Finty

Compare savings accounts for young adults

Enter your balance to see the interest 15 savings accounts for young adults would pay you, and what each asks of you to earn its bonus, so your savings earn more.

Savings accounts that only people under a set age, usually 25 or 30, can open. Check the age limit and what the account becomes after it.

Written byDavid Boyd

Plan your savings

Tell us what you have now, what you can add each month and for how long, and we'll show where each account below would take you, at today's rates.

15 accounts

Rates are variable and can change at any time. Balances are estimates before tax, at today's rates, with interest added monthly at the rate for the balance at the time. Some banks pay a balance band's rate only on the part of the balance inside it, and an introductory rate ends after its set time.

Savings accounts for young adults at a glance

Worked out from the 15 accounts from 15 banks we compare on this page.

Typical top rate

5.50%

Half the accounts pay between 4.78% and 5.50% at their best.

Typical base rate

5.15%

What you earn without meeting any bonus conditions.

With an intro rate

0 of 15

accounts pay a higher rate for the first few months only.

Bonus conditions

1 with conditions14 without
How top rates are spreadNumber of accounts in each band. The most common is 5.5–6%.

The short version

  • Some savings accounts are only for people under a set age, often 25 or 30.
  • Many have no fees and a bonus for growing your balance.
  • Check what the account becomes after the age limit.

Savings accounts for young adults

Some banks have savings accounts only for people under a set age, often 25 or 30. They often have no monthly fee and pay a bonus rate for growing the balance each month.

When you pass the age limit, the bank usually moves you to a standard account, which can pay less, so check what the account becomes.

Pros

  • Usually no monthly fees.
  • Rates that can beat standard accounts.
  • Helps build a regular saving habit.

Cons

  • Bonus conditions to meet every month.
  • The account changes when you pass the age limit.
  • Bonus rates often stop above a set balance.

Alternatives

  • Savings accounts anyone can open.
  • A term deposit, for money you won't need for a while.

How to open one

You can open a young adult savings account online with most banks in a few minutes.

  • Have your ID and tax file number ready. Without a TFN, the bank must hold back tax at the top rate.
  • Check who can open it. The bank's eligibility terms say who qualifies.
  • Check the age limit. You may need to be under it when you open the account.

What to compare

  • The rate on your balance, and what you must do each month for the bonus.
  • The age limit, and what happens after it.
  • Whether the bonus rate stops above a set balance.

Questions people ask

Is my money safe?

Deposits with an Australian bank, building society or credit union are covered by the government's Financial Claims Scheme, up to $250,000 per person per bank.

What happens when I pass the age limit?

The bank usually moves you to a standard savings account, which can pay a lower rate. Its terms say when and what to.

Do I pay tax on interest?

Interest counts as income. Give the bank your tax file number, or it must hold back tax at the top rate.