Young Saver Account

Help kids establish good habits for saving and spending.

The Young Saver is great for teaching your child about the fundamentals of money.

A great tiered interest rate
No account keeping fees
No minimum monthly deposits
For children between 0 and under 18 years of age, who do not hold an Australian Mutual Bank membership. The account will be opened and operated under the adult’s name
If a child is between 12 and under 18 years of age, the account can be opened in the child’s name instead of the adult's name
One account is available per child

$0 - $5,000.00 5.50 % p.a. Interest rate

Australian Mutual Bank has won the Gold award for Best Kids Savings Account for our Young Saver Account in 2022.

The RateCity Gold awards celebrate banks, lenders and credit unions that offer consistently competitive products to Australian consumers. The winners of the awards score consistently as top performers based on RateCity's extensive methodology.

The top 10 percent in each category are awarded a RateCity Gold Award - a signal to consumers that this product is one of the best options in market.

Access and Fees

Access to the account is available via the mobile banking app, internet banking, and branch facilities
No transaction fees (internet banking, or mobile banking app transactions)
No over-the-counter withdrawal fees (under $5000)³

Product Features:

Young Saver Account
Minimum amount :	$0
Funds available :	Yes
Online Banking :	Yes
Direct Entry (Credit/Debit) :	Credit and Debit
Interest income :	Interest is calculated on the daily balance and paid monthly.
Branch access :	Yes
Visa Debit Card :	Yes
Fees
Annual fee :	$0
Monthly fee :	$0

Young Saver Account	Rate p.a.
$0 - $5,000.00	5.50% p.a.
$5,000.01 - $10,000.00	2.50% p.a.
Portion above $10,000.00	0.01% p.a.

View all our Savings products

View all our Savings Interest rates

View the Target Market Determination for this product

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Why choose Australian Mutual Bank?

100% Customer owned

On becoming a member of our bank, you're not just a customer, you're an owner!
Ethical banking

The benefit of our members, society, and the planet drives everything we do
Friendly service

Our number one goal is to give you the best overall banking experience we can
Safe and secure

Eligible deposits are protected by the Financial Claims Scheme

Important information

Footnotes:

¹ Interest is calculated daily on the portion of the balance which falls within each of the tiers and paid monthly on the last day of the month unless otherwise stated. This is a savings account available to members aged 12 to under 18 years. The account is also available to adults with a child or children under 12 years of age, where the membership is owned and operated by the parents’ or guardians. At the age of 12, the child can apply for their own membership at Australian Mutual Bank. Only one account per child. Any accounts held under a parent or guardians name will therefore be required to be closed.
² Eligibility on access facilities may apply depending on the child's age.

³ Large cash withdrawal fees may apply. Please refer to the Fees & Charges and Transaction Limits schedule for details. Does not include Bank@Post fees.

Help kids establish good habits for saving and spending.

Product Features:

Young Saver Account

Fees

Looking for more information?

Privacy

Why choose Australian Mutual Bank?

100% Customer owned

Ethical banking

Friendly service

Safe and secure

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