Australian Mutual Bank logo
Mini meca 2024

Australian Mutual Bank Young Saver Account

Advertiser disclosure
Interest rate
0.01% p.a.(for $10,000 and over)
Maximum rate
No Current Offer
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Australian Mutual Bank Young Saver Account - last updated: 26 March 2024

binocular icon
What's hot
  • 5.50% variable interest rate (for balances under $5,000)
  • No minimum monthly deposit requirements
  • No monthly account keeping fees
What's not
  • Reduced 2.50% p.a. rate for balances between $5,000.01 - $10,000
  • For balances above $10,000 the interest rate reduces to 0.01% p.a.
Mozo snapshot

Looking for a savings account to help your child or young teen grow their stash? The Australian Mutual Bank Young Saver Account could be the way to do it. This account is available for kids aged 0 to 17 years old and has no pesky ongoing fees. It also comes with a competitive 5.50% interest rate for balances under $5,000 and no monthly deposit requirements attached to it. 

key icon
Key features

An important part of any savings account is the interest rate, and this is where the Australian Mutual Bank Young Saver Account delivers. 

For balances under $5,000, kids receive a competitive 5.50% interest rate - with no monthly deposit requirements at all, making it the perfect place to stash savings as often (or not) as you want. Just bear in mind though, the interest rate drops to a less hot 2.50% for balances between $5,000 and $10,000 and then plummets to only 0.01% on balances over $10,000. 

You may be pleased to hear that when it comes to account fees, with the Australian Mutual Bank’s Young Saver Account you won’t have to pay them. Plus, there is no minimum opening balance so your child can start saving straight away!

snapshot
Who is it good for

This account is a good option for kids that have a savings stash under $5,000 so they can take advantage of the competitive rate and watch their funds grow.

question icon
Any catches

Just remember, this product is only for kids aged 0 to 17 years old not adults. And if your child is under 12, as a parent, you’ll need to be a member of the Australian Mutual Bank in order to open an account but for kids between 12 and 17 they can be a Junior Member until they turn 18. 

Details

Rates and fees information correct as at 28 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

Balances from $0: 5.50% p.a.
Balances from $5,000: 2.50% p.a.
Balances from $10,000: 0.01% p.a.

n/a

n/a

Fees

$0.00

n/a

Unlimited phone and internet banking

n/a

n/a

n/a

$0.00

$0.00

n/a

$0.00

$0.00

n/a

Other financial bits

$0.00

$0.00

Monthly

Features

no

n/a

no

no

no

yes

no

no

yes

no

no

Child must be between 12 and 17 or account can be opened in a parents name. Max 1 account per eligible child.

none

0 to 17

Customer Reviews

How are Australian Mutual Bank savings accounts rated by the Mozo community?

Overall
8.1/10
Price
7.2/10
Features
6.6/10
Customer service
8.4/10
Convenience
7.6/10
Trust
8.1/10
Based on 58 Australian Mutual Bank savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

About Australian Mutual Bank

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

Thumbnail icon for Macquarie
Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

4.75% p.a.(for $0 to $1,000,000)

Yes up to $250,000

Thumbnail icon for ubank
ubank

Save Account

5.10% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for AMP Bank
AMP Bank

AMP Saver Account

5.40% p.a. (for $0 to $250,000)

1.20% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

Thumbnail icon for Unity Bank
Unity Bank

MoneyMAX

No Current Offer

4.75% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for Rabobank
Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

Thumbnail icon for Macquarie
Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

Thumbnail icon for ubank
ubank

Save Account

5.10% p.a. (for $0 to $250,000)

Yes up to $250,000

0.10% p.a.(for $0 and over)

Thumbnail icon for AMP Bank
AMP Bank

AMP Saver Account

5.40% p.a. (for $0 to $250,000)

Yes up to $250,000

1.20% p.a.(for $0 to $5,000,000)

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

0% p.a.(for $0 and over)

Thumbnail icon for MyState Bank
MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

0.05% p.a.(for $0 and over)

Thumbnail icon for First Option Bank
First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

Thumbnail icon for Unity Bank
Unity Bank

MoneyMAX

No Current Offer

Yes up to $250,000

4.75% p.a.(for $1 and over)

Thumbnail icon for IMB Bank
IMB Bank

Reward Saver Account

0% p.a.(for $0 and over)

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

Compare other savings accounts