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Bank Australia Bonus Saver Account

Add $100 to your Bank Australia Bonus Saver and don't make any withdrawals during the month to earn a bonus interest rate of 0.49% p.a.

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.

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0.5% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

$100

Minimum deposit

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Details

Product NameBank Australia Bonus Saver Account
Maximum Variable Rate0.5% p.a.
Standard Variable Rate0.01%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18
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Review by


Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

If you deposit at least $100 per month or don't make withdrawals, you'll receive 0.5% p.a. for the month.

Key features

$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.

Launch savings calculator


How to apply

If you are already a member of Bank Australia you can complete an application for the Bonus Saver through their online banking network.  

Eligibility

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.

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16 Comments

    Default Gravatar
    Vl
    April 3, 2018

    Hello,

    I have not heard of your bank before and looking at your website cannot find any information about who you are, where you are based and what your IBN is etc. This is unusual for an Australian banking institution.

    Could you please direct me to a webpage etc. where the relevant information is available.

    kind regards
    Vl

      Avatarfinder Customer Care
      Joanne
      April 3, 2018

      Hi VI,

      Thanks for reaching out.

      You may click on the green button that says “go to site” found at the top of this page. The contact us page on their website should lead you to Bank Australia’s address, contact information etc.

      Cheers,
      Joanne

    Default Gravatar
    Mia
    March 3, 2018

    What is the maximum withdrawal amount for Bank Australia Bonus Saver Account?

      Avatarfinder Customer Care
      Jhez
      March 6, 2018

      Hi Mia,

      Thank you for your comment.

      The daily limit for withdrawals are indicated below:
      – ATM/EFTPOS cash withdrawal is $1,000
      – Internal transfers is $50,000
      – External transfers is $2,000
      – International transfers is $2,000

      Hope this helps.

      Regards,
      Jhezelyn

      Default Gravatar
      Joe
      July 9, 2018

      If I wish to transfer out more than $2000 externally, how is that accomplished? Do I have to wait longer or attend a branch?

      Avatarfinder Customer Care
      Jhez
      July 9, 2018

      Hello Joe,

      Thank you for your comment.

      Generally, external transfer means funds coming into your account from an external source (another bank). Payments or transfers to another bank will generally transfer overnight on the next business day, payments sent after business hours will take an extra day. The time is also dependant on the other banks processing. You may do the transfer online, or over the counter. I hope this helps.

      Regards,
      Jhezelyn

      Default Gravatar
      Mia
      March 11, 2018

      Thank you Jhezelyn.
      When you mention that the “internal transfers” has a limit of maximum $50,000, would this mean that there is a withdrawal limit of $50,000 when I want to take funds out of the Bank Australian Bonus Saver Account and into my everyday Australian account that it is linked with?

      Avatarfinder Customer Care
      Jhez
      March 11, 2018

      Hi Mia,

      Thank you for getting back to us.

      Yes. Internal transfers are used to move money between Bank Australia linked accounts in online banking. Since internal transfers are processed immediately, the funds become available in the receiving account straight away. Then you may withdraw the amount depending on the daily limit of that certain account.

      You can withdraw big amounts of money when you withdraw it from the bank personally (over the counter) and not thru ATM.

      Regards,
      Jhezelyn

    Default Gravatar
    Belinda
    September 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

      Avatarfinder Customer Care
      Joanne
      September 14, 2017

      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 a 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.

      You can compare different high-interest savings account using our comparison table. Simply enter your initial and monthly deposit as well as your preferred term. When you are ready, you may then click on the “Go to site” button and you will be redirected to the bank’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

      Before applying, please ensure that you read through the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Cheers,
      Joanne

    Default Gravatar
    Gregg
    May 27, 2017

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

      Avatarfinder Customer Care
      Jhez
      May 31, 2017

      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

    Default Gravatar
    Mia
    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

      Avatarfinder Customer Care
      Dee
      February 20, 2017

      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

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