Interest rate
0.40% p.a.(for $0 and over)
Maximum rate
0.60% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Hiver Saver Account - last updated: 3 September 2021

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What's hot
  • 0.60% p.a. maximum interest rate
  • Open up to three ‘sub’ accounts
  • Schedule direct debits and BPAY payments directly from savers
What's not
  • Multiple requirements to achieve maximum rate
Mozo snapshot

The Saver Account from Hiver is purpose-built for Australians who like managing their savings from their smartphone. It features a reasonable ongoing maximum rate of 0.60% (monthly requirements apply), as well as handy features like the ability to create multiple saver accounts for different goals and to set up payments directly from the account. 

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Key features

First things first, Hiver (which is a division of Teachers Mutual Bank) is one of Australia’s newest digital banks, which means the Saver Account has been designed to be used on a smartphone through the Hiver banking app (though online banking is also available). 

In terms of rates, the Saver Account comes with a maximum ongoing interest rate of 0.60% p.a. for savers who make at least one deposit and no more than one withdrawal each month. If those requirements aren’t met, savers will earn the lower 0.40% p.a. base rate on their balance. 

The Hiver Saver Account also comes with some useful flexible features. The first of these is the ability to create up to three saver accounts, which means customers can create dedicated ‘buckets’ to hit their various savings goals e.g. a holiday or a new car. 

Another potentially handy feature is that, unlike many savings accounts, Hiver users have the option of setting up direct debits and making BPAY payments directly from the Saver Account. 

Finally, it’s worth noting that while Hiver is one of the newer digital banks around, it’s still a division of Teachers Mutual Bank which sits under TMB’s Authorised Deposit Taking Institution (ADI) Licence. This means that deposits of up to $250,000 in the Hive Saver Account are guaranteed under the government’s Financial Claims Scheme.

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Who is it good for

With a reasonable interest rate and some useful account features, the Saver Account from neobank Hiver could be an option worth considering for Australians who like the idea of growing and managing their savings from their smartphone. 

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Any catches

Hiver and the Hiver Saver Account are initially only available to essential workers in the education, emergency services and health sectors. This may expand out to more customers in the future though. 

Details

Rates and fees information correct as at 20 September 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: 0.40% p.a.

Balances from $0: 0.60% p.a.

At least one deposit and only one withdrawal during the month.

Fees

$0.00

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Unlimited free online banking transactions.

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$0.00

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Other financial bits

$0.00

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Monthly

Features

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yes

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Available only for essential workers in education, emergency services & health sectors plus students & graduates of an Australian university.

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