About CommBank Youthsaver
A Youthsaver account is an interest-earning savings account for under 18s offered by the Commonwealth Bank. It has no monthly account fees, and your child can earn bonus interest by growing their savings balance each calendar month (excluding interest and transactions initiated by the Bank).
For more information and current interest rates offered, visit the CommBank website.
Why link a Youthsaver account to kid’s Kit account?
Understanding the concept of interest is a key part of kids’ financial capability. By linking a Youthsaver account with Kit, kids can learn about interest from within the Kit app.
When you link a Youthsaver account, kids can unlock additional functionality in the Kit app:
- View their Youthsaver balance and transaction history. (What if I want my child to learn about interest, but don’t want them to see the money in their Youthsaver?)
- With your permission, transfer savings into the Youthsaver account to earn interest, including automatically saving part of their PayDay into the account.
- See the interest earned on the account.
Note that kids are unable to transfer money out of Youthsaver back into Kit from within the Kit app.
To get started, link a Youthsaver account to Kit.
Find out about Kit’s relationship with CommBank.
Only the Boss can see the option to add Youthsaver
Kit does not advertise directly to children. If you have not linked a Youthsaver account to Kit, your child, using their kid profile, will not see any references to it in the Kit app.
Only the Boss profile will have information about opening and linking a new Youthsaver, and only the Boss will have capability to do so.
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.
Any advice provided is general only and does not take into account your objectives, financial situation or needs. Please consider the T&Cs, available here, and whether a Youthsaver account is appropriate for you.
The target market for CommBank Youthsaver will be found within the product’s Target Market Determination, available here.
Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234945.