The IMB Reward Saver account works well for serious savers. A $50 deposit and no withdrawals in the month will get you an interest rate of 2.40% for the first four months after opening the account (for accounts with $5000 and over). After the first 4 months, the rate drops down to 1.40% if you still meet the deposit and withdrawal conditions.
If you're planning on using this account for anything other than serious savings, it's going to cost you. Any IMB ATM withdrawal will set you back 70 cents, while any Westpac Group machine will charge you $1.25 to access your cash. And don't think you can escape the fees by heading into a branch - an over the counter withdrawal will cost you $2.25. As an added sting, any Eftpos transaction from the account will incur an 85 cent fee.
If all these fees are sounding a bit excessive, don't stress. Customers are entitled to unlimited free phone and internet transactions, as well as free over the counter deposits, so transferring your money out of the Reward Saver and into a spending account won't cost you anything.
Who it's good for:
IMB's Reward Saver account will work well for anyone who is looking for a simple account that encourages and rewards saving.
Keep a close eye on your balance and keep track of your deposits to ensure you don't lose that top notch interest rate.