CUA Youth eSaver is paying 5.05% p.a.

A Youth eSaver account from CUA is designed as a first savings account for under 18’s.

The account has a variable rate of 5.05% p.a. for balances up to $5,000, no account keeping or online transfer fees and a $1 minimum balance. Over $5,000, the interest rate is 3.50% p.a.

Family members can pay birthday or pocket money directly into your account by bank transfer (no need for a linked transaction account). The account converts automatically to a standard CUA eSaver account at age 18.

Unlike the ‘bonus’ rates on many other youth savings accounts, the CUA Youth eSaver interest rates will not drop suddenly if you fail to make a deposit each month or make a withdrawal.