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 1.70% p.a. for the month.
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.
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 0.05% 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 1.70% 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.
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.
- Incentive to save
- At-call access to savings
- Telephone and internet banking available
- 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:
- Tax file number. You are not obligated to provide Bank Australia with your tax file number (TFN) or exemption code. If you don’t however, they are bound to apply withholding tax to your interest earnings at the highest marginal rate.
- Identification. In order to verify your identity you will need to provide information found on your driver’s licence, passport or Medicare card.
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.