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Challenger Bank MySavings Account

Advertiser disclosure
Interest rate
0.60% p.a.(for $0 and over)
Maximum rate
No Current Offer
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Challenger Bank MySavings Account - last updated: 23 June 2022

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What's hot
  • 0.60% p.a ongoing interest rate
  • No account conditions to meet
  • 2022 Mozo Experts Choice Award Winner
What's not
  • No bonus rate option
Mozo snapshot

The MySavings Account from Challenger Bank is about as straightforward as they come, so if you like the idea of a condition-free savings account with a competitive ongoing interest rate of 0.60% p.a., then this could be an option for you. To top it all off it also won a 2022 Mozo Experts Choice Award for best No Strings Savings category.

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Key features

Let’s start with the most important feature of any savings account - the interest rate. Well, MySavings Account holders will be able to earn a competitive ongoing rate of 0.60% on their savings, with no minimum balance requirement. 

And for savers who don’t enjoy having to meet monthly conditions to earn the maximum interest rate, they’ll appreciate that there are no catches to earning that 0.60% p.a. rate. That means zero deposit requirements, zero withdrawal restrictions and zero minimum transactions to worry about.

Like most savings accounts there’s also no monthly account fee to eat into your savings balance, plus you’ll be able to access the account through Challenger Bank’s internet banking or mobile app options. 

Finally, if you are thinking about squirrelling away a substantial amount into a savings account, you may be pleased to know that balances of up to $250,000 per person in a MySavings Account will be backed by the Australian Government under the Financial Claims Scheme.

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Who is it good for

With its competitive ongoing interest rate and no monthly account conditions, the MySavings Account could provide a straightforward place for Aussie savers to grow their savings without having to jump through any extra hoops. 

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Any catches

While the MySavings Account offers a competitive unconditional interest rate, savers who are happy to meet monthly requirements may be interested in comparing savings accounts with bonus rate offers too.

Details

Rates and fees information correct as at 2 July 2022. 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: 0.60% p.a.

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Fees

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unlimited free transactions from internet, mobile banking app.

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Other financial bits

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Monthly

Features

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About Challenger Bank