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Overview

  • A Youthsaver account allows your child to reach their savings goals with the potential to earn bonus interest, whilst allowing you as their parent or legal guardian to manage their account and build their financial literacy skills. 

    For children under the age of 14, any account opened on their behalf will be under the child’s legal name as an account holder and require a parent or legal guardian to act as an authorised operator.

Children under 14

As a parent or legal guardian with an authorised operator role, you will have access to operate, transact and manage your child’s Youthsaver account. These are the actions that you can take on behalf of your child.*

  • Open and close an account 
  • Withdraw cash 
  • Deposit cash and bank cheques 
  • Enquire on account balances and transactions
  • Access account statements and notices 
  • Apply a TFN or exemption**

  • Access an account through your own registered NetBank 
  • Access an account through your own Telephone Banking password
  • Maintain your child’s access to NetBank
  • Manage addresses and contact details
  • Add another parent/guardian as an authorised operator

 

Frequently Asked Questions

For children under the age of 14, only a parent or legal guardian can open an account on behalf of their child. We define a parent as someone who is listed on the child’s birth certificate and a legal guardian as someone who is appointed through a court order to care for a child. 

You will need to provide original personal identification documents when applying online or in Branch. This may include your child’s birth certificate, and one other primary photographic document of yours (e.g. passport or driver licence). Learn more about the documents you are required to provide to open your child’s Youthsaver account. 

Please note, if you are not currently a CommBank customer or have not been identified in the last 12 months, we will need to confirm your identity. Learn more around why we need to confirm your details. 

You may wish to provide a TFN on your child’s account. If a TFN has not been provided, we may be required to withhold a portion of the interest earned on your child’s Youthsaver account. Learn more about providing a TFN on your child’s account.

As an authorised operator, you can provide your child with their own access to their account within NetBank and the CommBank App, as well as set up their Telephone Banking password. When you open and set up your child’s account online, your child’s account will initially include limited access to NetBank. However, their level of access can be updated at any time by you as an authorised operator.

A Youthsaver account can be opened by a child over the age of 14 on their own by visiting a Branch. The child will be the account signatory, and they will not require approval from their parent or legal guardian to transact and manage their account. If your child wishes to add you as an authority on their Youthsaver account, you will need to visit a Branch alongside your child to have this completed.

Once your child turns 18 years old, they will no longer be eligible to hold a Youthsaver account and we will automatically migrate their account to a GoalSaver. As a parent or legal guardian, your role as an authorised operator will be removed and you will no longer have access to your child’s account once this migration occurs. This means that your child will become the sole account operator and authorised signatory on their GoalSaver account. 

A Youthsaver is a savings account which does not support card access. However, you may wish to teach your child the importance of good spending habits with a card and can do so with our Smart Access for Youth transaction account, or a Kit account which offers a prepaid card. Learn more about additional eligibility requirements and compare these accounts. 

Things you should know