If you need a place to stash your cash for while, meet the Bonus Saver by Bank Australia. With this account the standard rate gets boosted to 1.25% when you deposit $100 into your account every month and make no withdrawals, it's too easy.
You'll also be able to access the Bonus Saver account on your phone through the 2019 Mozo Experts Choice Excellent Banking App award-winning Bank Australia app.
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 it has a 1.25% maximum interest rate.
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 0.01%.
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.
Bank Australia's Bonus Saver could be the perfect account for someone who wants to make small deposits and still receive a bonus rate.
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.
Balances from $0: 0.00% p.a.
Balances from $0: 0.01% p.a.
Balances from $0: 0.00% p.a.
Balances from $0: 1.25% p.a.
Balances from $250,000: 1.15% p.a.
Balances from $500,000: 1.05% p.a.
Balances from $1,000,000: 1.00% p.a.
Minimum deposit of $100 and no withdrawals in the month
$0.00
n/a
Unlimited transactions from phone, internet, BPay and counter deposits.
n/a
n/a
n/a
$0.00
$2.50
n/a
$0.00
$0.00
n/a
$0.00
$0.00
Monthly
no
none
no
no
no
yes
no
yes
yes
yes
no
none
none
none
From my research Bank Australia stood out as the most ethical banking option in Australia. I have been happy with their services but wish there were more branches.
Read full reviewFrom my research Bank Australia stood out as the most ethical banking option in Australia. I have been happy with their services but wish there were more branches.
Very good and fast service.
Read full reviewVery good and fast service.
Good bank to keep your money away from your everyday spending account, great interest rate.
Read full reviewGood bank to keep your money away from your everyday spending account, great interest rate.
Most of the tellers are very easy to talk to and listen to any concerns I might have and help me find a solution.
Read full reviewMost of the tellers are very easy to talk to and listen to any concerns I might have and help me find a solution.
Bankmecu has the best customer service that I have found in a bank.
Read full reviewBankmecu has the best customer service that I have found in a bank.
Bank Australia is a customer owned bank. Formerly bankmecu, Bank Australia has over 130,000 customers which act as shareholders of the bank. It offers a full range of products including home loans, savings, credit cards and loan products, and because its shareholders are its customers, they benefit from lower rate and fees. Bank Australia also invests up to 4% of its profits in various community projects every year.
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0% p.a.(for $0 and over)
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0.35% p.a.(for $0 and over)
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0.80% p.a.(for $0 to $250,001)
Yesup to $250,000
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Fast Track Saver Account
1.85% p.a. (for $1 to $250,000)
0.20% p.a.(for $1 and over)
Yesup to $250,000
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1.80% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
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0.01% p.a.(for $0 to $5,000,000)
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0% p.a.(for $0 and over)
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2.05% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
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2.20% p.a. (for $1 to $100,000)
0.80% p.a.(for $1 to $250,000)
Yesup to $250,000
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HSBC
Serious Saver
0% p.a.(for $0 and over)
2.10% p.a. (for $0 to $1,000,000)
Promoted
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
2.00% p.a. (for $0 and over)