terms and conditions about our app and the services, our Privacy Policy (PDF) and other important legal documents.

    CBA New Digital Businesses Pty Ltd (ABN 38 633 072 830), trading as Hey Kit, has been appointed as authorised representative (001296799) of Commonwealth Bank of Australia (ABN 48 123 123 124 AFSL 234945) who is the issuer of the CommBank Youthsaver account.

    *CommBank Yello is a customer recognition program offered by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945. Eligibility conditions apply, see commbank.com.au/commbankyello. Offers may vary at any time. Full T&Cs and details on how to activate the offer at heykit.com.au/commbankyello.