Interest rate
0.01% p.a.(for $0 and over)
Maximum rate
0.50% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank Australia Bonus Saver

Last updated: 25 February 2021.

binocular icon
What's hot
  • 2019 Mozo Experts Choice Excellent Banking App
  • 0.50% special rate (Ts and Cs apply)
  • Unlimited phone and internet transactions
What's not
  • Rate drops to 0.01% if special rate conditions aren’t met
  • $2.50 fee when you withdraw funds from a branch
Mozo snapshot

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 0.50% 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

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Key features

The Bonus Saver by Bank Australia has all the standard savings account features you'll need. To start with, it doesn’t cost a cent to open the account and there are no ongoing fees, plus there is a 0.50% maximum interest rate for balances up to $250,000. 

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.

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Who is it good for

Bank Australia's Bonus Saver could be the perfect account for someone who wants to make small deposits and still receive a bonus rate. 

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Any catches

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. The special interest rate available also starts to drop the higher your balance goes above $250,000.

Details

Rates and fees information correct as at 1 March 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.00% p.a.
    Balances from $0: 0.01% p.a.

  • Balances from $0: 0.00% p.a.
    Balances from $0: 0.50% p.a.
    Balances from $250,000: 0.40% p.a.
    Balances from $500,000: 0.30% p.a.
    Balances from $1,000,000: 0.20% p.a.

  • Minimum deposit of $100 and no withdrawals in the month

Fees
  • $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

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • none

Customer Reviews

How are Bank Australia savings accounts rated by the Mozo community?

Overall
7.6/10
Price
6.9/10
Features
6.2/10
Customer service
7.9/10
Convenience
6.9/10
Trust
8.1/10

Latest reviews of Bank Australia Bonus Saver

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About Bank Australia

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.

See Bank Australia savings accounts

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MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

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HSBC

Serious Saver

0.30% p.a. (for $0 to $1,000,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.25% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Bankwest

Bankwest

Hero Saver

0.80% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for MyState Bank

MyState Bank

Bonus Saver Account

1.20% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Serious Saver

0.30% p.a. (for $0 to $1,000,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

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Up

Saver Account

1.10% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for Citi

Citi

Online Saver

1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Thumbnail icon for HSBC

HSBC

Flexi Saver

0.25% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Bankwest

Bankwest

Hero Saver

0.80% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Thumbnail icon for Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Thumbnail icon for Up

Up

Saver Account

0% p.a.(for $0 and over)

1.10% p.a. (for $0 to $1,000,000)

Yes up to $250,000

Thumbnail icon for Newcastle Permanent

Newcastle Permanent

Smart Saver

0% p.a.(for $0 and over)

1.40% p.a. (for $0 and over)

Yes up to $250,000