MOVE Bank Bonus Saver

Mozo snapshot:

Finding yourself constantly dipping into your savings? The Move Bank Bonus Saver could be just the account to help you reign in your spending and meet your savings goals for the year. So long as you deposit at least $200 and make no withdrawals in the month, you’ll be looking at a maximum interest rate of 2.00% p.a.

Key features:

If you’re the type that needs a little encouragement when saving money, the Move Bank Bonus Saver could be a good fit. Its standard interest rate sits at 0.80% p.a., but if you can commit to depositing at least $200 a month and refrain from making any withdrawals, you’ll be rewarded with the maximum rate of 2.00% p.a. This puts it among the best value savings accounts in our database, but remember the maximum rate only applies to balances of up to $250,000.

Opening an account is hassle-free and should only take 5-10 minutes. You’ll need to be a permanent Australian resident and a Move Bank member, and to help the process along you should have a few documents handy, such as your driver’s licence, passport and / or Medicare card.

Once you’re set up, your savings will be accessible whenever you want via phone and internet banking. There are no limits to how much you can withdraw each day via ATM, and BPay is available for when it comes time to pay any bills.

Who it's good for:

The Bonus Saver would suit those looking for an account that rewards good savings habits with competitive returns.