Maximum variable rate: 4.70% p.a.
Base interest rate: 4.70% p.a.

Summary

This is a flexible savings account that offers an ongoing monthly interest rate with no deposit conditions or withdrawal restrictions.

Earn an an ongoing, variable interest rate of 4.7% on your balance over $5,000 with no ongoing conditions to meet. This account could suit you if you want to earn some interest on your money, but you don't want to commit to meeting a monthly deposit amount and you want to be able to make withdrawals when you need.

Pros

$0 monthly account keeping fee
Ongoing interest rate with no conditions to meet
Make withdrawals and still earn interest

Cons

Maximum interest rate is only available on balances of $500,000+
Lower ongoing interest rate than others in the market

Details

Key details

Product Name	Bank Australia Online Saver Account
Maximum Variable Rate	4.70% p.a.
Standard Variable Rate	4.70% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	13

Key features

Interest is paid on your whole balance

The variable interest rate you earn depends on your balance tier, and the rate for your tier applies to your whole balance. There's no lower rate on the first part of your balance. Check Bank Australia's site for the current rate on each balance tier.

Opening an account makes you a customer-owner

Bank Australia is a customer-owned bank and a certified B Corp. When you open your first account, you become a customer and a part-owner of the bank, with a vote at its annual general meetings.

No monthly account keeping fees

This account doesn't charge a monthly account keeping fee.

Online-only access

You manage this account through the Bank Australia app or internet banking, where you can check your balance and access your savings at any time. To spend your savings, transfer them to an everyday account.

Transaction fees

There are no account fees, deposit fees or online transfer fees, and Bank Australia doesn't charge a staff-assisted withdrawal fee on its personal savings accounts.

Interest calculation

Interest is calculated daily on your whole balance and paid into the account monthly, so you earn interest on your interest. You keep earning interest each month no matter how many withdrawals you make.

Transaction limit

Daily limits apply to transfers you make in internet banking and the app, and they differ for transfers between your own accounts, to other Bank Australia accounts and to other banks. Check Bank Australia's fees, charges and transaction limits brochure for the current limits, which you can change in internet banking or the app.

Bank Australia app

You can download the Bank Australia app from the App Store or Google Play. In the app you can check your balance with a single tap, transfer money between your own accounts or to someone else using their account number or PayID, pay bills and send Bank Australia a secure message.

Move money with the app or internet banking

The Online Saver is an online-only account: you check your balance and move money through the Bank Australia app or internet banking, including instant transfers with Osko and PayID. You can pair it with a Bank Australia transaction account such as Everyday Access for day-to-day spending. Compare more Bank Australia accounts

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How to apply

Eligibility

You can open the Online Saver online with your smartphone and your Australian driver's licence or Australian passport: complete the online ID check and application, then start using your account. If you already bank with Bank Australia, log in to internet banking to open it. Before you apply, check that you meet these requirements:

Minimum age. To hold the account, you need to be at least 13 years old. Online applications have a higher minimum age, so if you're younger, contact Bank Australia to find out how to apply.
Residency requirements. You need to be an Australian resident. Bank Australia says this includes people living in Australia as a permanent resident or with a relevant work visa.

Deposit requirements. There is no requirement for making an opening deposit when you apply for the Online Saver Account.

Documentation needed

The following documentation will help you in filling out your online application correctly:

Tax file number. Your tax file number (TFN) or TFN exemption code is needed so that Bank Australia can apply the correct withholding tax to your interest earnings. You don't have to provide it, but if you don't, Bank Australia may have to withhold tax from your interest at the highest marginal rate.
Identification. You'll need your smartphone and your Australian driver's licence or Australian passport to complete the online ID check.
Account details. If you plan to move money to an account at another bank, have that account's BSB and account number handy.

What happens after I submit my application?

Once you've completed the online ID check and application, you can start using your new account and transfer money into it. If you have questions, call Bank Australia on 132 888 or send a secure message through the app or internet banking.

Compare other products from Bank Australia

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Bank Australia Online Saver Account information page
2. Bank Australia Online Saver Account TMD

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Bank Australia Online Saver Account

Pros

Cons

Key features

Interest is paid on your whole balance

Opening an account makes you a customer-owner

No monthly account keeping fees

Online-only access

Transaction fees

Interest calculation

Transaction limit

Bank Australia app

Move money with the app or internet banking

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other products from Bank Australia

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