The Bonus Saver by Bank Australia has a lot of the features you want in a savings account. To start with, it doesn’t cost a cent to open the account and there are no ongoing fees, plus its 2.50% special interest rate really does speak for itself.
Just keep in mind, if you don’t meet the conditions of depositing $100 into the account each month and making no monthly withdrawals, the standard interest rate will drop to a low 0.15%.
If you like to do your banking face to face, also be mindful you’ll be charged $2.50 for dipping into your savings over the counter at a Bank Australia branch. That’s why it’s cheaper and more convenient to manage your account elsewhere such as through the internet banking portal or over the phone. When it comes to topping up your Bonus Saver account, you can also do it via BPay.
Who it's good for:
With one of the highest special rates in the market at 2.50%, the Bonus Saver really does provide great value for the regular saver.
If you forget to make that monthly $100 deposit or withdraw funds, you’ll miss out on accruing interest at the higher rate, until you take the opportunity and do it the following month.