In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Australian Military Bank Online Saver

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Updated
Australian Military Bank Online Saver

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Maximum variable rate
4.50% p.a.
Base interest rate
0.1%p.a.

Summary

Do you want an online savings account that lets you earn bonus interest?

The Australian Military Bank Online Saver Account gives you access to your money solely through the bank’s Internet banking platform. There is no minimum balance requirement with this account. If your account balance crosses a predetermined threshold you earn interest. By meeting some basic depository criteria you can earn bonus interest.

Pros

  • Savings available at-call
  • No monthly account keeping fees
  • Internet banking + free SMS alerts

Cons

  • To get the bonus rate you must not make any withdrawals in the month.

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Australian Military Bank Online Saver
Maximum Variable Rate 4.50% p.a.
Standard Variable Rate 0.10% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1
Minimum Age 18

Key features

Minimum and maximum balance

There is no minimum account opening or ongoing balance requirement with this account. The maximum your account balance can get to while earning interest is $500,000.

Interest

If the balance in your account is up to $500,000 you will earn a base interest rate of 0.1% p.a. But if you don't make any withdrawals during the month you will unlock the bonus rate of 4.4% p.a. This can take the total interest you earn to 4.5% p.a.

The bank calculates interest daily and pays it monthly.

Monthly fees

You don't have to pay any ongoing account keeping fees to maintain this account.

How to apply

Eligibility

The Online Saver Account is a self-service account so you can only apply for it online. To submit your application, visit the Australian Military Bank website. Before you do, make sure you meet the required eligibility criteria:

  • Minimum age. You're over 18 years old.
  • Residency requirements. You're an Australian citizen or a permanent Australian resident

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ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
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Macquarie Savings Account
Maximum Variable Rate p.a.
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ME HomeME Savings Account
Maximum Variable Rate p.a.
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IMB Reward Saver Account
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Standard Variable Rate p.a.
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BCU Bonus Saver
Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Government Guarantee
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Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
2.00%
Intro/Ongoing
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Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
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St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
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Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
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 Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
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Sources
  1. Australian Military Bank Online Saver information page
  2. Australian Military Bank Online Saver TMD

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Alison Finder

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Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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