Frequently asked questions
Making the switch from Youthsaver account to Smart Access
- What does switching from a Youthsaver Account to a Smart Access Everyday Account actually mean?It means you are replacing your savings account with an everyday transaction account which is better suited to the needs of a teenager once they start to earn and spend their own money.
- Why is a Smart Access Everyday Account more suitable for teens?As a teenager, you start to use your bank account in a different way to when you were younger and a Smart Access Everyday Account is more suitable once you start to deposit and withdraw money regularly. This account can be used as an everyday account and you can continue to save by opening up a fee-free savings account.
- You say the Smart Access Everyday Account doesn’t pay bonus interest. What does this mean?The Smart Access Everyday Account does not pay bonus interest as it is not a savings account. It is designed to meet the transactional needs of customers.
- What are my options to continue to earn interest on my savings?
If you wish to continue to earn interest on your savings, CommBank has a number of savings options. You can open a NetBank Saver account by calling us on 13 2221 or dropping into your nearest branch. If you already have NetBank access, simply fill out the appropriate section of the tear off slip on the letter and return it to us in the reply-paid envelope provided.
NetBank Saver account is an online savings account that will allow you to continue to earn a high interest rate with no minimum balance and no withdrawal limits. For more saving options, please call 13 2221 or for more information on the NetBank Saver account please visit commbank.com.au/netbanksaver
- If I choose to switch, how will I know that the switch has occurred?You will see the name of the account change from Youthsaver to Smart Access on NetBank or on your first bank statement following the switch.
- What do I need to do if I decide to make the switch?To switch from a Youthsaver account to a Smart Access Everyday Account, simply fill out the appropriate section of your tear off slip on your letter and return it to us in the reply-paid envelope provided.
- What happens if I don't wish to switch my Youthsaver account right now?If you prefer to keep your current Youthsaver account until you’re 18 years, then you don’t need to do anything.
- Can I request authority over my current Youthsaver account once I turn 14 years?The terms and conditions of the Youthsaver account product state that the child can request full authority of the account once they turn 14 years. This effectively means the child’s wishes regarding the account take precedence.
- Are fees payable on the Smart Access Everyday Account?No. There are no monthly account fees on the new Smart Access Everyday Account until you turn 21 years.
- I already have a Keycard. Will it work with the new account?Yes. The Keycard that works with your current Youthsaver account will automatically work with the new Smart Access Everyday Account. Your PIN will also stay the same.
- There are other cards linked to the account. Will they work with the new account?Yes. Any card currently linked to your Youthsaver account will automatically work with the new Smart Access Everyday Account. Your PIN will also stay the same.
- Will my new account have the same account number as my current Youthsaver account?Yes. The account number will remain the same.
- Where can I go to find out more about the Smart Access Everyday Account?You can find out more about our Smart Access Everyday Account by visiting commbank.com.au/transactionaccounts or by simply dropping into any of our branches.
- Do I have to take up a new Keycard, Debit MasterCard® card or NetBank Saver account?No, these are optional. We will only set these up if the relevant boxes are ticked on the attached slip and returned to us.
- If I take up a new Keycard or Debit MasterCard® card, when will they arrive?We’ll post out the new card when we set up your new Smart Access Everyday Account (at the end of your 14th birthday month). You should receive the card shortly after this.
- How do I set up a PIN for the new card?Through NetBank if you have access to it. If not, simply call us on 13 2221 and we’ll talk you through the necessary steps.
- Where can I find more information?If you still have questions or can’t find the information you are after on this page, please contact us on 13 2221.