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Commonwealth Bank YouthSaver

Commonwealth Bank YouthSaver

3.0 from 8 reviews

Terrible customer notification

When my son turns 18, the bank does not notify that he's no longer entitled to interest in the account. We have no idea and only realised no interest paid for the last 18 months when the statements were checked. CBA could have done a much better job by proactively informing and offering an account that generates interest than to just keep mum and left the customer to figure out.


Poor Customer Notification

CBA recently changed the interest paid from quarterly to monthly. Then I realise that I'm not getting paid bonus interest if I make more than 1 withdraws from the account. That means I've missed lots on bonus interests, which was hiding undiscovered for myself as it's paid quarterly.

It should have a pop up to notify customers that do not make one withdraw and will have to make a deposit too to be entitled for more money.
Thumbs down!


Disgusted

Recently received a letter stating com bank is changing age at which child can take full control of account to 14. Letter addressed to child not parent and indicates this will happen automatically without parental consent. If parent disagrees we have to physically visit bank. I will visit bank to close account and go elsewhere.


Excellent

I like how you can keep track of your spending and account balance on the internet. Commonwealth has a great reputation and there are always ATM's around so its easy to take money out where ever you are. It's a great way to get kids to start saving with no monthly fees or withdrawl fees which is excellent. They also have kids clubs which enter kids into draws and help them to win cash prizes eg 'Pi' and 'Rule'
im actually really fond of this savings account. My younger sister uses it and its amazing how much interest you can gain after not taking any money out
internet banking is a hassle, its hard to keep track of your money over the net if you're under 18


Good

this is a great account although other banks are setting up bonus savers with up to 10% interest (bankwest) so maybe commbank will have to start offering something better. we chose to open the dollarmite account for sentimental reasons as my hubby had one when he was a kid although most of our banking is done elsewhere.
childrens account with no fees. kids get free sticker and moneybox/ pencils when we opened the account.
am sad they no longer call it the dollarmite account !
can get better interest elsewhere.
took us about an hour to set up and dep (hey it IS the commbank)


Good

Great account the rewards the child for making regular savings. Lots of competiotns and activites to enter online thru the dollarmite club
Great savings account that rewards you for making monthly deposits with bonus interest. Parent/guardian are the only ones that can access this account (see below) til they turn 16yrs or you sign the account over to them sooner. Great competitions to enter as the child ages
Any parent or guardian can open this account,so a child could end up with one account that mum signs on and 1 account that dad signs on. If 1 parents sign the account over to the child to transact on, it effectivley signs over all accounts in the childs name, even though that parent only had authority on 1 account. Also they tend to open these accounts for grandparents also even though they are not guardians, so again your account for your child as a parent could be lost.


Bad

the account is probably not as good as it's cracked up to be. basically for the sake of having your kid's account set up under their name, you sacrifice on other facts. For example there are so many more accounts that accrue more interest, even if you don't deposit something a given month. it's not worth it in my opinion, unless you're planning to hide some money away from your usual accounts under your name.
encourages children to save by having an account under their name
there is no interest accrued unless you deposit every month


Excellent

I like the fun stuff they send my daughter to encourage her to save, they provide cool activity packs for my little one to enjoy everytime they send th bank statement s in the mail(kids club). It is colorful and with lots of activities to choose from makes my girl enjoy opening her mail so to speak.The internet banking service is also great it makes it easier for me to look at the total savings and interest gained and also for me to just transfer money from my account to her account rather go to the branch and deposit.
encourrages kids to save
none as I am the one handling the money for my daughter at the moment

Questions & Answers

Can I view transactions, deposit money, etc. online with a dollarmites account? I tried to register through the net bank app but it asks for a card number, which the account doesn't have.
1 answer
Hi when I opened the Dollarmites account for my daughter I went to the branch and asked them to set up my internet banking and to link my daughter's account to my card. So its been link to my account and I can access it online as chequing account. If she need to buy something and use her own money then I can access her account through my card on ATM or use the card to pay for purchases via chequing account. Hope this helped.

Will my parents be know if I transfer money from my youth saver to my other account?
1 answer
They will know you did if your accounts are link to their account,

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