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.
mySaver customers have to be under 25 years old.