Bank Australia Bonus Saver

0.15% p.a.(for $1 and over)

2.60% p.a. (for $1 and over)

 

Bank Australia Bonus Saver Review

Rates and fees information correct as at 27 April 2018.

Review published: 23 March 2017

What's hot:

  • 2.60% special rate (Ts and Cs apply)

  • Unlimited phone and internet transactions

What's not:

  • Rate drops to 0.15% if special rate conditions aren’t met

  • $2.50 fee when you withdraw funds from a branch

Mozo snapshot:

Sometimes a higher interest rate incentive is just the kind of savings motivator you need. Enter the Bonus Saver by Bank Australia, where the standard rate gets boosted to 2.60% when you deposit $100 into your account every month and make no withdrawals.

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 its 2.60% 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 2.60%, the Bonus Saver really does provide great value for the regular saver.

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.

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

Product Type Overall Rating Price Features Service Convenience Trust
7.5

Based on 35
Bank Australia savings accounts reviews

6.7 7.0 7.9 6.8 7.9

Read Bank Australia savings account reviews by the Mozo community

Latest reviews of Bank Australia Bonus Saver

Bank Australia

Bank Australia Bonus Saver savings account review

Overall rating   10 / 10

Excellent

Very good and fast service.

Full review

Very good and fast service.

    Price   -1 / 10

    Features   -1 / 10

    Customer service   10 / 10

    Convenience   -1 / 10

    Trust   -1 / 10

Less

Donato (VIC), reviewed about 1 month ago

Bank Australia

Bank Australia Bonus Saver savings account review

Overall rating   8 / 10

Online bank great for saving

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

Full review

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

Less

Jack (VIC), reviewed about 2 years ago

Bank Australia

Bank Australia Bonus Saver savings account review

Overall rating   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 find a solution.

Full review

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

Less

Joan (VIC), reviewed over 2 years ago

Bank Australia

Bank Australia Bonus Saver savings account review

Overall rating   9 / 10

Customer service is Number 1

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

Full review

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

Less

Jane (VIC), reviewed almost 3 years ago

Bank Australia

Bank Australia Bonus Saver savings account review

Overall rating   9 / 10

Sustainable banking from a customer-owned bank

Bankmecu are a fantastic customer-owned bank. They genuinely care about sustainability issues and won't invest your savings in environmentally and socially damaging projects (like most other banks do). Check them out!

Full review

Bankmecu are a fantastic customer-owned bank. They genuinely care about sustainability issues and won't invest your savings in environmentally and socially damaging projects (like most other banks do). Check them out!

    Price   7 / 10

    Features   7 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Dave (QLD), reviewed almost 4 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • Balances from $0: 0.00% p.a.
    Balances from $1: 0.15% p.a.

  • Balances from $0: 0.00% p.a.
    Balances from $1: 2.60% p.a.

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

Fees

  • $0.00

  • none

  • Unlimited transactions from phone, internet, BPay and counter deposits.

  • none

  • none

  • none

  • $0.00

  • $2.50

  • none

  • $0.00

  • $0.00

  • none

Other financial bits

  • $0.00

  • $0.00

  • Monthly

Features

  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • none

  • none

  • none

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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