Savings Bank Customer Satisfaction Highly Commended:
Bendigo
Bendigo took second place in our savings banking category this year, with 91% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.36 out of 5. Find more about Finder Banking Satisfaction Awards 2023.
Bendigo Bank initially started as a building society in Bendigo, Victoria, helping locals to own their own home.
Bendigo Bank has been around for more than 150 years.
Bendigo Bank joined with Adelaide Bank in 2007 to form the Bendigo and Adelaide Bank Group.
Although it's local to the Bendigo area in Victoria, Bendigo Bank has more than 1.9 million customers all over Australia.
Bendigo Bank is regularly voted as one of Australia's most-trusted brands.
Bendigo Bank's community branches have donated more than $250 million towards community programs.
Taking into account it's huge community bank network, Bendigo Bank is Australia's fifth largest bank.
Different accounts offered by Bendigo Bank
Bendigo Bank offers a range of different deposit accounts which you can see in the tables above. Here's a brief snapshot of some of the main accounts.
Bendigo Everyday Account
A day-to-day transaction account that you can also use as an offset account with your Bendigo Bank home loan. This account has a $6 monthly account fee which is waived if you deposit $2,000 a month.
Children as young as 12, full-time students, apprentices and trainees are all eligible for the student account. There are no monthly fees for your account, plus you get unlimited free transactions online, by phone, at Bendigo ATMs and with BPAY.
This is the main savings account offered by Bendigo Bank for personal customers. It offers a standard variable interest rate each month on your savings with no ongoing deposit conditions to meet. All you need to do is link it to the Bendigo Bank Everyday Account, and you can access your money at any time.
This is Bendigo's savings account option for children under 12, encouraging them to save with a free money box and annual birthday rewards. It also offers interest on your balance so kids can learn about compound interest.
With a Bendigo Bank Term Deposit, you have the option of locking your savings with a fixed rate for a length of time of your choice. You can open a term deposit from 1 month up to 5 years. The minimum deposit you need is $0 and you can choose to receive your interest payments monthly, annually or at maturity of the account.
Bendigo Bank offers many different ways to do your banking.
Bank branches
Bendigo Bank has more than 500 branches in Australia, including around 300 branches as part of its community banking network. This community branch is run by banking volunteers to give access to financial products and services (offered by Bendigo) to regional communities. Profits from these community branches goes back into the community to fund things like schools, sporting equipment, art and cultural projects, and the environment.
ATM network
Bendigo has roughly 500 ATMs available in Australia, mostly located in the southern part of the country. Customers can also access all major bank ATMs to withdraw cash for free.
Bank@Post
If you need to deposit cash into your account and don't have a Bendigo branch nearby, you can do this at a participating Australia Post shop using Bank@Post.
Bendigo Bank Internet and mobile banking
Commonwealth Bank's online banking platform is called Bendigo e-banking. You can go online 24/7 to do your day-to-day banking including view your balances, pay bills, transfer money between accounts and make BPAY payments, view and download your statements and open new Bendigo Bank accounts.
The Bendigo Bank app is free to download from Google Play or the App Store. You can set up your own PayID in the app to use instead of your BSB and Account Number when receiving money, and use Osko to make instant bank-to-bank transfers.
Community banking. Bendigo's community banking program helps fund things like sports equipment, infrastructure and community amenities in regional towns.
Variety of accounts. Bendigo offers dedicated bank accounts for kids, community organisations, students and customers in retirement.
Bank branches. Unlike many digital and online banks, Bendigo still offers a network of physical bank branches.
Lots of ways to bank. You can use bank branches, smart ATMs, Internet banking, mobile banking, Bank@Post or digital wallets.
Cons
Fees. Bendigo's bank account charges a monthly account keeping fee unless you deposit a certain amount each month.
Limited ATM access. Bendigo Bank has less of a physical ATM presence than the Big Four banks.
How to apply for a Bendigo Bank account online
You can apply for a new Bendigo Bank account online in less than 10 minutes. Just make sure you meet the eligibility criteria and have the necessary documents handy before you start your application.
Eligibility
You're over 18 years old, unless you're applying for a student or kid's account
You're an Australian resident for tax purposes
You have an Australian phone number and residential address
Documentation
Personal details like your name, date of birth, residential address, phone number and email address
ID documents such as your driver's licence, Medicare card, passport or proof-of-age card
Are you looking for another Bendigo Bank product instead?
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
Bendigo Bank term deposits can give you easy means to save for a short or long term goal. Though, you can find other similar offerings out there, so compare a few before deciding.
Hello B.B
With the “Bendigo Bank Reward Saver (for 31 years old or over)”
1. How often is the interest calculated on the above account and how often is interest deposited back into the account
2. could I have two of these “Bendigo Bank Reward Saver (for 31 years old or over)” I.e when balance is nearing $100K instead of going back to a base rate can one just open a second account?
Hi John, you’ve reached Finder, not Bendigo Bank.
The interest is calculated daily and paid monthly. You can only have one Reward Saver account open in your name.
Thanks,
Alison
How is the term deposit it says 3.5 % then interest then higher the longer you leave it there. when is the interest paid into the account. Can i deposit and with draw at any time
Hi Ian, term deposits will often offer a higher rate on longer term lengths. This is because you need to lock your money away for longer. When you’ve opened a term deposit, you can’t deposit or withdraw money until the term length has ended. The interest rates on this page are for interest being paid at maturity of the term.
Bendigo bank doesn’t specify the charge for external customers using their ATMs. You could confirm the charge by calling them directly on 1300 236 344, or you can also see the fee on the ATM screen itself before you confirm your transaction.
My bank is changing the name of its Deeming Account to “Retirement Savings Account” and dropping the interest rate from 3.25% to 2.3%. Are there better deeming accounts?
You can start comparing deeming accounts. There are a wide number of financial investments that are assessed under the deeming rules. The main types include:
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Hello B.B
With the “Bendigo Bank Reward Saver (for 31 years old or over)”
1. How often is the interest calculated on the above account and how often is interest deposited back into the account
2. could I have two of these “Bendigo Bank Reward Saver (for 31 years old or over)” I.e when balance is nearing $100K instead of going back to a base rate can one just open a second account?
Hi John, you’ve reached Finder, not Bendigo Bank.
The interest is calculated daily and paid monthly. You can only have one Reward Saver account open in your name.
Thanks,
Alison
How is the term deposit it says 3.5 % then interest then higher the longer you leave it there. when is the interest paid into the account. Can i deposit and with draw at any time
Hi Ian, term deposits will often offer a higher rate on longer term lengths. This is because you need to lock your money away for longer. When you’ve opened a term deposit, you can’t deposit or withdraw money until the term length has ended. The interest rates on this page are for interest being paid at maturity of the term.
if i withdraw cash from yr atm ie$1500 with a qudos card how much is your fee ?
Hi,
Bendigo bank doesn’t specify the charge for external customers using their ATMs. You could confirm the charge by calling them directly on 1300 236 344, or you can also see the fee on the ATM screen itself before you confirm your transaction.
I hope this helps.
Best,
Alison
My bank is changing the name of its Deeming Account to “Retirement Savings Account” and dropping the interest rate from 3.25% to 2.3%. Are there better deeming accounts?
Hi Trevor,
Thank you for getting in touch with Finder.
You can start comparing deeming accounts. There are a wide number of financial investments that are assessed under the deeming rules. The main types include:
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni