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Bank First Bonus Saver

Advertiser disclosure
Interest rate
0.05% p.a.(for $0 and over)
Maximum rate
0.50% p.a. (for $0 to $150,000)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Bank First Bonus Saver

Last updated: 1 December 2020.

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What's hot
  • 2020 Mozo Experts Choice Award
  • 0.50% p.a. special rate (conditions apply)
  • Unlimited free transactions from phone, internet & BPAY
  • $0 ongoing account fees
What's not
  • Special interest rate drops to 0.40% p.a. for balances over $150k
Mozo snapshot

When it comes to the Bank First Bonus Saver account, you'll not only be free of the bite of ongoing fees but if you deposit at least $1 and make no withdrawals in the month, then you'll also get to enjoy an ongoing interest rate of 0.50% p.a. That's part of the reason why it was named a 2020 Mozo Experts Choice Award winner in the best SMSF Regular Saver category. 

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Key features

The Bank First Bonus Saver hits the ground running with a solid 0.50% p.a. special interest rate on, which you'll receive when you deposit at least $1 into your account each month, from your linked Bank First everyday transaction account for example. To receive the special interest rate you also can't make any withdrawals from the account within the month, which could be a great saving incentive if you're the type of saver that tends to dip into their savings on a regular basis. 

When it comes to fees, the Bank First Bonus Saver has next to none. You'll be charged no monthly account keeping, phone, internet or BPay fees and will also be able to make in-branch deposits for free. If you like to do your banking face to face, however, then keep in mind that there is a $1 over the counter withdrawal fee to watch out for.

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Who is it good for

If you're looking for an award-winning provider outside the big banks in Australia, with no account keeping fees, then you might have just met your match with the Bank First, Bonus Saver account.

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Any catches

Do you have a balance over $150k? If you do, just be aware that the 0.50% p.a. special interest rate drops down to 0.40% p.a. on balances that exceed $150,000.

Details

Rates and fees information correct as at 2 December 2020. 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: 0.05% p.a.

  • Balances from $0: 0.50% p.a.
    Balances from $150,000: 0.40% p.a.

  • Minimum one deposit of $1 and no withdrawals in the month

Fees
  • $0.00

  • n/a

  • Unlimited free transactions from phone, internet, BPay.

  • n/a

  • n/a

  • n/a

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • yes

  • no

  • yes

  • yes

  • yes

  • no

  • Promotional rate for new members only.

  • none

Customer Reviews

This product is not currently reviewed.

Bank First
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0.15% p.a.(for $0 and over)

Yes up to $250,000

Bankwest

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0.90% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

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3.00% p.a. (for $1 to $10,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Up

Up

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1.10% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yes up to $250,000

Citi

Citi

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0.85% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

MyState Bank

MyState Bank

Bonus Saver Account

1.35% p.a. (for $0 to $250,000)

0.15% p.a.(for $0 and over)

Yes up to $250,000

Bankwest

Bankwest

Hero Saver

0.90% p.a. (for $0 to $250,001)

0.01% p.a.(for $0 to $5,000,000)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Starter Account

3.00% p.a. (for $1 to $10,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Bank of Queensland

Bank of Queensland

Fast Track Saver Account

1.05% p.a. (for $1 to $250,000)

0.05% p.a.(for $1 and over)

Yes up to $250,000

Up

Up

Saver Account

1.10% p.a. (for $0 to $1,000,000)

0% p.a.(for $0 and over)

Yes up to $250,000

Citi

Citi

Online Saver

0.85% p.a. (for $0 to $500,000)

0.35% p.a.(for $0 and over)

Yes up to $250,000

Bankwest

Bankwest

Hero Saver

0.01% p.a.(for $0 to $5,000,000)

0.90% p.a. (for $0 to $250,001)

Yes up to $250,000

Up

Up

Saver Account

0% p.a.(for $0 and over)

1.10% p.a. (for $0 to $1,000,000)

Yes up to $250,000

ANZ

ANZ

Progress Saver

0.01% p.a.(for $0 and over)

0.50% p.a. (for $0 and over)

Yes up to $250,000

Newcastle Permanent

Newcastle Permanent

Smart Saver

0% p.a.(for $0 and over)

1.55% p.a. (for $0 and over)

Yes up to $250,000

Auswide Bank

Auswide Bank

Ziggy Kids Saver

0.01% p.a.(for $0 and over)

2.01% p.a. (for $0 and over)

Yes up to $250,000