LCU Young and Free Student Account
No conditions on the rate
Learn to save with a great interest rate and no monthly Visa card fees. Bonus rate on balances up to $1000.
- Base rate up to
- 5.15%
- Introductory rate
- None
- Maximum balance
- None published
Rate a year, up to
Rates by balance
| Balance | Base rate |
|---|---|
| $0 to $10,000 | 5.15% |
| $10,000 and over | 0.01% |
Who can open it
- Age to open
- 8 to 25
- Maximum balance
- None published
Who it's for
- Full time student.
- Must be a shareholder owning a $10 share. Each shareholder holds an equal share regardless of their balance. Shareholders have a say in how we are run. "Own your Bank". $10 share is refunded if you choose to close your account.
- To be eligible to join you must be at least 8 years of age and referred by a family member or friend who already has an account with LCU. Alternatively you may be eligible to join if you: work or live in the greater Ryde area; have an association with Riverside Corporate or Macquarie Park; or work in a STEM industry.
How it compares
Against the other savings accounts we compare. Typical means the middle half of them.
Most it pays
5.15%
At its best balance, with any bonus. Typical is 3.65%.
Base rate
5.15%
What it pays without a bonus. Typical is 2.40%.
Pros and cons
Pros
- A higher rate. Up to 5.15%, above the typical 3.65%. On $10,000 that's about $515 a year.
- No conditions. You earn the same rate every month, with no deposits to make or withdrawals to avoid.
Cons
- An age limit. Only for people up to 25.
Similar savings accounts
Savings accounts from other banks that pay a similar rate at their best.
- Most it pays
- 5.15%
- Bonus conditions
- Yes
- Most it pays
- 5.15%
- Bonus conditions
- None
- Most it pays
- 5.20%
- Bonus conditions
- Yes
