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Summary

Be encouraged to save more each month with a plan that rewards you with higher interest rates for regular deposits and no withdrawals.

The Bonus Saver gives you great incentive to save by paying you extra interest every month that you meet their terms. Even if you do need to dip into your savings from time to time interest is still earned that is paid right into the account. BankVic is an Australian mutual bank serving police officers, emergency response workers, and other members of the public service industry.

Pros

No account keeping, management or annual fees
No minimum or opening deposit requirements
High-interest savings account with bonus interest

Cons

Need to deposit at least $100 per calendar month to get bonus rate

Details

Key details

Product Name	BankVic Bonus Saver
Maximum Variable Rate	4.55% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

$0 Account keeping fees

No monthly account keeping fees will be charged to your account.

Standard interest rate of 0.05%

All balances will receive a standard rate of interest applied.

Maximum interest rate of 4.55% when you deposit at least $100 per month

You can earn bonus interest on your funds by depositing at least $100 into the account for the month and not making any withdrawals. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.

How is my interest calculated?

Interest will be calculated on the daily balance and deposited into the account monthly.

$0 Minimum balance requirement

You are not required to meet any minimum balance requirement.

Online and offline access through branch mobile, phone and online banking

You are able to access your account through online banking, phone banking or inside a branch. Direct debit and credit is available for transferring funds as well as BPAY for easy payment of your ongoing bills. You are able to access your online banking information with the BankVic App. This app is available from the App Store, Google Play and the Windows store. Once you installed you will be able to make payments, transfer money and locate an available ATM or BankVic branch.

Eligibility for membership

Membership to BankVic is available to those Australians who are; in the police force, involved in emergency services, involved in health work, work in the public service sector, live within 5 kilometres of a branch, have been recommended by an existing member of at least one year, or is the family member of a person who has obtained membership due to their work industry.
You can compare other BankVic product and services here.

Launch savings calculator

How to apply

If you are already a member of BankVic you can access the application for the Bonus Saver by visiting the bank's website. Alternatively you can call or visit a branch to submit your application.

Eligibility

There are certain eligibility requirements that you must meet in order to be considered for the account:

Minimum age. Applicants need to be at least 18 years of age for an online application to be accepted.
Residency requirements. Only Australian residents or citizens are eligible to apply.

Depository requirements. No opening deposit is required, but you also will not earn the bonus interest unless you deposit at least $100 each month.

Documentation needed

Once you have determined that you meet the eligibility requirements, you can proceed to the application online. You will find that having the following information available will make completing your application easier:

Tax file number. To avoid having withholding tax applied to your interest earnings it is recommended that you provide BankVic with your tax file number (TFN) when applying. If not, they are required to withhold taxes at the highest marginal rate.
Identification. Your passport or driver's licence will be needed to help confirm your identity.
Member ID. You are going to be asked to provide your BankVic member identification number to expedite your application.
Linked account. The information for a transaction account will be needed in order to link it to your Bonus Saver S8 and make transfers between the two accounts.

What happens after I submit my application?

After submitting your application you will be provided with information about your new savings account, including your account number and online banking information. You can then begin making deposits in order to qualify for your bonus interest.

Sources

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Alison Finder

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BankVIC Bonus Saver