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.
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?
Want more interest on your savings?
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We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.
Looking for a better bank account?
Compare everyday accounts and find one that works harder for you.
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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Compare term deposits to grow your savings with confidence.
The Bank Australia mySaver Account (under 25 years) was highly commended for Best Kids Savings Account in the 2026 Finder Awards.
Full list of 2026 winnersApplying 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.
Make sound saving decisions and you will earn extra interest on your balance each month.
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.
With bonus interest given for putting away your spare change, the mySaver Account can accelerate your savings ambitions.
The flexible terms and options that Bank Australia’s term deposit offers gives you the opportunity to plan your financial future.
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.
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