Each kid account in Kit is limited to a $5000 balance. (If you have linked a CommBank Youthsaver account, funds in the linked Youthsaver do not count towards this limit.)
You can transfer up to $300 in total per child within the first 5 days of opening the account or adding a kid profile. The transfer limit will increase to $1000 per day after 5 days.
Any transfer exceeding the account transfer limit, or that will result in the balance of the individual kid account exceeding $5000, regardless of its amount, will be declined.
This includes all transfers into the account, whether initiated from within the Kit app or from any other external bank account to the Kit account BSB and account number, as well as refunds from merchants.
If transferring large sums of money into your child’s account, please remember:
- Your child will have immediate access to that money through their card, until it is transferred to a Stack.
- Kit accounts currently do not pay interest. (You can link an interest-earning CommBank Youthsaver account to Kit so kids can transfer and see their money earn interest from the Kit app.)
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.