When it comes to the Bank First Bonus Saver account, you'll not only be free of the bite of ongoing fees but if you deposit at least $1 and make no withdrawals in the month, then you'll also get to enjoy an ongoing interest rate of 0.50% p.a. That's part of the reason why it was named a 2020 Mozo Experts Choice Award winner in the best SMSF Regular Saver category.
The Bank First Bonus Saver hits the ground running with a solid 0.50% p.a. special interest rate on, which you'll receive when you deposit at least $1 into your account each month, from your linked Bank First everyday transaction account for example. To receive the special interest rate you also can't make any withdrawals from the account within the month, which could be a great saving incentive if you're the type of saver that tends to dip into their savings on a regular basis.
When it comes to fees, the Bank First Bonus Saver has next to none. You'll be charged no monthly account keeping, phone, internet or BPay fees and will also be able to make in-branch deposits for free. If you like to do your banking face to face, however, then keep in mind that there is a $1 over the counter withdrawal fee to watch out for.
If you're looking for an award-winning provider outside the big banks in Australia, with no account keeping fees, then you might have just met your match with the Bank First, Bonus Saver account.
Do you have a balance over $150k? If you do, just be aware that the 0.50% p.a. special interest rate drops down to 0.40% p.a. on balances that exceed $150,000.
Balances from $0: 0.05% p.a.
Balances from $0: 0.50% p.a.
Balances from $150,000: 0.40% p.a.
Minimum one deposit of $1 and no withdrawals in the month
$0.00
n/a
Unlimited free transactions from phone, internet, BPay.
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n/a
$0.00
$0.00
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$0.00
$0.00
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$0.00
$0.00
Monthly
no
none
no
no
no
yes
no
yes
yes
yes
no
Promotional rate for new members only.
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I love Vic Teach, great service and great product.
Read full reviewI love Vic Teach, great service and great product.
Bonus Saver offers a competitive rate at around the 4.5% mark at the time I opened the account. Your can open this account online through your own account if you are already a Victoria Teachers Mutual Bank (VTMB)customer. What I like most about this account is the competitive rate, as well as its offering of flexibility in deducting a small amount of deposit from my existing everyday saving account (so I don't have to worry about forgetting to make monthly deposits). And having both the Bonus Saver and the everyday savings accounts mean I can transfer balances across to one or another with ease when needed. VTMB have two physical branches as far as I am aware, one in Camberwell and another in Hawthorn (Victoria). Nevertheless, VTMB offers the convenience of easy online banking and I basically do 90% of my banking online, but only occasionally contact them via the phone for additional services and queries. They are super friendly and are always helpful. Everyday banking is easy. Money withdrawals can be done at any Commonwealth Bank ATM for up to four free transactions per month; up to six free transactions for EFTPOS. I personally think the number of free transactions provided per month are quite generous, and offer greater autonomy and flexibility in the uses of my money!
Read full reviewBonus Saver offers a competitive rate at around the 4.5% mark at the time I opened the account. Your can open this account online through your own account if you are already a Victoria Teachers Mutual Bank (VTMB)customer. What I like most about this account is the competitive rate, as well as its offering of flexibility in deducting a small amount of deposit from my existing everyday saving account (so I don't have to worry about forgetting to make monthly deposits). And having both the Bonus Saver and the everyday savings accounts mean I can transfer balances across to one or another with ease when needed. VTMB have two physical branches as far as I am aware, one in Camberwell and another in Hawthorn (Victoria). Nevertheless, VTMB offers the convenience of easy online banking and I basically do 90% of my banking online, but only occasionally contact them via the phone for additional services and queries. They are super friendly and are always helpful. Everyday banking is easy. Money withdrawals can be done at any Commonwealth Bank ATM for up to four free transactions per month; up to six free transactions for EFTPOS. I personally think the number of free transactions provided per month are quite generous, and offer greater autonomy and flexibility in the uses of my money!
Personal service and friendly staff make this bank special. Phone contact is swift and easy and online banking is excellent.
Read full reviewPersonal service and friendly staff make this bank special. Phone contact is swift and easy and online banking is excellent.
I've been a Victoria Teachers Mutual Bank member since 18yrs old (when they were known as Victoria Teachers Credit Union) & I'm now 51, go figure that one eh & you'll know how long in the tooth I am. Their service over those years have been nothing short of fair, honest & exemplary. VTCMB has over the years been awarded, best Credit Union several times over & have never wavered from their mantra of; "Members serving members! Might I add; "for mutual benefit of both. VTCMB is quite competitive product-wise against the "BIG BANKS" & often beats them at their own game. VTCMB keeps up to date with advances in the banking industry & technology alike, informing their members well before-hand of any significant changes & abiding by members voting patterns at every AGM. Their transparency is beyond reproach or compare.
Read full reviewI've been a Victoria Teachers Mutual Bank member since 18yrs old (when they were known as Victoria Teachers Credit Union) & I'm now 51, go figure that one eh & you'll know how long in the tooth I am. Their service over those years have been nothing short of fair, honest & exemplary. VTCMB has over the years been awarded, best Credit Union several times over & have never wavered from their mantra of; "Members serving members! Might I add; "for mutual benefit of both. VTCMB is quite competitive product-wise against the "BIG BANKS" & often beats them at their own game. VTCMB keeps up to date with advances in the banking industry & technology alike, informing their members well before-hand of any significant changes & abiding by members voting patterns at every AGM. Their transparency is beyond reproach or compare.
Formerly Victoria Teachers Mutual Bank, Bank First is an award winning financial institution with a competitive range of banking products including personal loans, home loans, term deposits and savings accounts. Founded by Australian educators in 1972, Bank First offers all Australians outstanding value but doesn't compromise on service or quality. Best of all, Bank First customers become equal shareholders which means all the benefits are directly returned to you.
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
MyState Bank
Bonus Saver Account
1.20% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Serious Saver
0.30% p.a. (for $0 to $1,000,000)
0.15% p.a.(for $0 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.80% p.a. (for $0 to $250,001)
0.01% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Citi
Online Saver
1.10% p.a. (for $0 to $500,000)
0.35% p.a.(for $0 and over)
Yes up to $250,000
HSBC
Flexi Saver
0.25% p.a. (for $0 to $5,000,000)
0.05% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Bank of Queensland
Fast Track Saver Account
1.05% p.a. (for $1 to $250,000)
0.05% p.a.(for $1 and over)
Yes up to $250,000
Bankwest
Hero Saver
0.01% p.a.(for $0 to $5,000,000)
0.80% p.a. (for $0 to $250,001)
Yes up to $250,000
ANZ
Progress Saver
0.01% p.a.(for $0 and over)
0.40% p.a. (for $0 and over)
Yes up to $250,000
Newcastle Permanent
Smart Saver
0% p.a.(for $0 and over)
1.40% p.a. (for $0 and over)
Yes up to $250,000
Auswide Bank
Ziggy Kids Saver
0.01% p.a.(for $0 and over)
2.01% p.a. (for $0 and over)
Yes up to $250,000
