Australian Unity Active Saver

Australian Unity Active Saver

Maximum Variable Rate

2.90

Standard Variable Rate

1.20

The Australian Unity Active Saver pays bonus interest to reward you for your good savings habits.

  • Ongoing, variable 2.90% p.a. when you deposit at least $250 and make no withdrawals
  • Available on balances up to $500,000
  • 10% off on Australian Unity Health Insurance
  • $0 Account keeping fees

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
2.90% p.a.
Standard Variable Rate
1.20% p.a.
Bonus Variable Rate
1.70% 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
14

What are the features of the Australian Unity Active Saver?

Receive 2.90% 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.

Launch savings calculator

Pros

  • 10% off on Australian Unity Health Insurance
  • Competitive ongoing interest rate of 2.90% 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 14 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.

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4 Responses

  1. Default Gravatar
    September 14, 2017

    Does the Active Saver account get the Govt. deposit guarantee? Can’t see it mentioned

    • Staff
      MaySeptember 15, 2017Staff

      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

  2. Default Gravatar
    LeoSeptember 5, 2017

    Can I open an account for my SMSF

    • Default Gravatar
      JonathanSeptember 5, 2017

      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

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