Bank Australia logo

Bank Australia mySaver

Advertiser disclosure
Interest rate
0.10% p.a.(for $0 and over)
Maximum rate
5.25% p.a. (for $0 to $50,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank Australia mySaver - last updated: 1 June 2024

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What's hot
  • Unlimited free phone and internet transactions
  • 5.25% maximum interest rate (for balances up to $50,000)
What's not
  • Only for under-25s
  • Savings interest rate drops to 0.10% p.a. if bonus interest conditions aren't met
Mozo snapshot

The Bank Australia mySaver savings account helps young savers under 25 years old reach their savings goals with no monthly fees and a solid maximum interest rate of 5.25% for balances up to $50,000, as well as unlimited free phone and internet transactions.

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Key features

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 5.25% p.a. interest rate, otherwise the interest paid falls to a meagre 0.10%.

Besides meeting the monthly conditions, interest is tiered depending on your balance. The tiers are as follows:

  • $0.01 to $50,000 - maximum interest rate 5.25% p.a.
  • $50,000.01 to $250,000 - maximum interest rate 4.75% p.a.

The mySaver works best as an exclusive savings account - Bank Australia have designed it that way to incentivise saving. All Eftpos transactions from the account will set you back 35 cents, while 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.

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Who is it good for

Bank Australia's mySaver could be a decent option for any young person looking to build their savings early.

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Any catches

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. 

Details

Rates and fees information correct as at 13 June 2024. 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 $0.01: 0.10% p.a.

Balances from $0: 0.00% p.a.
Balances from $0.01: 5.25% p.a.
Balances from $50,000.01: 4.75% 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

n/a

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?

Overall
7.7/10
Price
7.0/10
Features
6.3/10
Customer service
8.0/10
Convenience
7.0/10
Trust
8.2/10
Based on 162 Bank Australia savings account reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

Latest reviews of Bank Australia mySaver Savings Account

About Bank Australia

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

4.40% p.a.(for $0 to $250,001)

Yes up to $250,000

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

4.75% p.a.(for $0 to $1,000,000)

Yes up to $250,000

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ubank

Save Account

5.10% p.a. (for $0 to $250,000)

0.10% p.a.(for $0 and over)

Yes up to $250,000

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Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

1.50% p.a.(for $0 and over)

Yes up to $250,000

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ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

0.55% p.a.(for $0 and over)

Yes up to $250,000

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yes up to $250,000

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

0.05% p.a.(for $0 and over)

Yes up to $250,000

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

2.00% p.a.(for $0 to $250,000)

Yes up to $250,000

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Rabobank

High Interest Savings Account

5.75% p.a. (for $0 to $250,001)

Yes up to $250,000

4.40% p.a.(for $0 to $250,001)

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Macquarie

Savings Account

5.35% p.a. (for $0 to $250,000)

Yes up to $250,000

4.75% p.a.(for $0 to $1,000,000)

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ubank

Save Account

5.10% p.a. (for $0 to $250,000)

Yes up to $250,000

0.10% p.a.(for $0 and over)

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IMB Bank

Reward Saver Account

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

0% p.a.(for $0 and over)

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ING

Savings Maximiser

5.50% p.a. (for $0 to $100,000)

Yes up to $250,000

0.55% p.a.(for $0 and over)

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Rabobank

PremiumSaver

5.45% p.a. (for $0 to $250,001)

Yes up to $250,000

1.50% p.a.(for $0 and over)

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MyState Bank

Bonus Saver Account

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

0.05% p.a.(for $0 and over)

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First Option Bank

Savings+Bonus

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

2.00% p.a.(for $0 to $250,000)

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IMB Bank

Reward Saver Account

0% p.a.(for $0 and over)

5.25% p.a. (for $0 to $1,000,000)

Yes up to $250,000

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MyState Bank

Bonus Saver Account

0.05% p.a.(for $0 and over)

5.00% p.a. (for $0 to $250,000)

Yes up to $250,000

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Rabobank

Notice Saver

0% p.a.(for $0 and over)

4.90% p.a. (for $0 to $250,001)

Yes up to $250,000

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First Option Bank

Kids Bonus Saver

0.05% p.a.(for $0 and over)

0.85% p.a. (for $5,556 to $50,001)

Yes up to $250,000

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Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

3.01% p.a. (for $0 and over)

Yes up to $250,000

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ANZ

Progress Saver

0.01% p.a.(for $0 and over)

4.25% p.a. (for $0 and over)

Yes up to $250,000

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