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IMB Bank Reward Saver Account

Advertiser disclosure
Interest rate
0% p.a.(for $0 and over)
Maximum rate
1.10% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review IMB Bank Reward Saver Account - last updated: 1 June 2021

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What's hot
  • Unlimited phone, internet & over the counter transactions
  • Up to 1.10% intro interest (on balances over $5,000 when conditions are met)
  • No account keeping fee
What's not
  • ATM withdrawal fees
Mozo snapshot

IMB's Reward Saver account is an accessible, simple, no frills account that is designed to incentivise saving. More cash in the bank equals a higher interest rate - you can grab up to 1.10% p.a in the first four months from opening the account

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Key features

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 1.10% 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 0.50% 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.


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Who is it good for

IMB's Reward Saver account will work well for anyone who is looking for a simple account that encourages and rewards saving.

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Any catches

Keep a close eye on your balance and keep track of your deposits to ensure you don't lose that interest rate.

Details

Rates and fees information correct as at 16 October 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: 1.10% p.a.

Minimum deposit of $50 and no withdrawals. Reverts to bonus rate of 0.55% after the first 4 months.

Fees

$0.00

n/a

Unlimited transactions from counter deposits, phone and internet

$0.70

IMB, Westpac

$0.00

$0.00

$2.25

$0.85

$0.00

$0.00

$1.00

Other financial bits

$1.00

$0.00

Monthly

Features

yes

$1,000.00

yes

no

yes

yes

yes

yes

yes

yes

yes

none

Westpac Group ATMs withdrawals are $1.25 and enquiries are $1.00.

none

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