Product details
If you’re a disciplined saver who regularly puts money aside and you’re never tempted to dip into your savings, the Australian Unity Active Saver account could be the perfect choice for you. Available with a competitive standard variable rate, the account also pays bonus interest every month you deposit at least $250 and do not make any withdrawals.
In addition, there are no account-keeping fees to worry about. If you want to reach your savings goal as quickly as possible, the Active Saver is well worth considering.
- Product Name
- Australian Unity Active Saver
- Maximum Variable Rate
- 2.35% p.a.
- Standard Variable Rate
- 0.75% p.a.
- Bonus Variable Rate
- 1.60% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Minimum monthly deposit for bonus interest rate
- $250
- Internet Banking
- Yes
- Phone Banking
- Yes
- Minimum Age Requirement
- 16
What are the features of the Australian Unity Active Saver?
Receive 2.35% p.a. when you deposit at least $250 and make no withdrawals for the month
The Active Saver pays interest on your savings balance at Australian Unity’s standard variable rate. But whenever you deposit at least $250 per month and do not make any withdrawals, the account pays bonus interest. This allows you to maximise the interest-earning power of your savings account and build a bigger balance faster. This bonus interest applies to balances of up to $500,000. In the months when you don’t meet the bonus interest terms and conditions, the standard variable rate still applies to your balance.
No account-keeping fees
The Australian Unity Active Saver does not feature any ongoing monthly or annual account-keeping fees. This means that all of the money you deposit into your account goes towards reaching your savings goal.
Link with an Australian Unity bank account
The Active Saver comes with a linked Australian Unity transaction account. You can use this account to quickly and easily transfer funds in and out of your Active Saver account as required. It also includes a Visa debit card so you can access your money anywhere Visa is accepted. The transaction account does feature a $5 monthly fee, but this is waived when you deposit at least $1,000 per month. However, you can use this $1,000.
Easy access to your funds
You can check your balance, monitor recent transactions and transfer funds at any time using Australian Unity’s online banking service. You can also use Australian Unity’s new mobile banking app to manage your finances on the go. The app allows you to manage your account, pay bills and transfer funds to anyone else.
Apple Pay
Australian Unity also offers Apple Pay functionality on your transaction account, which means you can tap and pay for purchases when you’re out and about, as well as make in-app and online purchases.
Health insurance discount
When you open an Australian Unity Active Saver account, you can also take advantage of a 10% discount off hospital and extras cover when you join Australian Unity Health Insurance.
Pros
- 10% off on Australian Unity Health Insurance
- Competitive ongoing interest rate of 2.35% p.a. if you meet the conditions
- $0 Account keeping fees
- Telephone and internet banking available
Cons
- Need to deposit $250 each month to receive the bonus rate
- Bonus interest rate applies up to balances of
- Need to link to Australian Unity transaction account
What you’ll need to know before applying
If you want to save with an Australian Unity Active Saver account, click on one of the “Apply Now” links on this page. Doing so will take you to the Australian Unity website, where you can read the fine print and begin an online application.
Eligibility to apply online
Before you apply, make sure you satisfy the following eligibility criteria:
- Minimum age. You must be at least 16 years old to open an Active Saver account, but you’ll need to be 16 or older if you want to apply online.
- Residency requirements. You must be a permanent resident of Australia.
- Depository requirements. If you want to be paid bonus interest and earn the maximum interest rate available each month, you will need to deposit at least $250 per month and not make any withdrawals.
If you meet these requirements, you can begin an application online.
Documentation for your online application
The form only takes around five minutes to complete,but you’ll need a few pieces of information handy to make the process as quick as possible:
- Your name
- Your date of birth
- Your contact details
- Your Tax File Number (TFN)
- Your driver’s licence
- Your Australian passport
- Your Medicare card
What happens after I submit the application?
Remember that when you apply for an Australian Unity Active Saver account, you also apply to open a linked transaction account. You’ll need to wait a little while for both accounts to be opened:
- Active Saver account. Your Active Saver account will be opened within three business days after you submit your application.
- Visa debit card. You will receive the Visa debit card for your linked transaction account approximately 5-7 business days after you have completed your application.
Once your account has been set up, you can start making regular deposits to build your balance.
The Australian Unity Active Saver is certainly worth considering if you want to maximise your interest-earning power and you think you can satisfy the deposit and withdrawal requirements.
Can I open multiple accounts?
Hi Neil,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
That’s an interesting question. Upon checking, Neil, I’m afraid the answer to your question is no.
You can only open one account. Moreover, the bonus interest rate offer is limited to 1 account per customer. It is worth noting as well that you cannot open a new account within 90 days of closure of the same type of Australian Unity savings or transaction account.
In the process of finding a savings account, please make sure that you’ve read the relevant T&Cs or PDS of the savings accounts you are interested in to help consider whether the product is right for you.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
Do you have to have the Aust Unity liked transaction account? Can you transfer directly in and out of the Aust Unity Active Saver from an external account (to avoid doubling up on transfers via the transaction account to avoid the $5 account keeping fee).
Hi Tony,
Thanks for contacting Finder.
You need to link your transaction account to move money back and forth from savings.
I hope that helps.
Cheers,
Faye
Can I open this account type under a company (Pty Ltd) or can I link it to a company account so the savings of the company earn interest?
Thanks
Hi Zoe,
Thanks for reaching out to finder.
The Australian Unity Active Saver is available for individual and joint accounts only. The Active Saver already comes with a linked Australian Unity transaction account and to earn the bonus interest rate, a deposit must be made from a linked Australian Unity transaction account. If you wish to open a business account with Australian Unity, you can contact them directly for further assistance.
Hope this helps.
Cheers,
Charisse
Is your account government guaranteed?
Hi AC,
Thank you for your comment.
Yes, this account is covered by the Australian Government’s guarantee scheme since Australian Unity is an Authorised Deposit-taking Institution (ADI) and is regulated by the Australian Prudential Regulation Authority (APRA). This applies to deposits up to $250,000 per account holder.
Regards,
Jhezelyn
Does the Active Saver account get the Govt. deposit guarantee? Can’t see it mentioned
Hi John,
Thank you for your inquiry.
Australian Unity is an Authorised Deposit-taking Institution (ADI) and is regulated by the Australian Prudential Regulation Authority (APRA) so the deposits in Australian Unity Active Saver and transaction accounts are covered by the Australian Government’s guarantee scheme. The guarantee applies to deposits up to $250,000 per account holder.
Cheers,
May
Can I open an account for my SMSF
Hello Leo,
Thank you for your question.
Unfortunately, this product is not eligible for superannuation. You may check this page instead of our listed high-interest savings account and super fund accounts. Another option could be a term deposit account.
It is worth noting to review their eligibility requirements and Product Disclosure Statement before applying. You may click “Go to Site” green button of your chosen provider to proceed with your application.
Hope this helps.
Cheers,
Jonathan