Now they can earn interest on their pocket money.*

With Youthsaver, your kids could start earning up to 5.00% p.a. interest on savings in their Youthsaver account.^
Youthsaver Screen

Why link a Youthsaver account to Kit

Once a Youthsaver is linked, your kids can:

✔️ Keep track of their savings within Kit

✔️ Make transfers from Kit to their Youthsaver account

Youthsaver Phone Screen

Earn bonus interest with a Youthsaver account (eligibility criteria applies)

Whether they’re saving for new headphones, a new top from their favourite shop or something BIG, they can now link CommBank’s Youthsaver to Kit so that they can keep track of their savings! 

Frequently asked questions

 

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.

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. 
  • 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. 

Why is my previously linked Youthsaver account no longer be visible in the Kit app.

When you link a new or existing Youthsaver with Kit, you agree to CommBank sharing these details with Kit: 

  • BSB and account number 
  • Name 
  • Balance 
  • Transaction history. 

This is so your kids can see the Youthsaver in Kit with it’s up to date balance and history, and transfer directly to it with your permission as the Boss. 

The data share will last for 12 months or until you choose to stop sharing. Kit does not store this information at any point. Your permission allows Kit to ask CommBank for it, but it is not held with Kit. 

*^Kit is built by CBA New Digital Businesses Pty Ltd ABN 38 633 072 830, which is wholly owned by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (CommBank). Kit financial products including the Kit Account and the Kit Card are issued by our partner Hay Limited (AFSL 515459). Consider the PDS, FSG, TMD, T&Cs and other important information at Important Information . Any advice given is general in nature. Fees and charges may apply. ​​

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.

Subject to eligibility criteria. 5.00% p.a. total variable rate when you make at least one deposit of any amount into your account and grow your balance (excluding interest and transactions initiated by the Bank) each calendar month on balances up to and including $50,000. The total variable rate includes 2.60% p.a. standard variable rate and 2.40% p.a. bonus variable rate when the above eligibility criteria is met. For the portion of the balance over $50,000 and/or if the bonus criteria isn't met, only the standard variable rate will apply. Interest is calculated daily and paid monthly. Rates effective 17 November 2023 but subject to change.​

The Bank is authorised under the taxation laws to collect a Tax File Number (TFN), an Australian Business Number (ABN) or an exemption code.  It is not an offence if you don’t provide a TFN, an ABN or an exemption code, but by law, we may be required to withhold a portion of your interest earned on the account.