If you have an Under 18 savings account – we’ll close the account when you turn 18 and transfer your balance to your Everyday Direct or Bill Paying account (if you have one).
If you don’t have either of these accounts, we’ll open a Bill Paying account for you.
If you have a Mighty Saver account – we’ll close your Mighty Saver account and open a new Reward Saver account to transfer your account balance into. Your new Reward Saver account will reward you with bonus interest when you deposit a minimum of $50 each month, make no withdrawals and keep your account balance in credit for the whole month.
Sound good? See our Conditions of Use Accounts and Access for more details.
Your account balance transfers will occur on the next business day after you turn 18. If you have a Mighty Saver account transfers will occur on the first day of the next month after you turn 18, this is to ensure you receive any bonus interest applicable on your accounts.
If you have any automatic payroll deductions or recurring payments set up for those accounts, they’ll be automatically cancelled when the accounts are closed.
Want to set up a recurring payment to your new Reward Saver account? See How do I set up a future payment.