BankVic

Compare BankVic Savings Accounts

BankVic focuses on your financial future with a number of high interest savings accounts to suit multiple needs.

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A mutual bank in Victoria, BankVic has been offering members of the police, health, public service and emergency service sector an alternative to large banks for over 40 years. Backed by the Australian Government, BankVic provides you with a secure place to place your savings.

Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
BankVic Everyday Account
Visa
$0
$0
$0
An everyday account that facilitates hassle-free banking for no monthly fees and no required minimum balance.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
BankVic SMSF Saver
0.35%
0.35%
0%
$0
Ongoing, variable 0.35% p.a. Available on balances up to $5,000,000.
BankVic Little Copper Club
0.1%
0.1%
0%
$0
Ongoing, variable 0.1% p.a. Available on the entire balance.
BankVic Bonus Saver S8
0.55%
0.05%
0.5%
$0
Ongoing, variable 0.55% p.a. when you deposit $100+ each month and make no withdrawals. Available on balances up to $1,000,000.
BankVic Easyinvest S7
0.25%
0.25%
0%
$0
Ongoing, variable 0.25% p.a. available on balances up to $5,000,000.
BankVic Pension Plus S10 Account
0.65%
0.65%
0%
$0
An account that provides a guaranteed interest rate set by the Commonwealth government.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
BankVIC 12 Months Regular Income
-
-
-
-
-
0.40%
-
BankVIC Term Deposit
0.45%
0.45%
0.45%
0.45%
0.45%
0.45%
0.50%
A term deposit account that provides you with an opportunity to rapidly grow your savings and meet your goals sooner.
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Name Product Card access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly account fee
BankVic Everyday Account
Visa
$0
$0
$0
An everyday account that facilitates hassle-free banking for no monthly fees and no required minimum balance.
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Compare up to 4 providers

Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
BankVic SMSF Saver
0.35%
0.35%
0%
$0
Ongoing, variable 0.35% p.a. Available on balances up to $5,000,000.
BankVic Little Copper Club
0.1%
0.1%
0%
$0
Ongoing, variable 0.1% p.a. Available on the entire balance.
BankVic Bonus Saver S8
0.55%
0.05%
0.5%
$0
Ongoing, variable 0.55% p.a. when you deposit $100+ each month and make no withdrawals. Available on balances up to $1,000,000.
BankVic Easyinvest S7
0.25%
0.25%
0%
$0
Ongoing, variable 0.25% p.a. available on balances up to $5,000,000.
BankVic Pension Plus S10 Account
0.65%
0.65%
0%
$0
An account that provides a guaranteed interest rate set by the Commonwealth government.
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Name Product 3 Mths p.a. 4 Mths p.a. 5 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a.
BankVIC 12 Months Regular Income
-
-
-
-
-
0.40%
-
BankVIC Term Deposit
0.45%
0.45%
0.45%
0.45%
0.45%
0.45%
0.50%
A term deposit account that provides you with an opportunity to rapidly grow your savings and meet your goals sooner.
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Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees
Virgin Money Boost Saver (25+ year olds)
1.5%
0.1%
1.4%
$0
Intro rate of up to 1.50% p.a. for the first 3 months and an ongoing bonus rate of 1.20% p.a. thereafter when monthly criteria is met (T&Cs apply). To earn these bonus rates customers aged 25+ need to deposit at least $2,000/month into your bundled Virgin Money Go Transaction Account and make 5+ transactions/month.
Rabobank High Interest Savings Account
1.35%
0.25%
1.1%
$0
Maximum variable rate of 1.35% p.a. for 4 months, reverting to a rate of 0.25% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
MyState Bank Bonus Saver Account
1.1%
0.05%
1.05%
$0
Ongoing, variable 1.2% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
Great Southern Bank Home Saver Account
0.95%
0.05%
0.9%
$0
Ongoing, variable 0.95% when you deposit at least $2,000 into a linked Everyday Snap Account each month and make 5 or more Visa Debit card transactions per month. Bonus interest available on balances up to $250,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
2.5%
0.05%
2.45%
$0
Only available to those aged 14-24. Ongoing, variable 2.5% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Virgin Money Boost Saver (18-24 year olds)
1.5%
0.1%
1.4%
$0
Intro rate of up to 1.50% p.a. for the first 3 months and an ongoing bonus rate of 1.20% p.a. thereafter when monthly criteria is met (T&Cs apply). To earn these bonus rates customers aged 18-24 need to deposit at least $1,000/month into your bundled Virgin Money Go Transaction Account and make 5+ transactions/month.
Bank of Queensland Fast Track Saver Account
1.05%
0.05%
1%
$0
Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.
Virgin Money Grow Saver
0.65%
0.1%
0.55%
$0
Earn an ongoing variable 0.65% p.a. each month you make at least one deposit of any amount and no more than one withdrawal.
Bank of Queensland WebSavings Account
1%
0.05%
0.95%
$0
Introductory rate of 1% p.a. for 4 months, reverting to the standard rate of 0.05% p.a. for balances between $2,000 and $5,000,000.
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Who is BankVic?

Not only does BankVic offer bonus savings accounts, online accounts and products for kids, they show an interest in your future with a number of investment products designed to help you prepare for and manage your retirement. This includes a standard term deposit along with accounts that give you the tax advantages of saving for retirement.

What is internet banking like for BankVic?

The internet banking services provided by BankVic are free, allowing you to access your account from your personal computer devices and internet enabled mobile devices. A mobile app is available for Apple iOS, Android and Windows smartphones, allowing you to take advantage of online banking when you are on the go. You do need to apply for internet banking with BankVic which can be done online. Once set up you will be able to take full advantage of all of the benefits of banking from home, the office and anywhere your mobile phone is.

Notable features:

  • View the balance in all of your savings, loan and term deposit accounts
  • Download transaction information into a personal finance manager such as Quicken
  • Open certain accounts such as a term deposit
  • Access your statements for the previous 18 months of your term deposit, savings and loan accounts
  • Pay bills at any time using BPAY
  • Receive bills using BPAY View
  • Receive notifications when a new bill has been added to BPAY View
  • A display of all current bills requiring payment
  • Transfer funds between yours or accounts held by other members
  • Transfer funds to accounts held by other banks
  • Create, change and cancel regular or future payments to be made from an account
  • Create a list of payees that you deal with regularly in order to make quick transfers and BPAY payments
  • View your interest earnings for the current and prior years
  • View the withholding tax against your accounts
  • View a list of your most recent transactions
  • Customise your welcome page and the way in which your accounts are displayed
  • Change and update your personal information

BankVic mobile banking

BanKVic offers mobile banking for Apple, Android, Windows Phone and Blackberry users. This means you can access their banking services on your smartphone or tablet. Features available may vary between platforms, however some of the things the BankVic app will allow you to do on your smartphone or tablet include:

  • Make and schedule payments including via BPAY or transfer to another account
  • View your account balance
  • View your transaction history
  • Transfer funds between your BankVic accounts
  • Manage your contact details

What about the mobile app?

Image Source: App Store
Login PageAccount BalancePayments
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What high interest savings accounts are offered by BankVic?

  • Bonus Saver S8. This high interest savings account will reward you with bonus interest every month that you deposit at least $100 without making any withdrawals.
  • Easyinvest S7. An at call online savings account that pays a higher rate of interest on your balance while giving you the benefit of easy access through transfers.
  • SMSF Saver S40. Manage the cash portion of SMSF investment with a high interest savings account that gives you the flexibility of an at-call account. This lets you move your money quickly if an investment opportunity comes along that you don’t want to miss out on.
  • Little Copper Club S3. Especially for members under 18 years of age, this savings account encourages children to save by providing a higher rate of interest, but still allows you daily access to the money.
  • Pension Plus S10. Individuals receiving a Centrelink pension get the benefit of a transaction account that also earns interest rates.
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What term deposits are offered by BankVic?

  • Term deposit. With a minimum invest of $5,000 you get to increase your savings with a higher fixed rate of interest, locked into a term that you choose to meet your needs. This can be between three months and five years, with longer terms giving you a higher return on your investment.
  • 12 Months Regular Income. Structured like a term deposit with your funds locked in at a fixed rate, you will receive regular fortnightly, monthly, quarterly or annual interest payments to help supplement your income.

What are the pros and cons of banking with BankVic?

Pros

  • High interest investment options. BankVic allows you to plan for the future with a number of accounts that can build your savings through higher interest rates.
  • Flexible accounts. Savings accounts are designed to meet the various needs of BankVic members.
  • Low fees. Savings products are all offered without any account keeping fees, and you are provided with multiple options for free transactions.
  • Mobile banking. The BankVic mobile app gives you the ease of banking whenever you need to, wherever you are for no additional charge.

Cons

  • Limited membership. Membership into BankVic is limited to a particular employment sector and their family and friends.
  • Minimum balance requirements. With a number of the accounts you are required to maintain a minimum balance or meet deposit terms in order to receive the full benefits of the account.
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How do I apply for a BankVic account?

Before you are able to apply for any account with BankVic, you will first need to apply for membership. This can be done online provided that you are an Australian resident who is at least 18 years of age. Once your application for membership is approved, you will be able to apply for certain accounts through your online banking platform. For other accounts you will need to visit or call a branch to begin your application.

More guides on Finder

  • BankVIC Easyinvest S7

    Earn a competitive interest rate with the Easyinvest S7 and deposit any amount that you want.

  • BankVic Term Deposit

    Passively watch as your money grows in a high interest earning term deposit from BankVic

  • BankVic Pension Plus S10

    Open a Pension Plus S10 account now to save on fees and earn a guaranteed interest of over 3%.

  • BankVic Everyday Account

    For safe, easy banking with full access to funds and no administration fees charged, this everyday account is an ideal product for everyday transactions.

  • BankVIC 50+ Investment Account

    Get higher interest rates than normal accounts with the BankVic 50+ investment account while still making early withdrawals.

  • BankVic SMSF Saver

    Maximise the benefits of your SMSF with a holding account that provides you with full access and an interest rate that is competitive for the market.

  • BankVic Little Copper Club account (for under 18s)

    Earn interest on all balances with $0 account keeping fees. Start early with a youth savings account designed to help under 18's save money and learn about investing.

  • BankVIC Bonus Saver S8

    Grow your savings rapidly with a convenient savings account that pays out more when you stick to your savings plan.

  • BankVIC 12 Months Regular Income review

    Increase your monthly income with regular payments of interest earnings deposited directly into your banking account.

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