Our verdict

Aged under 17? Earn up to 5.25% on your savings with no conditions to meet.

Finder Awards 2025 winner

A parent or guardian can open this account for a child under the age of 10, however you must act as the signatory for the account. The child can't make transactions from the account until they're 10 or older.

Pros

5.25% p.a. ongoing, standard variable rate
No monthly fee
No monthly deposit conditions to meet
Make withdrawals and still earn interest

Cons

Age restrictions apply
Max interest rate only available on balances up to $5,000

Your balance will earn a highly competitive interest rate of 5.25% for balances of up to $5,000. There are no monthly conditions to meet, and you can access your money at any time while still earning interest.

Details

Key details

Product Name	Great Southern Bank Youth eSaver Account (0-17 year olds only)
Maximum Variable Rate	5.25% p.a.
Standard Variable Rate	5.25% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$1

Key features

Availability

This account is meant for Australians between the ages of 0 and 17. If you're 10 or older, you can be listed as the only account holder. For children aged under 10 the account must be opened with a parent or guardian as a signatory.

Earn up to 5.25%

Your balance will earn a highly competitive interest rate of 5.25% for balances of up to $5,000. Interest rates are stepped so that any balance above that amount will receive a lower rate of interest. There are no monthly deposit conditions to meet and you can make withdrawals at any time.

Linked account

When you apply for the Youth eSaver Account you will also be prompted to open a Great Southern Bank Everyday Youth Account so that you can easily make transfers into and out of your online savings account.

Account keeping fees

There are no monthly fees to be paid for this account.

Accessibility

You can make transfers into and out of the account through online and mobile banking as well as over the phone. These are unlimited free transactions that include direct credits and debits, periodical payments and BPAY.

Easy deposit

Family members and friends can make deposits into the account on your behalf without a linked bank account. You are also allowed to deposit money boxes at a branch for no charge.

Interest payments

The interest is calculated on the daily balance and deposited into the account each month. The interest rate is variable, which means it could change at any time.

Minimum ongoing balance

You must maintain a minimum balance of one dollar with this account.

When you turn 18 years old

Once the account holder reaches their 18th birthday, the Youth eSaver will be automatically converted to an eSaver Plus Account. You can also take a look at other Great Southern Bank products here.

Launch savings calculator

Congratulations, Great Southern Bank!

The Great Southern Bank Youth eSaver Account (0-17 year olds only) won Best Kids Savings Account in the 2025 Finder Awards.

Full list of 2025 winners

How to apply

Completing an application for the Great Southern Bank Youth eSaver Account should take about 10 minutes.

Eligibility

You will be asked to confirm that you meet the eligibility requirements before beginning. These include:

Minimum age. Account holders must be between the ages of 10 and 17 for the Youth eSaver Account to be opened in their name.
Residency requirements. In order to be eligible you must be a permanent resident of Australia and have a residential mailing address.

Depository requirements. The minimum opening deposit amount is one dollar in order to activate the account.

Documentation needed

You will also be asked to supply certain information as you fill out the online application which can be found on the following documentation:

Tax file number. Depending on your circumstance, interest earnings can be taxed as a part of your income. Great Southern Bank is obligated to withhold tax on interest earnings in some cases, and will use your tax file number (TFN) or exemption code to ensure that they are applying the correct rate.
Identification. A primary photo identification document such as a driver's licence or passport is typically used for identification, but with minors who do not have either of these documents a school ID card or your Australian birth certificate can be used.
Third party authority. There is a section on the application that grants a parent or guardian the authority to obtain information about the account if you desire to do so.

What happens after I submit my application?

After submitting the online application you will be notified if any additional information is needed in order for the account to be activated. Once all the details have been confirmation you will receive your account number and deposit instructions so that you may begin earning interest on your savings.

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Alison Finder

Editorial Manager, Money

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Figen

January 20, 2025

Is this account government guaranteed?

Angus Kidman Finder

January 20, 2025

Hi Figen, Yes, Great Southern Bank is covered under the Financial Claims Scheme, so deposits up to $250,000 would be protected.

Al Andrews

June 16, 2024

What would the interest rate be on a deposit of $32,000?

Sarah Megginson Finder

June 17, 2024

Hi there, as of today the interest rate for amounts over $5000 is over $1.00%.

Please keep in mind with kids accounts, if they earn over $416 in interest per financial year, they will be charged withholding tax. If you’re planning to invest $32,000 in a savings account for your child, you may want to register for a tax file number to avoid being charged tax.

Hope this helps!

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Jeremy

May 05, 2024

What is the interest rate for funds over $5000?

Sarah Megginson Finder

June 26, 2024

Hi Jeremy,

As of today the interest rate for amounts over $5000 is over $1.00%.

October 30, 2023

What happens once child turns 18? would the interest rate change?

Richard Whitten Finder

November 06, 2023

Once a child turns 18 the bank will convert the account into a different product, either another savings account or a transaction account. Normally the bank contacts you and explains your options.

Anica Nieuwoudt

September 08, 2023

Hi. Can the linked account be from any bank or does it have to be a Great Southern bank account?

Raj Lal Finder

October 09, 2023

Hi Anica,

The linked account has to be from Great Southern Bank.

Thanks

Raj

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Great Southern Bank Youth eSaver Account