Bank Australia Bonus Saver Account

Bank Australia Bonus Saver Account

Maximum Variable Rate

2.60

Standard Variable Rate

0.15
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Add $100 to your Bank Australia Bonus Saver and don't make any withdrawals during the month to earn a bonus interest rate of 2.45% p.a.

  • Ongoing, variable 2.60% p.a. when you deposit at least $100 and make no withdrawals
  • Bonus rate available on the entire balance
  • $0 monthly account keeping fees
  • 24/7 Telephone and internet banking available

Product details

Bank Australia’s Bonus Saver helps you to practice good saving habits by paying a higher rate of interest when you make a minimum monthly deposit without any withdrawals for the month. This will give you the encouragement you need to build your savings and meet your financial goals. The bonus rate applies to the entire balance.

If you deposit at least $100 per month or don't make withdrawals, you'll receive 0.15% p.a. for the month.

Product Name
Bank Australia Bonus Saver Account
Maximum Variable Rate
2.60% p.a.
Standard Variable Rate
0.15% p.a.
Bonus Variable Rate
2.45% p.a.
Introductory / Bonus Offer Conditions
At least $100 should be deposit and no withdrawals per month.
Monthly Fee
$0
Minimum Opening Deposit
$1
Minimum monthly deposit for bonus interest rate
$100
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Phone Transaction Fee
$0
Minimum Age Requirement
18
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Bank Australia Bonus Saver account?

Savings accounts with incentives like extra interest are a smart choice for those who need a push in the right direction. When you are comparing this type of account between different financial institutions look for the one that has terms you know you can meet and features that will help you to meet your goals.

$0 minimum ongoing balance

You are not required to maintain any minimum balance in order to keep this account active.

$0 monthly account keeping fee

There is never a monthly charge for maintaining this account.

A range of available transaction methods

You are able to access your money and account through internet and phone banking, BPAY, electronic transfers and direct credit free of charge. You can also bank at a branch, but will be charged $2.50 for any staff assisted withdrawals.

Linked account

In order to be able to make transfers using internet banking, you will need to link your Bonus Saver account with another Australian everyday bank account.

Base interest rate of 0.15% p.a.

The base interest rate for this account is variable, applied to every dollar you have in savings.

Ongoing, variable bonus rate up to 2.60% p.a. when you deposit at least $100

You are entitled to receive the competitive bonus rate each month that you deposit at least $100 into the account and make no withdrawals. Interest payments made into the account do not count towards the deposit requirement. If you do not meet these terms in one month, you are still eligible for the bonus interest the following month if the conditions are met.

How is my interest calculated?

Interest will be calculated on your daily balance and paid into the account the following month. This will allow you to see more growth from compound interest. It is a variable interest rate, so will most likely move along the RBA cash rate.

Membership

Bank Australia is a customer owned financial institution which means it's profits go back to it's members, not shareholders. In order to apply for the Bonus Saver you must first fill out an application to become a member, this is free of charge.

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Pros

  • Incentive to save
  • At-call access to savings
  • Telephone and internet banking available

Cons

  • Conditions apply to earning bonus interest with withdrawal limitations

How do I apply for the Bank Australia Bonus Saver?

If you are already a member of Bank Australia you can complete an application for the Bonus Saver through their online banking network. New members will need to click “Go to Site” in order to apply for both membership and the account at the same time.

Online application requirements

Before you begin, ensure that you meet the following eligibility requirements:

  • Minimum age. In order to apply online for membership and the Bonus Saver account you must be at least 18 years of age.
  • Residency requirements. You need to be an Australian resident for tax purposes with a residential address.
  • Depository requirements. There is no minimum opening deposit requirement, but do remember that if you do not deposit at least $100 monthly you will not qualify for the bonus interest.

Online documentation requirements

It is also recommended that you have the following documentation handy in order to make sure that you are able to complete each section of the application correctly:

After you have submitted your application Bank Australia will confirm its receipt and send you the account details once it has been activated. It is then up to you to meet the monthly requirements in order to receive your bonus interest.

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8 Responses

  1. Default Gravatar
    BelindaSeptember 12, 2017

    I am looking at this as an option to save for an annual holiday. Can you please advise the options that would be available to pay for the holiday using this account (I don’t have any other accounts with this bank)?
    Thanks,
    Belinda

    • Staff
      JoanneSeptember 14, 2017Staff

      Hi Belinda,

      Thanks for reaching out.
      A high interest savings account (also known as a savings account or online savings account) is an account that offers a competitive interest rate. It is similar to a bank account, but it is designed to help you save money, rather than spend money. Typically, interest is compound interest that is calculated daily and paid monthly. All savings accounts come with a free, 24/7 online banking platform to access your funds.
      For you to compare the different high savings account being offered, you can check right here.

      Cheers,
      Joanne

  2. Default Gravatar
    GreggMay 27, 2017

    Can I have more than one Bonus Saver account? For example, one for me and one for my wife?

    • Staff
      JhezelynMay 31, 2017Staff

      Hi Gregg,

      Thanks for your inquiry.

      There are various requirements to comply before you can obtain a Bank Australia Bonus Saver. Due to an identity verification process for the application, you may consider letting your spouse apply for the Bank Australia Bonus Saver. You cannot have more than one Bonus Saver account under your name however you can apply for other products or accounts offered by Bank Australia.

      If you’re considering opening an account with your spouse, joint bank accounts are an option. These accounts allow anyone linked to them to make deposits and withdrawals. In opening a joint savings account, you will need to contact the bank directly by phone for extra assistance. Once you have submitted your application, you have to wait for your identity to be verified before receiving your account details. Please simply click the “”Go to Site”” green button to be redirected to the official website of Bank Australia.
      I hope this helps.

      Regards,
      Jhezelyn

  3. Default Gravatar
    February 18, 2017

    Hi Shirley,

    Could you please tell me the following:
    - Cancellation/ Closing Account fee
    - Any other fee tied with this account?

    Could you also explain what is meant by “Covered by Government Guarantee?”.

    Thank you

    • Staff
      AnndyFebruary 20, 2017Staff

      Hi Mia,

      Thanks for your question.

      For Bank Australia Bonus Saver Account, it does not charge any fees for account closing or cancellation. It also has $0 monthly account keeping fee.

      If the account has “Government Guarantee” which is normally up to $250,000 per person per institution, it means that if the bank goes bankrupt, you are protected up to the balance of $250,000. Any deposit more than that amount is at risk.

      Cheers,
      Anndy

  4. Default Gravatar
    TonyJanuary 27, 2016

    What is the maximum amount which can be held in this account?

    • Staff
      ShirleyJanuary 27, 2016Staff

      Hi Tony,

      Thanks for your question.

      There is no maximum amount that can be held in the account.

      All the best,
      Shirley

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