Compare Bank Australia savings accounts

Bank Australia provides a range of savings accounts and term deposit options to individuals all over Australia.

Bank Australia

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.

Rates last updated November 22nd, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Bank Australia Everyday Access Account
Visa
$0
$2,000
Fee-free access to 3000+ ATMS in Australia.
$5 waivable monthly account fee.
Pay no account keeping fee if you deposit at least $2000 monthly. The fee is also waived if you're under 25 years old, or have a loan or investment of $50,000 with Bank Australia.
Bank Australia Pension Access Account
Visa
$0
$0
Fee-free transaction account for people on a pension.
Bank Australia Overdraft Account
Visa
$0
$0
Link an overdraft to your Everyday Access account and have a peace of mind knowing you'll have money available.
Bank Australia Mortgage Offset Account
Visa
$0
$0
Link this account to your home loan and you could save in interest payments.

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Rates last updated November 22nd, 2019
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Bank Australia Bonus Saver Account
2.00%
0.05%
1.95%
$0
$0 / $0
Ongoing, variable 2.00% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
Bank Australia Online Saver Account
0.10%
0.10%
0.00%
$0
$0 / $0
Ongoing, variable 0.10% p.a. Available on balances up to $4,999. You can link to a Bank Australia Everyday Access or Pension Access or a mortgage offset account and transfer fund when you need them.
Bank Australia mySaver Account
2.25%
0.10%
2.15%
$0
$0 / $0
Ongoing, variable 2.25% p.a. when you deposit $10+ each month and make no withdrawals. Available on balances $10+ and to customers under the age of 25.
Bank Australia Christmas Saver Account
0.75%
0.75%
0.00%
$0
$0 / $0
Ongoing, variable 0.75% p.a. Available on the entire balance.

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Rates last updated November 22nd, 2019
$
Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Product Description Interest Earned
Bank Australia Term Deposit Account
1.65%
1.55%
1.50%
1.55%
1.45%
1.55%
1.50%
Bank Australia Term Deposit Account 5000+
Bank Australia Term Deposit Account 5000+
1.65%
1.55%
1.50%
1.55%
1.45%
1.55%
1.50%

Compare up to 4 providers

Rates last updated November 22nd, 2019
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Bank Australia Everyday Access Account
Visa
$0
$2,000
Fee-free access to 3000+ ATMS in Australia.
$5 waivable monthly account fee.
Pay no account keeping fee if you deposit at least $2000 monthly. The fee is also waived if you're under 25 years old, or have a loan or investment of $50,000 with Bank Australia.
Bank Australia Pension Access Account
Visa
$0
$0
Fee-free transaction account for people on a pension.
Bank Australia Overdraft Account
Visa
$0
$0
Link an overdraft to your Everyday Access account and have a peace of mind knowing you'll have money available.
Bank Australia Mortgage Offset Account
Visa
$0
$0
Link this account to your home loan and you could save in interest payments.

Compare up to 4 providers

Rates last updated November 22nd, 2019
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Bank Australia Bonus Saver Account
2.00%
0.05%
1.95%
$0
$0 / $0
Ongoing, variable 2.00% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
Bank Australia Online Saver Account
0.10%
0.10%
0.00%
$0
$0 / $0
Ongoing, variable 0.10% p.a. Available on balances up to $4,999. You can link to a Bank Australia Everyday Access or Pension Access or a mortgage offset account and transfer fund when you need them.
Bank Australia mySaver Account
2.25%
0.10%
2.15%
$0
$0 / $0
Ongoing, variable 2.25% p.a. when you deposit $10+ each month and make no withdrawals. Available on balances $10+ and to customers under the age of 25.
Bank Australia Christmas Saver Account
0.75%
0.75%
0.00%
$0
$0 / $0
Ongoing, variable 0.75% p.a. Available on the entire balance.

Compare up to 4 providers

Rates last updated November 22nd, 2019
$
Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Product Description Interest Earned
Bank Australia Term Deposit Account
1.65%
1.55%
1.50%
1.55%
1.45%
1.55%
1.50%
Bank Australia Term Deposit Account 5000+
Bank Australia Term Deposit Account 5000+
1.65%
1.55%
1.50%
1.55%
1.45%
1.55%
1.50%

Compare up to 4 providers

Who is Bank Australia?

The Members and Education Credit Union (mecu) was founded in 1957, growing over the years by merging with other similar credit unions. Now as the Bank of Australia, it offers membership to all Australians, giving them the opportunity to benefit from high interest savings accounts and other banking products. When making your comparisons of savings accounts across various banks, don’t forget that Bank Australia provides the same security and features that larger financial institutions do.

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What transaction accounts does Bank Australia offer?

  • Everyday Access. With this everyday account, you can bank fee-free if you meet a number of requirements. Account holders are issued a Visa debit card, giving you unlimited transactions at over 3,000 rediATMs around Australia.
  • Pension Access. Designed specifically for senior Australians, this account provides a way to manage everyday spending without any monthly fees, transactions fees or balance requirements. Plus you earn a nominal interest rate on your balance, even though you have full access to your funds at ATMs, online and over the phone.

What high interest savings accounts can Bank Australia provide?

  • Online Saver. Being accessible only online, this savings account offers a higher interest rate than Bank of Australia’s other high interest savings accounts. When it is time to make a withdrawal or deposit, you will need to transfer the money from one of the bank’s transaction accounts.
  • Christmas Saver. Have the holiday cash you need, by allowing automatic credits into your Christmas saver account throughout the year. There is no balance requirement for your Christmas savings to earn interest while waiting for holiday shopping to begin.
  • Bonus Saver. This savings account encourages you to save by providing a bonus rate for making monthly deposits of at least $100, without any withdrawals. The only time you are charged a fee when saving with the bonus saver is with any staff assisted transactions.
  • mySaver. Designed for students, this account allows for you to earn a monthly bonus interest rate when meeting the conditions. Only Australians under the age of 25 are eligible for the mySaver account.

What term deposits does Bank Australia provide?

For those who need an extra incentive to save, Bank Australia offers a term deposit at a competitive interest rate. Choose to invest anywhere from 3 to 36 months, with the rate of interest increasing the longer your terms. With a fixed interest rate and penalties for early withdrawals, this account provides the perfect opportunity to save for a special purchase in the future.

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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

  • Term deposit. For long term savings, most other banks will offer term deposits for as long as five years, where Bank Australia only allows for three.
  • Conditions. With some of the savings accounts offered, you will be required to meet certain conditions in order to qualify for bonus interest.
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How do I apply for a Bank Australia savings account?

If after making your comparisons, you find that Bank Australia can help you meet your savings goals, you can apply for your new account online. Steps to complete the application include:

  • Eligibility. Bank Australia will check to make sure that you are an Australian permanent resident at least 18 years of age.
  • Choose account. Before starting, you will be asked to choose which account you are applying for. Make sure that you are choosing the savings account that fits well with your saving habits.
  • Contact details. As a part of filling out your application you will be asked to provide current contact information.

If opening a joint savings account, you will need to contact the bank directly by phone for extra assistance. Be prepared once you have submitted your application online to have to wait for your identity to be verified before receiving your account details.

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4 Responses

  1. Default Gravatar
    ColleenSeptember 20, 2019

    Is Bank Australia the owner of a entity previously known as United Permanent Building Society which it appears was originated in Sydney?

    • Avatarfinder Customer Care
      AshSeptember 21, 2019Staff

      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

  2. Default Gravatar
    BarnabasJune 7, 2016

    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

    • Avatarfinder Customer Care
      ShirleyJune 8, 2016Staff

      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.

      There are other options for opening an account before you arrive as well.

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