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 0.40% 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 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 0.40% 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.
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. The special interest rate available also starts to drop the higher your balance goes above $250,000.
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Balances from $0: 0.00% p.a. |
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Balances from $0: 0.00% p.a. |
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Minimum deposit of $100 and no withdrawals in the month |
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$0.00 |
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n/a |
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Unlimited transactions from phone, internet, BPay and counter deposits. |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$2.50 |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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none |
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no |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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yes |
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no |
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none |
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none |
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none |
I joined Bank Australia when it was still a credit union. I was attracted by its ethical policies and commitment to climate change and environmental restoration. The interest rates are not as high as some other banks, but are reasonably competitive. I do feel that since becoming a bank there is less focus on fairness in their fee policies. For example you pay less account keeping fees if you have $50k in total funds with them. I don't think this is fair.
Read full reviewI joined Bank Australia when it was still a credit union. I was attracted by its ethical policies and commitment to climate change and environmental restoration. The interest rates are not as high as some other banks, but are reasonably competitive. I do feel that since becoming a bank there is less focus on fairness in their fee policies. For example you pay less account keeping fees if you have $50k in total funds with them. I don't think this is fair.
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.
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Westpac
Life - 18-29 years old
2.00% p.a. (for $0 to $30,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.15% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.10% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Boost Saver with Go Account
1.60% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.25% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000