AWA Alliance Bank Online Saver Review, Rates & Information

Product details

One of the downsides of many savings accounts is that you’re either unable to access the funds in your account until they mature, or you’ll be hit with interest rate penalties if you make any withdrawals. However, this is not the case with the Online Saver Account from AWA Alliance Bank. A special-purpose savings account that provides at-call access to your funds, the Online Saver Account pays competitive interest of 0.50% p.a. on savings balances of $1,000 or more.

And if you ever need to withdraw money from your account, you can do so via Internet banking or the rediATM network.

Product Name: AWA Alliance Bank Online Saver Account

Maximum Variable Rate: 0.50% p.a.

Standard Variable Rate: 0.50% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $0

Minimum monthly deposit for bonus interest rate: $0

Internet Banking: Yes

Phone Banking: Yes

Maximum Age Requirement: 21

What are the features of the AWA Alliance Bank Online Saver Account?

Variable interest rate of 0.50% p.a.

A competitive variable interest rate of 0.50% p.a. applies to your AWA Alliance Bank Online Saver Account balance. Note that this is a variable rate, meaning it could change at any time.

Interest paid twice a year

Interest on the Online Saver Account is calculated on your daily balance and credited to your account on 30 June and 31 December each year.

Minimum balance of $1,000

A minimum opening deposit of $0 is required, while you’ll also need to maintain a balance of $1,000 or above in order to earn interest on your savings.

At-call access

Account holders can take advantage of simple access to their funds via the AWA Alliance Bank Internet banking portal at any time. Each customer is also entitled to four free rediATM transactions per month, with additional transactions incurring a $2 fee.

Launch savings calculator

Pros

Provides at-call access to your funds
Pays competitive interest rate

Cons

Minimum opening balance of $1,000

What you’ll need to know before applying

If the AWA Alliance Bank Online Saver Account has all the features you’re looking for in a savings account, click on one of the “Find out more” links on this page. This will take you to the AWA Alliance Bank website where you can access detailed account information as well as the terms and conditions.

Unfortunately, there’s no option to apply for an Online Saver Account online, so you’ll need to choose one of the following two options:

Visit a branch. If you’d like to set up an account face to face, AWA Alliance Bank has branches in Geelong and Portland in Victoria as well as in Mandurah, WA.

Complete an online form. You can also get in touch with the bank via an online enquiry form. You will need to provide your name, email address, phone number, preferred contact time and any questions you have about the Online Saver Account.

Documentation needed

If you’re a new customer, you’ll need to provide some form of photo ID to verify your application. Your driver’s licence or your passport are both viable options.

Eligibility criteria

Residency requirements. This account is available to Australian residents only.
Deposit requirements. You will need to deposit at least $0 to open an Online Saver Account, and you must maintain your balance at this level or above in order to continue earning the maximum interest rate.

If you’re looking for a savings account to help you build towards a financial goal, the AWA Alliance Bank Online Saver Account is worth including on your shortlist. However, make sure to compare the features and fees of an extensive range of savings accounts before choosing where to invest your hard-earned money.