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Summary

Earn bonus interest each month you deposit $100 and make no withdrawals.

The Border Bank Bonus Saver is a fee-free savings account that encourages you to grow your savings by paying bonus interest when you deposit money. You can earn an ongoing bonus interest rate of 4.55% when you make no withdrawals and deposit 100 or more each month.

If you don't meet the criteria for bonus interest one month, you can still be eligible the following month.

Pros

Low monthly deposit requirement
Bonus rate is ongoing each month
No monthly spend requirement

Cons

Withdrawal restrictions apply
Very low standard variable rate if conditions aren't met

Details

Key details

Product Name	Border Bank Bonus Saver Account
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

Earn up to 4.55% bonus interest each month

You can earn an ongoing bonus rate of 4.55% each month you meet the account conditions (outlined below). If you don't meet the conditions one month, you can still be eligible for bonus interest the following month.

Bonus interest conditions

To get the bonus interest, simply deposit at least 100 every month to the Border Bank Bonus Saver and make no withdrawals.

No fees

The Border Bank Bonus Saver is free to open and you'll pay no monthly account keeping fees.

Making deposits

Deposit funds to the Bonus Saver from another institution's online banking facility using the pay anyone feature. You can also make deposits at a Border Bank or Police Bank service centre. Set up a direct credit from your salary to the Bonus Saver so you always meet the bonus interest deposit requirement.

Withdrawals

You can withdraw funds from the Bonus Saver via Border Bank Internet, telephone or mobile banking. Transfers from the Bonus Saver to a Border Bank transaction account are instant, transfers to a transaction account with another financial institution can take up to 3 business days. Remember if you make one withdrawal or more from the Border Bank Bonus Saver you will forfeit the bonus interest rate.

Internet banking

Internet banking a convenient quick way to stay on top of your savings. Check how much money you've got in the Bonus Saver, the applicable rate of interest, recent transactions and make withdrawals to a linked transaction account using the Border Bank online banking facility. There's no charge for this account feature and it can be set up in a few simple steps once you open the Bonus Saver account.

Electronic statements

Electronic statements are an environmentally friendly way to review your account activity. View your transaction history, account balances and interest earned for previous periods any time, anywhere. Electronic statements are sent out at the same frequency as paper statements, you can choose to get fewer or more electronic statements by getting in touch with a Border Bank representative. You don't need to register for Internet banking to get electronic statements, they can be sent to your email inbox.

Joint account

The Border Bank Bonus Saver is available to joint applications.

How to apply

Visit Border Bank website to start a secure online application for the Border Bank Bonus Saver. The application for a Border Bank Bonus Saver can be completed in under 10 minutes.

Eligibility

- Existing Border Bank members. If you're already a member of Border Bank, you can enter your membership number and your name, you'll be directed to the product selection page where you can add the Bonus Saver to your Border Bank membership.

New members

If the Bonus Saver is your first Border Bank product, you'll need to become a member of the mutual bank to open the account. Mutuals are customer owned and operated banking institutions. Every member of a Border Bank makes a pledge to contribute $10 if the organisation ever ceases operation. It's easy to open a Border Bank Bonus Saver account. Enter your contact information and agree to some standard privacy conditions to apply for this account.

Enter your contact details such as your name, your date of birth, your residential address, your preferred contact number and the best time to be contacted about your application. A member of the Border Bank customer service team will be in touch to discuss your application for the Bonus Saver and your membership with Border Bank.

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ING Savings Accelerator ($150,000 - $500,000)	Maximum Variable Rate p.a. 5.20%	Standard Variable Rate p.a. 4.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	loading Fetching your data...
Macquarie Savings Account	Maximum Variable Rate p.a. 5.35%	Standard Variable Rate p.a. 4.75%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
ME HomeME Savings Account	Maximum Variable Rate p.a. 5.55%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $2000 Grow balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
IMB Reward Saver Account	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Deposit $50 No withdrawals Balances up to $1,000,000	Go to site View details Compare	Earn up to 3.25% p.a. after the introductory period ends.	loading Fetching your data...
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Newcastle Permanent Smart Saver Account	Maximum Variable Rate p.a. 4.50%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...

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Border Bank Bonus Saver