Thumbnail icon for Bank Australia

Bank Australia Bonus Saver

Interest rate
0.01% p.a.(for $0 and over)
Maximum rate
1.05% p.a. (for $0 to $250,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank Australia Bonus Saver

Last updated: 1 August 2020.

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What's hot
  • 2019 Mozo Experts Choice Excellent Banking App
  • 1.05% 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 1.05% 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 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 1.05% 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.

Details

Rates and fees information correct as at 24 October 2020. 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: 1.05% p.a.
    Balances from $250,000: 0.95% p.a.
    Balances from $500,000: 0.85% p.a.
    Balances from $1,000,000: 0.80% 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
6.8/10
Trust
8.1/10

Latest reviews of Bank Australia Bonus Saver

  • Overall 8/10
    Good customer service, mostly ethical policies.

    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 review

    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.

    Price
    6/10
    Features
    1/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Helen, Victoria reviewed about 1 month ago
  • Overall 8/10
    Ethical.

    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 review

    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.

    Price
    8/10
    Features
    6/10
    Customer service
    8/10
    Convenience
    5/10
    Trust
    8/10
    Less
    Rachael, Victoria reviewed 11 months ago
  • Overall 10/10
    Excellent

    Very good and fast service.

    Read 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, Victoria reviewed over 2 years ago
  • Overall 8/10
    Online bank great for saving

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

    Read 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, Victoria reviewed over 4 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 find a solution.

    Read 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, Victoria reviewed almost 5 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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