Bank Australia Christmas Saver Account

Green Company

Last updated: Dec 30, 2020

With the Christmas Saver Account from Bank Australia you can rest assured knowing that everyone on your list will have a stocking full of treats.

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.

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Product Name	Bank Australia Christmas Saver Account
Maximum Variable Rate	0.2% p.a.
Standard Variable Rate	0.20%
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Pros

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

Cons

Need to be at least 18 years of age
Need to be an Australian resident

Key features

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.

How to apply

Eligibility

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.

Documentation needed

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.

What happens after I submit my application?

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.

Shirley Liu

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.

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Bank Australia Christmas Saver Account