Frequently asked questions
Making the switch from Youthsaver account to Everyday Account Smart Access
- What does switching from a Youthsaver Account to an Everyday Account Smart Access 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 an Everyday Account Smart Access more suitable for teens?As a teenager, you start to use your bank account in a different way to when you were younger and an Everyday Account Smart Access 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 Everyday Account Smart Access doesn’t pay bonus interest. What does this mean?The Everyday Account Smart Access 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 visit the URL on your letter and select the NetBank Saver option.
The NetBank Saver account is an online savings account that will allow you to continue to earn a competitive 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 in the CommBank app and 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 an Everyday Account Smart Access, simply visit the URL on your letter and select the relevant option.
- 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?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 Everyday Account Smart Access?No. There are no monthly account fees on the new Everyday Account Smart Access 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 Everyday Account Smart Access. 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 Everyday Account Smart Access. 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 Everyday Account Smart Access?You can find out more about our Everyday Account Smart Access by visiting commbank.com.au/transactionaccounts or by simply dropping into any of our branches.
- Do I have to take up a new Debit Mastercard® 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 Debit Mastercard®, when will it arrive?
We’ll post out the new card when we set up your new Everyday Account Smart Access (at the end of your 16th birthday month). You should receive the card shortly after this.
- How do I set up a PIN for the new card?You can set up a new PIN for your card in the CommBank app or NetBank. If you don’t have access to either of these, 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.