Bank Australia mySaver
0.05% p.a.(for $10 and over)
1.90% p.a. (for $10 and over)
Bank Australia mySaver
0.05% p.a.(for $10 and over)
1.90% p.a. (for $10 and over)
Bank Australia mySaver
0.05% p.a.(for $10 and over)
1.90% p.a. (for $10 and over)
Mozo Review Bank Australia mySaver Review
Last updated: 26 November 2019.
What's hot:
Unlimited free phone and internet transactions
1.90% maximum interest rate
2019 Mozo Experts Choice Excellent Banking App Award
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. It also is equipped with a maximum interest rate of 1.90%, which can help elevate savings potential. As well as coming with 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.
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 1.90% interest rate, otherwise the interest paid falls to a meagre 0.05%.
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.
Details
Rates and fees information correct as at 25 January 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 $10: 0.05% p.a. -
Balances from $0: 0.00% p.a.
Balances from $10: 1.90% p.a. -
Minimum deposit of $10 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
-
Available only to customers under the age of 25.
-
none
-
Under 25
Customer Reviews
How are Bank Australia savings accounts rated by the Mozo community?
Latest reviews of Bank Australia mySaver
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Great prices and very convenient
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!
Price9/10Features10/10Customer service-1/10Convenience9/10LessTrust9/10 -
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 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.
Price9/10Features9/10Customer service10/10Convenience10/10LessTrust10/10 -
More.
Love the bank service.
Read full reviewLove the bank service.
Price10/10Features10/10Customer service10/10Convenience10/10LessTrust10/10 -
Great customer service
This bank goes above and beyond
Read full reviewThis bank goes above and beyond
Price9/10Features8/10Customer service9/10Convenience9/10LessTrust10/10 -
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 .
Read full reviewThe $5 monthly account keeping fee is just a money grab.I am a pensioner so I must close my account .
Price0/10Features5/10Customer service6/10Convenience8/10LessTrust4/10
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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