Compare Bank Australia (bankmecu) Savings Accounts

Information verified correct on December 11th, 2016

The name may have changed, but Bank Australia – formerly bankmecu – is still providing valuable savings options to individuals all over Australia.

On 17 August 2015 bankmecu made its final name change to Bank Australia. This encompasses the fact that even though a credit union, this 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 December 11th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Bank Australia Everyday Access Account
Earn some interest on your everyday funds.
Everyday bank account that's potentially fee-free.
Visa $1.50 $2,000 Access to over 3,000 rediATMs. No monthly fee if you at least deposit $2,000 per month, or have a loan or investment of $50,000 with Bank Australia, or are under 25 years of age. More
Bank Australia Pension Access Account
Fee-free transaction account for people on a pension.
Visa $1.30 $0 Unlimited fee free transactions at over 3,000 rediATMs. More
Bank Australia Overdraft Account
Link an overdraft to your Everyday Access account and have a peace of mind knowing you'll have money available.
Visa $0 $0 An annual account keeping fee applies + interest rate applies on the outstanding balance. More
Bank Australia Mortgage Offset Account
Link this account to your home loan and you could save in interest payments.
Visa $1.50 $0 A monthly fee applies with unlimited transactions. More
Rates last updated December 11th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Bank Australia Bonus Saver Account
Ongoing, variable 2.80% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
2.80% 0.15% 2.65% $0 $1 / $1 More
Bank Australia Online Saver Account
Ongoing, variable 1.75% p.a. when you link to a Bank Australia Everyday Access or Pension Access or a mortgage offset account. Available on the entire balance.
1.75% 1.75% 0.00% $0 $0 / $5,000 More
Bank Australia Christmas Saver Account
Ongoing, variable 0.75% p.a. when you link to a transaction account. Available on the entire balance.
0.75% 0.75% 0.00% $0 $0 / $5,000 More
Bank Australia mySaver Account
Ongoing, variable 2.80% p.a. when you deposit $10+ each month. Available on the entire balance.
2.80% 0.15% 2.65% $0 $0 / $10 More
Rates last updated December 11th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
Bank Australia Term Deposit ($5000)
Bank Australia Term Deposit ($5000)
2.55% 2.55% 2.55% 2.65% 2.85% 2.95% $5,000 More
Bank Australia Term Deposit Account
Bank Australia Term Deposit Account
1.25% 1.25% 1.65% 1.95% 2.25% 2.45% $500 More
Rates last updated December 11th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Bank Australia Everyday Access Account
Earn some interest on your everyday funds.
Everyday bank account that's potentially fee-free.
Visa $1.50 $2,000 Access to over 3,000 rediATMs. No monthly fee if you at least deposit $2,000 per month, or have a loan or investment of $50,000 with Bank Australia, or are under 25 years of age. More
Bank Australia Pension Access Account
Fee-free transaction account for people on a pension.
Visa $1.30 $0 Unlimited fee free transactions at over 3,000 rediATMs. More
Bank Australia Overdraft Account
Link an overdraft to your Everyday Access account and have a peace of mind knowing you'll have money available.
Visa $0 $0 An annual account keeping fee applies + interest rate applies on the outstanding balance. More
Bank Australia Mortgage Offset Account
Link this account to your home loan and you could save in interest payments.
Visa $1.50 $0 A monthly fee applies with unlimited transactions. More
Rates last updated December 11th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Bank Australia Bonus Saver Account
Ongoing, variable 2.80% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
2.80% 0.15% 2.65% $0 $1 / $1 More
Bank Australia Online Saver Account
Ongoing, variable 1.75% p.a. when you link to a Bank Australia Everyday Access or Pension Access or a mortgage offset account. Available on the entire balance.
1.75% 1.75% 0.00% $0 $0 / $5,000 More
Bank Australia Christmas Saver Account
Ongoing, variable 0.75% p.a. when you link to a transaction account. Available on the entire balance.
0.75% 0.75% 0.00% $0 $0 / $5,000 More
Bank Australia mySaver Account
Ongoing, variable 2.80% p.a. when you deposit $10+ each month. Available on the entire balance.
2.80% 0.15% 2.65% $0 $0 / $10 More
Rates last updated December 11th, 2016
$
3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
Bank Australia Term Deposit ($5000)
Bank Australia Term Deposit ($5000)
2.55% 2.55% 2.55% 2.65% 2.85% 2.95% $5,000 More
Bank Australia Term Deposit Account
Bank Australia Term Deposit Account
1.25% 1.25% 1.65% 1.95% 2.25% 2.45% $500 More

Who is Bank Australia (bankmecu)?

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, they offer 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.

What about the mobile app?

Image Source: App Store
Login pageAccount BalanceTransfers and overseas transfers
loginacct.balTransfers

What transaction accounts are offered by Bank Australia (bankmecu)?

  • 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 offered by Bank Australia (bankmecu)?

  • 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 offered by Bank Australia (bankmecu)?

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 (bankmecu) 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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Read more on this topic

Savings Account Offers

Learn about our information service
ME Online Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

1.30
Citibank Online Saver

Maximum Variable Rate

3.00%

Standard Variable Rate

1.70
Bankwest Hero Saver

Maximum Variable Rate

2.65%

Standard Variable Rate

0.01
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05%

Standard Variable Rate

2.00

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2 Responses to Compare Bank Australia (bankmecu) Savings Accounts

  1. Default Gravatar
    Barnabas | June 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

    • Staff
      Shirley | June 8, 2016

      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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