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 4.75% for balances up to $50,000, as well as unlimited free phone and internet transactions.
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 4.75% 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:
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.
Bank Australia's mySaver could be a decent option for any young person looking to build their savings early.
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.
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Balances from $0: 0.00% p.a. |
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Balances from $0: 0.00% p.a. |
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Minimum deposit of $10 and no withdrawals in the month. |
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$0.00 |
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n/a |
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Unlimited transactions from phone, internet, BPay and counter deposits. |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$2.50 |
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n/a |
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$0.00 |
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$0.00 |
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n/a |
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$0.00 |
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$0.00 |
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Monthly |
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no |
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n/a |
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no |
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no |
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no |
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yes |
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no |
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yes |
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yes |
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yes |
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no |
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Available only to customers under the age of 25. |
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none |
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Under 25 |
I like this bank as they don’t invest in fossil fuels, gambling or tobacco products and are transparent about how their money is used. Their app is easy to use and navigate However they don’t have my atms or branches so that makes it tricky to head in and sort out cash if I need it.
Read full reviewI like this bank as they don’t invest in fossil fuels, gambling or tobacco products and are transparent about how their money is used. Their app is easy to use and navigate However they don’t have my atms or branches so that makes it tricky to head in and sort out cash if I need it.
I have been with BA through 3 name changes and nothing but the name is any different. Same outstanding customer service.
Read full reviewI have been with BA through 3 name changes and nothing but the name is any different. Same outstanding customer service.
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 reviewAs 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!
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 reviewThe '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.
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!
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
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
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
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
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
Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
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
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)
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)
Save Account
5.10% p.a. (for $0 to $250,000)
Yes up to $250,000
0.10% p.a.(for $0 and over)
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
Yes up to $250,000
1.20% p.a.(for $0 to $5,000,000)
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)
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)
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)
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
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
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
3.01% p.a. (for $0 and over)
Yes up to $250,000
Progress Saver
0.01% p.a.(for $0 and over)
4.25% p.a. (for $0 and over)
Yes up to $250,000
