Bank Australia mySaver Account
- Maximum variable rate
- 5.25% p.a.
- Base interest rate
- 0.1%p.a.
- Minimum deposit
- $10
Our verdict
A savings account that rewards Australians under 25 with monthly bonus interest for good savings habits.
The monthly conditions to earn bonus interest are quite easy, compared to other accounts. Australians under 25 years old will be eligible for bonus interest by simply depositing just $10 each month and making no withdrawals. The fact that you can't make withdrawals if you want to be eligible for bonus interest is a good incentive to keep your savings untouched, instead of dipping into it for impulse purchases.
Pros
-
$0 monthly account keeping fee
-
Online and phone banking, plus mobile app available
-
Decent ongoing interest rate when account conditions are met
-
Small monthly deposit requirement
Cons
-
For under 25s only
-
You can't make any withdrawals to be eligible for bonus interest
Details
Key details
| Product Name | Bank Australia mySaver Account |
| Maximum Variable Rate | 5.25% p.a. |
| Standard Variable Rate | 0.10% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
Your reviews
Alison Finder
Editor
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Joel Marcelo
September 15, 2018
Hi Matt,
Thanks for leaving a question on Finder.
The Bank Australia mySaver allows joint applications for three 25 years old. If you are looking to compare bank accounts that will let you open with more than 2 account holders, please refer to our list of joint bank accounts. You can press the “Go to site” button of your preferred account if you wish to apply.
Cheers,
Joel
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Jason Rayner
October 18, 2017
Re: Bank Australia My Saver Account.
I have 3 boys ages 10, 13, 15.
The two older boys have a TFN, and also make regular deposits.
The younger can also make regular deposits.
They all have a Bank SA Card account.
Can they all get their own individual accounts???
Would the interest rate be 2.6 plus 2.45 – so a total interest rate of 5.05 paid monthly?? Cheers.
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Ash Munoz
October 19, 2017
Hello Jason,
Thank you for contacting finder.
The eligibility requirements for applicants are the following:
*must be below 25 years old (must be at least 18 years old if you will be applying online)
*Australian resident and citizen
*TFN (Tax File Number)
*Identification – information from your driver’s license, passport or Medicare card
Regarding the Interest Rate, you will only earn the 2.45% Bonus Interest Rate if you will be depositing at least $10 and will not be withdrawing any funds for the said month. The Maximum Variable Rate is 2.60% which may consist of the 0.15% Standard Interest Rate and the 2.45% Bonus Interest Rate (0.15% + 2.24% = 2.60%). You cannot earn more than 2.60% p.a. per month for the mySaver Account from Bank of Australia.
I hope this has helped you gain some insight.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
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Keith
November 23, 2015
Do you have a branch in Perth WA? Would like to open a new account but don’t do online banking.
Shirley Liu Finder
November 23, 2015
Hi Keith,
Thanks for your question.
Unfortunately since Bank Australia is an online bank, they don’t have any physical branches at all.
If you’d like, you can apply for an account over the phone.
Cheers,
Shirley
MattM
September 15, 2018
hello can the Bank Australia mySaver Account be opened as a joint account with 3 * u25 year olds? thanks