Bank Australia logo

Bank Australia Bonus Saver

Advertiser disclosure
Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
5.25% p.a. (for $0 to $100,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank Australia Bonus Saver - last updated: 1 June 2024

binocular icon
What's hot
  • 5.25% p.a. bonus interest rate (on balances up to $100,000)
  • Unlimited phone and internet transactions
What's not
  • Rate drops to 0.10% if bonus 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 5.25% p.a. when you deposit $100 into your account every month and make no withdrawals. However, if the bonus conditions aren't met, you will earn the standard rate of 0.10% p.a.

key icon
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 5.25% bonus 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 0.10%.

The bonus interest rates for balances over $100,000 are:

  • $100,001 to $250,000: 4.75% p.a. 
  • $250,001 to $500,000: 4.30% p.a. 
  • Over $500,001: 4.00% p.a. 

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 $100,000.

Details

Rates and fees information correct as at 16 July 2024. 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 $0.01: 0.10% p.a.

Balances from $0: 5.25% p.a.
Balances from $100,000.01: 4.75% p.a.
Balances from $250,000.01: 4.30% p.a.
Balances from $500,000.01: 4.00% p.a.

Bonus rate of 5.25%. 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

n/a

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
7.7/10
Price
7.0/10
Features
6.3/10
Customer service
8.0/10
Convenience
7.0/10
Trust
8.2/10
Based on 162 Bank Australia savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of Bank Australia Bonus Saver Savings Account

About Bank Australia

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5.35% p.a. (for $0 to $250,000)

4.75% p.a.(for $0 to $1,000,000)

Yes up to $250,000

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5.25% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

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Westpac

Life - 18-29 years old

5.20% p.a. (for $0 to $30,000)

2.00% p.a.(for $0 and over)

Yes up to $250,000

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ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

0.55% p.a.(for $0 and over)

Yes up to $250,000

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

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ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

2.85% p.a.(for $0 to $50,000)

Yes up to $250,000

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

0.05% p.a.(for $0 and over)

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

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Westpac

Life - 18-29 years old

5.20% p.a. (for $0 to $30,000)

Yes up to $250,000

2.00% p.a.(for $0 and over)

Thumbnail icon for ING
ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

0.55% p.a.(for $0 and over)

Thumbnail icon for ING
ING

Savings Accelerator

3.35% p.a. (for $0 to $50,000)

Yes up to $250,000

2.85% p.a.(for $0 to $50,000)

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IMB Bank

Reward Saver Account

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

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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MyState Bank

Bonus Saver Account

0.05% p.a.(for $0 and over)

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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ubank

Save Account

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

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

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First Option Bank

Kids Bonus Saver

0.05% p.a.(for $0 and over)

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

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Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

3.01% p.a. (for $0 and over)

Yes up to $250,000

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ANZ

Progress Saver

0.01% p.a.(for $0 and over)

4.25% p.a. (for $0 and over)

Yes up to $250,000

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