Compare Bank Australia savings accounts
Bank Australia provides a range of savings accounts and term deposit options to individuals all over Australia.
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Bank Australia, formerly Bankmecu, is a financial institution available to any Australian who wishes to become a member. Over 50 separate credit unions have merged to become the first 100% customer owned bank in Australia.
Bank Australia savings accounts, bank accounts and term deposits
Bank Australia savings accounts
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How we picked theseHow the Finder Score helps you find a better savings account
The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.
We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?
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Bank Australia bank accounts
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How we picked theseFinder Score for bank accounts
We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.
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Bank Australia term deposits
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We currently don't have that product, but here are others to consider:
How we picked theseFinder Score for term deposits
Finder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.
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What are the pros and cons of opening an account with Bank Australia?
Pros
- Bonus interest. Savings accounts that offer you bonus interest for good saving habits provide you with more incentive to keep your money inside the account.
- Flexibility. Bank Australia offers accounts that have features to help with everyday spending while still earning interest on your balance.
- Accessibility. Multiple mergers with dozens of credit unions have made it possible for anyone to become a member of Bank Australia and take advantage of their savings products.
Cons
- Conditions. With some of the savings accounts offered, you will be required to meet certain conditions in order to qualify for bonus interest.
How to apply for a Bank Australia savings account
Applying online for a new bank account is fast and easy. You'll need identity documents such as your driving licence or passport. For more about the process, check out our full guide to opening an account online.
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Read more on Bank Accounts
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Bank Australia Bonus Saver Account
Make sound saving decisions and you will earn extra interest on your balance each month.
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Bank Australia Online Saver Account
The lower fees, higher rates and ease in banking online makes it simple to set savings goals and meet them using the Online Saver Account.
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Bank Australia mySaver Account
With bonus interest given for putting away your spare change, the mySaver Account can accelerate your savings ambitions.
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Bank Australia Term Deposit Account
The flexible terms and options that Bank Australia’s term deposit offers gives you the opportunity to plan your financial future.
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Bank Australia Everyday Access Account
The Everyday Access Account is a versatile account that allows for free transactions ensuring that your money is always available to you when you need it.
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Bank Australia Christmas Saver Account
Start the season right with funds deposited into your account specially designated to take care of all of your Christmas needs.
Is Bank Australia the owner of a entity previously known as United Permanent Building Society which it appears was originated in Sydney?
Hi Colleen,
Thanks for contacting Finder.
Yes, United Permanent Building Society has been purchased by State Bank of South Australia which is currently known as Bank of South Australia (BankSA).
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash
Returning to Australia after being away a period of time and will be returning towards the end of the year.My question is can I open an account with you via internet and transfer funds from an overseas bank or do I have to there personally.
Please advise…….Barnabas
Hi Barnabas,
Thanks for your question.
If you’ve previously held an account with Bank Australia before, you can open an account via internet and transfer funds from an overseas bank before you arrive.
You can read our migrant banking guide if you wish to know more about other options for opening an account before you arrive as well.
Regards,
Shirley