Bank Australia’s Bonus Saver helps you to practice good saving habits by paying a higher rate of interest when you make a minimum monthly deposit without any withdrawals for the month. This will give you the encouragement you need to build your savings and meet your financial goals. The bonus rate applies to the entire balance.
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🌏 Green company
Bank Australia Bonus Saver Account
- Maximum variable rate
- 5.25% p.a.
- Base interest rate
- 0.1%p.a.
- Minimum deposit
- $100
Our verdict
Add $100 to your Bank Australia Bonus Saver and don't make any withdrawals during the month to earn a bonus interest rate of 5.15% p.a.
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Green Award
If you deposit at least $100 per month or don't make withdrawals, you'll receive 5.25% p.a. for the month.
Pros
-
Incentive to save
-
At-call access to savings
-
Telephone and internet banking available
Cons
-
Conditions apply to earning bonus interest with withdrawal limitations
Details
Key details
| Product Name | Bank Australia Bonus Saver Account |
| Maximum Variable Rate | 5.25% p.a. |
| Standard Variable Rate | 0.10% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
| Minimum Age | 18 |
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Alison Finder
Editor
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Joanne Finder
April 03, 2018
Hi VI,
Thanks for reaching out.
You may click on the green button that says “go to site” found at the top of this page. The contact us page on their website should lead you to Bank Australia’s address, contact information etc.
Cheers,
Joanne
Mia
March 03, 2018
What is the maximum withdrawal amount for Bank Australia Bonus Saver Account?
Jhezelyn Finder
March 06, 2018
Hi Mia,
Thank you for your comment.
The daily limit for withdrawals are indicated below:
– ATM/EFTPOS cash withdrawal is $1,000
– Internal transfers is $50,000
– External transfers is $2,000
– International transfers is $2,000
Hope this helps.
Regards,
Jhezelyn
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Belinda
September 12, 2017
I am looking at this as an option to save for an annual holiday. Can you please advise the options that would be available to pay for the holiday using this account (I don’t have any other accounts with this bank)?
Thanks,
Belinda
Joanne ibarreta Finder
September 13, 2017
Hi Belinda,
Thanks for reaching out.
A high-interest savings account (also known as a savings account or online savings account) is an account that offers a competitive interest rate. It is similar to a bank account, but it is designed to help you save money, rather than spend money. Typically, interest is a compound interest that is calculated daily and paid monthly. All savings accounts come with a free, 24/7 online banking platform to access your funds.
You can compare different high-interest savings account using our comparison table. Simply enter your initial and monthly deposit as well as your preferred term. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you read through the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
Cheers,
Joanne
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Gregg
May 27, 2017
Can I have more than one Bonus Saver account? For example, one for me and one for my wife?
Jhezelyn Andoy Finder
May 31, 2017
Hi Gregg,
Thanks for your inquiry.
There are various requirements to comply before you can obtain a Bank Australia Bonus Saver. Due to an identity verification process for the application, you may consider letting your spouse apply for the Bank Australia Bonus Saver. You cannot have more than one Bonus Saver account under your name however you can apply for other products or accounts offered by Bank Australia.
If you’re considering opening an account with your spouse, joint bank accounts are an option. These accounts allow anyone linked to them to make deposits and withdrawals. In opening a joint savings account, you will need to contact the bank directly by phone for extra assistance. Once you have submitted your application, you have to wait for your identity to be verified before receiving your account details. Please simply click the “”Go to Site”” green button to be redirected to the official website of Bank Australia.
I hope this helps.
Regards,
Jhezelyn
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Mia
February 17, 2017
Hi Shirley,
Could you please tell me the following:
– Cancellation/ Closing Account fee
– Any other fee tied with this account?
Could you also explain what is meant by “Covered by Government Guarantee?”.
Thank you
Anndy Lou Finder
February 19, 2017
Hi Mia,
Thanks for your question.
For Bank Australia Bonus Saver Account, it does not charge any fees for account closing or cancellation. It also has $0 monthly account keeping fee.
If the account has “Government Guarantee” which is normally up to $250,000 per person per institution, it means that if the bank goes bankrupt, you are protected up to the balance of $250,000. Any deposit more than that amount is at risk.
Cheers,
Anndy
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Vl
April 03, 2018
Hello,
I have not heard of your bank before and looking at your website cannot find any information about who you are, where you are based and what your IBN is etc. This is unusual for an Australian banking institution.
Could you please direct me to a webpage etc. where the relevant information is available.
kind regards
Vl
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