Bank Australia mySaver

0.15% p.a.(for $10 and over)

2.60% p.a. (for $10 and over)

 

Bank Australia mySaver Review

Rates and fees information correct as at 20 July 2018.

Review published: 10 May 2013

What's hot:

  • Unlimited free phone and internet transactions

  • 2.60% special interest rate

What's not:

  • $1.50 ATM fee

Mozo snapshot:

The Bank Australia mySaver savings account help younger savers reach their savings goals through low fees and a great interest rate.

Key features:

Bank Australia's mySaver account is available to customers who are aged 25 or younger. A minimum of $10 must be deposited into the account each month in order to secure the special 2.60% interest rate, otherwise the interest paid falls to a meagre 0.15%.

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.

Who it's good for:

Bank Australia's mySaver is ideal for any young person looking to build their savings early.

Any catches?

mySaver customers have to be under 25 years old.

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 mySaver

Bank Australia

Bank Australia mySaver savings account review

Overall rating   10 / 10

Ethical, member ownership, great customer service.

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...

Full review

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.

    Price   9 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Christine (VIC), reviewed 7 months ago

Bank Australia

Bank Australia mySaver savings account review

Overall rating   9 / 10

More.

Love the bank service.

Full review

Love the bank service.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Veronica (NSW), reviewed over 2 years ago

Bank Australia

Bank Australia mySaver savings account review

Overall rating   10 / 10

Great customer service

This bank goes above and beyond

Full review

This bank goes above and beyond

    Price   9 / 10

    Features   8 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Meagan (SA), reviewed over 2 years ago

Bank Australia

Bank Australia mySaver savings account review

Overall rating   3 / 10

Monthly account fee money grab

The $5 monthly account keeping fee is just a money grab.I am a pensioner so I must close my account .

Full review

The $5 monthly account keeping fee is just a money grab.I am a pensioner so I must close my account .

    Price   0 / 10

    Features   5 / 10

    Customer service   6 / 10

    Convenience   8 / 10

    Trust   4 / 10

Less

Colin (VIC), reviewed about 3 years ago

Bank Australia

Bank Australia mySaver savings account review

Overall rating   10 / 10

A good bank

Friendly and easy to talk to.

Full review

Friendly and easy to talk to.

    Price   10 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Noel (VIC), reviewed about 3 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 $10: 0.15% p.a.

  • Balances from $0: 0.00% p.a.
    Balances from $10: 2.60% p.a.

  • Minimum deposit of $10 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

  • Available only to customers under the age of 25.

  • none

  • Under 25

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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