The Bank Australia mySaver savings account helps younger savers reach their savings goals with low fees and a solid maximum interest rate of 0.70% for balances up to $50,000, as well as unlimited free phone and internet transactions.
Need more convincing? Well if you'd love to access your savings through your smartphone then you'll love the Bank Australia app which took out a 2019 Mozo Experts Choice Award in the Excellent Banking App category.
Bank Australia's mySaver account is available to customers who aged 25 or younger. A minimum of $10 must be deposited into the account each month with no withdrawals in order to secure the special 0.70% p.a. interest rate, otherwise the interest paid falls to a meagre 0.01%.
Besides meeting the monthly conditions, interest is tiered depending on your balance. The tiers are as follows:
The mySaver works best as an exclusive savings account - Bank Australia have designed it that way to incentivise saving. Withdrawals from rediATMs incur a $1.50 charge, while all Eftpos transactions from the account will set you back 35 cents. Over the counter withdrawals will cost $2.50.
The mySaver doesn't have any annual fees or transaction fees, and comes with BPay, internet and phone banking capabilities, making it cheap and easy to use.
Bank Australia's mySaver could be a decent option for any young person looking to build their savings early.
mySaver customers have to be under the age of 25. The maximum interest rate is also only applicable on balances of up to $50,000, after which it begins to reduce.
Balances from $0: 0.00% p.a.
Balances from $0: 0.01% p.a.
Balances from $0: 0.00% p.a.
Balances from $0: 0.70% p.a.
Balances from $50,000: 0.50% p.a.
Balances from $250,000: 0.40% p.a.
Balances from $500,000: 0.30% p.a.
Balances from $1,000,000: 0.20% p.a.
Minimum deposit of $10 and no withdrawals in the month.
$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
$0.00
$0.00
Monthly
no
none
no
no
no
yes
no
yes
yes
yes
no
Available only to customers under the age of 25.
none
Under 25
As a student Bank Australia is brilliant. Love the message they stand for "Clean Money", and feel that they are making a difference. I would highly recommend Bank Australia to everyone!
Read full reviewAs a student Bank Australia is brilliant. Love the message they stand for "Clean Money", and feel that they are making a difference. I would highly recommend Bank Australia to everyone!
The 'green' focus of the bank means I don't need to feel guilty about indirectly funding the destruction of the environment, as I would with most other banks.
Read full reviewThe 'green' focus of the bank means I don't need to feel guilty about indirectly funding the destruction of the environment, as I would with most other banks.
Banking with them means you aren't overcharged and they are also super convenient!
Read full reviewBanking with them means you aren't overcharged and they are also super convenient!
I love Bank Australia and hate the big four. I have used this bank for 40 years from when it was Ed. I love that they are ethical and don't invest in war or the destruction of the Great Barrier Reef etc. They rescued me twice when overseas without any hassles. They are secure and look out for my interests. I never had a problem with them, there is easy access, immediate response and polite warm interaction. I could not recommend them highly enough.
Read full reviewI love Bank Australia and hate the big four. I have used this bank for 40 years from when it was Ed. I love that they are ethical and don't invest in war or the destruction of the Great Barrier Reef etc. They rescued me twice when overseas without any hassles. They are secure and look out for my interests. I never had a problem with them, there is easy access, immediate response and polite warm interaction. I could not recommend them highly enough.
Love the bank service.
Read full reviewLove the bank service.
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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0.10% p.a.(for $0 and over)
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HSBC
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0.15% p.a.(for $0 and over)
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Bankwest
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0.70% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
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Bank of Queensland
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1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
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Citi
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1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
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1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Virgin Money
Grow Saver
0.65% p.a. (for $0 and over)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.70% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.40% p.a. (for $0 and over)
Yes up to $250,000
