Adelaide Bank MySaver Account

Product details

The Adelaide Bank MySaver Account is a high-interest online savings account that combines a competitive variable interest rate with easy access to your funds. With an interest rate of 1.25% p.a. payable on balances of $500 or greater, the account allows your money to grow towards your savings goal.

The account doesn’t have any monthly fees eating into your savings balance, and your funds are available at call. This means you can enjoy easy online and phone banking access to the money in your account whenever you want.

Product Name: Adelaide Bank MySaver Account

Maximum Variable Rate: 1.25% p.a.

Standard Variable Rate: 1.25% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $500

Minimum monthly deposit for bonus interest rate: $0

Internet Banking: Yes

Internet Transaction Fee: $0

Phone Banking: Yes

Phone Transaction Fee: $0

Minimum Age Requirement: 18

Covered by Government Guarantee?: Yes (Up to $250,000 per person, per institution)

What are the features of the Adelaide Bank MySaver Account?

Competitive variable interest rate of 1.25% p.a.

A variable interest rate of 1.25% p.a. applies to Adelaide Bank MySaver Account balances of $500 or greater, giving you competitive returns on the funds you deposit. Interest is calculated daily on your closing balance and credited to your account on a monthly basis.

No monthly fees

There are no monthly fees attached to this account, so any money you deposit will go directly towards helping you reach your savings goal.

Minimum opening deposit of $500

You will need to deposit at least $500 in order to open an Adelaide Bank MySaver Account.

Minimum operating balance of $500

You must maintain a balance of at least $500 in your account at all times. If your balance falls below this level then the bank reserves the right to close your account. There is no maximum balance limit.

Funds available at call

You can access the funds in your Adelaide Bank MySaver Account at any time through Internet and phone banking. This ensures that you can always access your money if you ever have an urgent need for funds.

Fee-free transactions

You can perform a wide range of fee-free transactions with your Adelaide Bank MySaver Account, including cash deposits at any Bendigo Bank branch, online banking transfers and enquiries, phone banking transfers and enquiries, BPAY / AnyPay, regular payment plans and more. However, a $2 fee applies to branch withdrawals and transfers.

Monthly statements

Adelaide Bank MySaver Account statements are issued monthly, but you can check your balance and transaction history at any time via Internet banking.

Available for

The Adelaide Bank MySaver Account can be opened by an individual, company, partnership, trust or super fund.

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Pros

Get access to your funds, while earning interest on your balance
$0 Account keeping fees
Minimum opening deposit only $500
24/7 internet and phone banking

Cons

No ATM cards
$2 fee applies to branch withdrawals and transfers

What you’ll need to know before applying

If you’d like to build a bigger savings balance with an Adelaide Bank MySaver Account, click on one of the “Apply now” links on this page. You’ll be taken to the Adelaide Bank website where you can read up on the full details of the account. You can then phone the bank’s customer helpline if you would like to apply for an account.

Eligibility criteria:

Minimum age. You must be at least 18 years of age to open an Adelaide Bank MySaver Account.
Residency requirements. You must be an Australian resident to apply for this account.
Depository requirements. A minimum opening deposit of $500 is required to open an Adelaide Bank MySaver Account. You will also need to maintain a balance of at least $500 at all times for your account to remain open.

New Adelaide Bank customers will also need to provide a valid form of photo identification (such as a current Australian driver’s licence or passport) before they can open an account. Applications are processed as soon as possible and once your account is setup you can start making deposits to boost your savings balance.

If you’re looking for an online savings account that combines competitive interest returns with the flexibility of easy access to your funds, the Adelaide Bank MySaver Account is certainly worth considering. However, it’s important to compare it with several other similar savings accounts so that you can make an informed choice about the right account for your needs.