For Australians looking for a more rewarding place to stash their savings, Australian Unity’s Active Saver account ticks a lot of boxes - especially with a high 2.80% ongoing bonus rate. To access the rate, savers will just need to deposit at least $250 each month into the account without making any withdrawls, otherwise they’ll receive the standard rate of 1.20% instead.
With no minimum account balance and a maximum balance of $500,000, the Active Saver is open to both those at the start of their savings journey or for those who want to earn some serious interest on their existing nest egg. Just bare in mind that if you’re balance does tick over $500,000, the exceeding portion of the balance will only earn interest at the standard rate of 1.20%.
If you like your banking to be straightforward you'll also love the lack of account fees, as well as the option to use either phone or internet banking - though you won’t have any branch access with your account.
Who it's good for:
The Australian Unity Active Saver account could be a great option for savers over 16 years who are happy to put a regular deposit away in return for a high interest rate, though it’s not for those who like to dip in and out of their savings.
To earn the bonus interest rate of 2.80% you’ll need to deposit at least $250 (without making any withdrawals) each month from a linked Australian Unity Transaction Account - which has a $5 a month account fee. However, you won’t be charged an account fee for the transaction account if you make a minimum $1,000 monthly deposit (your pay for instance) into the account.