Credit union CUA has launched an online savings product it claims is specifically aimed at the youth market.
CUA said the product, Youth eSaver, is designed specifically for 10-17 year olds, offering one of the most competitive rates in the youth savings market of 5.05 per cent on the first $5000.
Commenting on the product, CUA general manager, product and marketing Jason Murray said that unlike the conditional ‘bonus' rates offered by many other banks' youth savings accounts, which sharply dropped if you failed to make a deposit or if you made a withdrawal, CUA's Youth eSaver rate stayed the same for balances up to $5000, regardless of how much was deposited or withdrawn each month.
