Bank Australia Bonus Saver

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

2.00% p.a. (for $1 and over)

Bank Australia Bonus Saver

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

2.00% p.a. (for $1 and over)

Mozo Review   Bank Australia Bonus Saver Review

Last updated: 1 October 2019.

What's hot:
  • 2019 Mozo Experts Choice Excellent Banking App

  • 2.00% special rate (Ts and Cs apply)

  • Unlimited phone and internet transactions

What's not:
  • Rate drops to 0.05% 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 2.00% 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

Key features:

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 2.00% special 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 0.05%.

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:

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

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.

Details

Rates and fees information correct as at 13 November 2019. 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 $1: 0.05% p.a.

  • Balances from $0: 0.00% p.a.
    Balances from $1: 2.00% 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 customer rating
7.6/10
Price
6.9/10
Features
6.2/10
Customer service
7.9/10
Convenience
6.8/10
Trust
8.1/10

Latest reviews of Bank Australia Bonus Saver

  • Overall
    10/10
    Excellent

    Very good and fast service.

    Very good and fast service.

    Price
    -1/10
    Features
    -1/10
    Customer service
    10/10
    Convenience
    -1/10
    Trust
    -1/10

    Donato | Victoria

    reviewed over 1 year ago

  • Overall
    8/10
    Online bank great for saving

    Good bank to keep your money away from your everyday spending account, great interest rate.

    Good bank to keep your money away from your everyday spending account, great interest rate.

    Price
    8/10
    Features
    8/10
    Customer service
    7/10
    Convenience
    7/10
    Trust
    8/10

    Jack | Victoria

    reviewed over 3 years ago

  • Overall
    8/10
    Easy to deal with.

    Most of the tellers are very easy to talk to and listen to any concerns I might have and help me...

    Most of the tellers are very easy to talk to and listen to any concerns I might have and help me find a solution.

    Price
    7/10
    Features
    8/10
    Customer service
    6/10
    Convenience
    8/10
    Trust
    9/10

    Joan | Victoria

    reviewed almost 4 years ago

  • Overall
    9/10
    Customer service is Number 1

    Bankmecu has the best customer service that I have found in a bank.

    Bankmecu has the best customer service that I have found in a bank.

    Price
    10/10
    Features
    6/10
    Customer service
    10/10
    Convenience
    4/10
    Trust
    10/10

    Jane | Victoria

    reviewed over 4 years ago

  • Overall
    10/10
    Great interest rate

    Excellent product that can be opened online, and provide excellent interest rate in todays market

    Excellent product that can be opened online, and provide excellent interest rate in todays market

    Price
    10/10
    Features
    10/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    9/10

    Jeff | Victoria

    reviewed over 4 years ago

Bank Australia

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.

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