Bank Australia Christmas Saver Review, Rates & Information

Product details

Start saving in February and with a competitive interest rate from Bank Australia, you won’t need a credit card to make your holiday purchases. The Christmas Saver Account is structured to encourage you to save by keeping your shopping money locked away until the end of October when the holiday season gets underway.

Product Name: Bank Australia Christmas Saver Account

Maximum Variable Rate: 0.75% p.a.

Standard Variable Rate: 0.75% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $5,000

Internet Banking: Yes

Internet Transaction Fee: $0

Phone Banking: No

Phone Transaction Fee: $0

Joint application?: Yes

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 Christmas Saver Account?

A Christmas savings account is a unique banking designed specifically to help you through the financial strain of the holidays. If you are considering this type of savings account, check the features of Bank of Australia’s against what you find with other Australian financial institutions to help you decide which one will put the most presents under your tree:

Minimum ongoing balance. There is no minimum balance that you are required to meet with this account.
Interest rates. Your balance is earning a competitive rate of interest to help further your Christmas goals.
Interest calculation and payment. Interest on the balance is calculated daily and paid into your account on the first day of December.
Accessibility. From February 1st until the 1 December you can only make deposits into the Christmas Saver. This can be done with direct credits, transfers, online and over the phone.
Branch transactions. Any transaction that requires staff assistance will incur a $2.50 charge.
Nominated account. In order to make transfers into your Christmas and have your funds transferred to you when the season approaches you will need to link a transaction account to the Christmas Saver. On December 1st, the balance of the Christmas Saver will be deposited into this account.
Fees. You pay no monthly account keeping fees for this account.

Pros

$0 monthly account keeping fee
$0 minimum balance to maintain on this account
Receive a fee-free transactions in a year

Cons

Funds are only available to withdraw from 1 November

How do I apply for the Bank Australia Christmas Saver Account?

If you like the features that the Bank Australia Christmas Saver Account provides for you and are already a Bank Australia customer you can apply online with internet banking. If you are not yet a member of Bank Australia you will need to fill out a member application first, which you can access by visiting Bank Australia website. Check that you are able to meet the following eligibility requirements first before proceeding to the application:

Minimum age. In order to complete the application online you will need to be at least 18 years of age.
Residency requirements. Members and account holders must be Australian residents with a residential address in Australia.
Depository requirements. There is no minimum opening deposit for the Christmas Saver Account.

As you make your way through the application you are also going to need to provide information that can be found on the following documentation:

Tax file number. Interest is considered part of your earnings, and Bank Australia is required to withhold tax. By providing your tax file number (TFN) or TFN exemption code you can avoid be taxed at a higher rate than you are obligated to pay.
Identification. In order to be able to verify your identity, Bank Australia will ask for details found on your driver’s licence or passport.

After becoming a member and submitting your application for the Christmas Saver Account to Bank Australia, you will be notified with your new account details to begin making your saving deposits.