The Young Saver account offers these great features & benefits:
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A great interest rate of 1.00% pa on all balances up to $5,000, followed by 0.25% pa for any amount between $5,001 & $10,000
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No account keeping fees
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No minimum monthly deposits
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Available in the child's name from age 12 and above or
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Available to adults who wish to save money on behalf of a child aged under 18
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The Young Saver is also great for teaching children and youth about the fundamentals of money. It can help establish good habits for saving and spending. Not only is the Young Saver a great product with a great rate, what makes this account really valuable are all the benefits that are offered.
Opening the account in a parent or guardian's name
(to save on behalf of a child under 18)
It’s possible for an adult to open the Young Saver account if they are saving on behalf of a child under 18. The account will be opened solely in the adult’s name and the adult will remain the account owner. The account will be named after the child as an informal trust and the parent has the option to transfer the money into an account in the child’s name when the child turns 12.
The child’s birth certificate will also need to be sighted to ensure the Young Saver is benefiting a child under 18. The child’s date of birth will be used for administration purposes only and the birth certificate will not be retained.
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Opening the account in child's name
(If the child is between 12 - 17)
If you’re 12 and over and looking for a great savings account that returns a high rate of interest then look no further than the Young Saver Account.
Your birth certificate and medicare card is required to open the account. More information about how to provide this is available at the end of the account application form.
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Things you should know:
Check out our Young Saver - Fun Sheets!
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