Thumbnail icon for Bank Australia

Bank Australia mySaver

Interest rate
0.01% p.a.(for $0 and over)
Maximum rate
1.25% p.a. (for $0 to $50,000)
Govt deposit guarantee
Yesup to $250,000

Mozo editorial review Bank Australia mySaver

Last updated: 1 August 2020.

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What's hot
  • Unlimited free phone and internet transactions
  • 1.25% 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 solid interest rate. It also is equipped with a maximum interest rate of 1.25%, 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. 

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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 1.25% interest rate, otherwise the interest paid falls to a meagre 0.01%.

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.

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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 21 September 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 $0: 0.01% p.a.

  • Balances from $0: 0.00% p.a.
    Balances from $0: 1.25% p.a.
    Balances from $50,000: 1.05% p.a.
    Balances from $250,000: 0.95% p.a.
    Balances from $500,000: 0.85% p.a.
    Balances from $1,000,000: 0.80% 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?

Overall
7.6/10
Price
6.9/10
Features
6.3/10
Customer service
7.9/10
Convenience
6.8/10
Trust
8.1/10

Latest reviews of Bank Australia mySaver

  • Overall 10/10
    Great customer oriented bank

    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 review

    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!

    Price
    8/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Caleb, South Australia reviewed 3 months ago
  • Overall 9/10
    Good for the environment, good for your savings

    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 review

    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.

    Price
    8/10
    Features
    -1/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Thomas, Tasmania reviewed 4 months ago
  • Overall 10/10
    Great prices and very convenient

    Banking with them means you aren't overcharged and they are also super convenient!

    Read full review

    Banking with them means you aren't overcharged and they are also super convenient!

    Price
    9/10
    Features
    10/10
    Customer service
    -1/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Leanne, Victoria reviewed almost 2 years ago
  • Overall 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 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 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, Victoria reviewed over 2 years ago
  • Overall 9/10
    More.

    Love the bank service.

    Read full review

    Love the bank service.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Veronica, New South Wales reviewed almost 5 years ago
Bank Australia

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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