Youth eSaver Account: 4.75% p.a Interest on Balances under $5000 for Under 17 Year Olds @ Great Southern Bank

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11CENTS on 21/01/2023 - 07:10 greatsouthernbank.com.au (334 clicks)
Last edited 23/01/2023 - 13:07 by 1 other user

Similar to BOQ deal, but with less deposit limit and no set conditions.

Youth eSaver Account
An online savings account for newborns to 17‑year‑olds.

Is this suitable?
The Youth eSaver Account is suitable for those under 18 years of age and want to earn interest at a consistent rate without having to meet a particular set of conditions.

How it works
A maximum of one Youth eSaver account per eligible child.

A child under 10 must have a parent or guardian open and operate the account as a signatory. The child cannot personally transact on the account.

Once the child turns 10 years of age, the child can remove a parent or guardian as a signatory, or remove their authority to obtain account information, at any time.

Parents or guardians can be given signatory access or third-party authority to obtain information on the account if required.

Related Stores

Great Southern Bank

• 

  Sidor on 21/01/2023 - 07:40

  +3

  4.75% up to $5000 only ?

  • 

    AussieDaddy on 21/01/2023 - 07:47

    +1

    And for 18 year olds and under.

    • 

      Sidor on 21/01/2023 - 07:48

      +1

      yeah, noticed that. Never heard about this bank. Hopefully it will still be around when child grows up.

      • 

        Tarnay on 21/01/2023 - 08:10

        +4

        Great Southern bank formally known as
        CREDIT UNION AUSTRALIA (CUA) been around for years 😀

• 

  spock on 21/01/2023 - 07:49

  -2

  Of course newborns carry around 5k .

  • 

    cakesyy on 21/01/2023 - 08:42

    +1

    17 is newborn.

• 

  EuphratesFate on 21/01/2023 - 08:09

  Now I just need a time machine..

• 

  Domingo on 21/01/2023 - 08:41

  So in theory this could be worth $236.45 a year ($4,999 * .0475), however there would be a bit of work to achieve this as you'd have to take out the interest whenever it was paid to stay below the threshold.

  It also may depend if it compounds daily or monthly (assuming it gets paid monthly)

  • 

    Yabadabadoo on 21/01/2023 - 11:47

    Given ubank is 4.1% without the hassle its really only around $32 a year difference

  • 

    FredAstair on 21/01/2023 - 13:56

    This is my exact plan.

    Keep it under $5000.
    Shuffle the excess to another high earning (but likely less percentage than this) account.
    When the excess gets to a significant amount, invest it elsewhere for better returns.
    Keep this GB account for our child and when the turn 18 I gift it to them.
    Then… when they can show that are sensible with this amount (including the extra I add to it to offset inflation), then I surprise them with the other amounts from the excessed invested amounts.
    Plan is to teach them the value of money.

    Just a plan I’m trying atm.

• 

  Benoffie on 21/01/2023 - 08:52

  With GSB but considering moving. Once over the $5k limit its not worth it. Lower interest but higher limits elsewhere return higher.

• 

  Fergy1987 on 21/01/2023 - 08:59

  +1

  So…..we will pay your infant a huge intetest rate….but only if you have 0 dollars in the account so we only payout $0.0000005

  What is this? Red Dead Online?

• 

  yht on 21/01/2023 - 11:40

  I wonder how would 10 years old can be a signatory and sign any document ? Other bank is 16 years old min.

  • 

    FredAstair on 21/01/2023 - 13:58

    As I already have one set up for our child, it wasn’t a hassle tbh.

    That way when certain family want to gift our child but don’t want to do it via a physical gift it goes into this account.
    We are a small family so small amounts go in, but work like compounding interest.

• 

  parisian on 21/01/2023 - 11:56

  Wouldn't you just sign up for a BOQ account in that case? 4.75% for up to 50k.

  • 

    FredAstair on 21/01/2023 - 13:59

    -1

    I believe that the main differences is things like not having this amount added your own capital gains tax, or something like this.

    Also something anbout less tax on withdrawals etc.

  • 

    davis01 on 22/01/2023 - 13:08

    +1

    BOQ is 14-35 yr old. This is <18 yr old so if child a bit younger maybe better option.

• 

  bkksam on 21/01/2023 - 15:59

  Oh NO more Discrimination… 😂😁😁😁