Interest rate
0.01% p.a.(for $0 and over)
Maximum rate
0.80% p.a. (for $0 to $50,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank Australia mySaver

Last updated: 5 January 2021.

binocular icon
What's hot
  • Unlimited free phone and internet transactions
  • 0.80% maximum interest rate (for balances up to $50,000)
  • 2019 Mozo Experts Choice Excellent Banking App Award
What's not
  • $1.50 ATM fee
Mozo snapshot

The Bank Australia mySaver savings account helps younger savers reach their savings goals with low fees and a solid maximum interest rate of 0.80% for balances up to $50,000, as well as 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 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 0.80% p.a. interest rate, otherwise the interest paid falls to a meagre 0.01%.

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 0.80% p.a.
  • $50,000.01 to $250,000 - maximum interest rate 0.60% p.a.
  • $250,000.01 to $500,000 - maximum interest rate 0.50% p.a.
  • $500,000.01 to $1,000,000 - maximum interest rate 0.40% p.a.
  • $1,000,000.01 plus - maximum interest rate 0.30% p.a.

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 23 January 2021. 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: 0.80% p.a.
    Balances from $50,000: 0.60% p.a.
    Balances from $250,000: 0.50% p.a.
    Balances from $500,000: 0.40% p.a.
    Balances from $1,000,000: 0.30% 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
6.2/10
Customer service
7.9/10
Convenience
6.9/10
Trust
8.1/10

Latest reviews of Bank Australia mySaver

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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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Yes up to $250,000

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0.90% p.a. (for $0 to $1,000,000)

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

Yes up to $250,000

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

Yes up to $250,000

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1.10% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

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0.85% p.a. (for $0 to $5,000,000)

0.05% p.a.(for $0 to $5,000,000)

Yes up to $250,000

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1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

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No Current Offer

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

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

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Yes up to $250,000