Product details
The Bank Australia mySaver Account is designed exclusively for those under the age of 25, giving young Australians a kick start to their savings. By meeting certain conditions each month, you will be rewarded with a competitive bonus interest rate, bringing you that much closer to your savings goal. With access to your account online and over the phone, this account provides a simple way for you to grow your money.
Australians under 25 years old can simply deposit $10 each month and make no withdrawals in order to earn the bonus interest.
- Product Name
- Bank Australia mySaver 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
- Earn a bonus interest of 2.45% p.a. if you deposit a minimum of $10 each month into your mySaver account and don't make a withdrawal for the month.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $10
- Minimum monthly deposit for bonus interest rate
- $10
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Joint application?
- Yes
- Maximum Age Requirement
- 25
- Age Conditions
- Available to customers under 25 years of age.
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the Bank Australia mySaver Account?
Bank Australia is a customer owned financial institution, meaning it's run to benefit members with profits reinvested back into the bank. Bank Australia is able to provide their members with the same types of products and services that you find with big banks. Compare the following features of the mySaver account with other accounts in the market before deciding if it's right for you.
No monthly account keeping fees.
With the mySaver you are not charged any monthly account keeping fees.
Earn a maximum interest rate of 2.60%.
Each month you deposit at least $10 and make no withdrawals from the account, you'll be eligible for bonus interest and will earn the maximum variable interest rate of 2.60%. If you don't qualify for bonus interest, you'll earn the standard interest rate of 0.15%. Don't worry, if you don’t qualify for one month, you can still receive the bonus interest the following if you meet the terms.
Easy access to your account.
You are able to make withdrawals and deposits with this account by phone, internet, mobile and branch banking.
Transaction fees.
For any staff assisted transaction you will be charged $2.50. There are no fees for internet and phone banking.
Direct debit.
You can use BPAY to make payments out of your account, although this will disqualify you from receiving your bonus interest for the month. You can also set up electronic credits to be deposited into your account.
Interest calculated daily.
The interest is calculated daily and credited to the account each month, giving you the opportunity to earn compound interest.
Available for under 25s only.
This account is only available to individuals under the age of 25. Once you reach your 25th birthday it will automatically convert to a Bank Australia Bonus Saver Account. The Bonus Saver is structured the same way as the mySaver, except the deposit conditions to receive bonus interest is a higher amount.
No minimum balance.
You are not asked to maintain a minimum balance, but if it is not at least $10, you will not receive any interest earnings.
Bank Australia app.
You can enhance your online banking, and make transactions wherever you are by downloading the appropriate Bank Australia app. This is available at the Apple app store and the Google Play Store.
Pros
- $0 monthly account keeping fee
- Online and phone banking, plus mobile app available
- Competitive, ongoing interest rate when account conditions are met
Cons
- There is a minimum of $10 deposit each month
- For under 25s only
How do I apply for the Bank Australia mySaver Account?
If you are already a member of Bank Australia, you can open your mySaver Account through your online banking platform. If not, you will first need to fill out an application for membership, which you can access now by clicking on “Go to Site”. As you will be applying for membership and your new savings account at the same time, it’s a good idea to know what the eligibility requirements are for both before getting started.
Eligibility:
- Minimum age. You have to be under 25 years old to apply for this account, but at least 18 years of age if you wish to apply online.
- Residency requirements. Only Australian residents and citizens are eligible to become members of Bank Australia and open a mySaver Account.
- Depository requirements. There are no opening balance requirements, but remember that you must have at least $10 in the account to earn interest.
Documentation needed:
- Tax file number. With the mySaver Account you are earning interest which could be subject to taxation. To avoid a withholding tax that does not match your circumstance, you should provide Bank Australia with your tax file number (TFN) or exemption code.
- Identification. You are required to provide information from your driver’s licence, passport or Medicare card in order for Bank of Australia to be able to verify your identity. If this is not possible, you will be asked to visit a branch in order to complete the application.
After your application has been accepted by Bank Australia your new savings account will be activated, and the details sent to you so that you can begin making your regular deposits.
Re: Bank Australia My Saver Account.
I have 3 boys ages 10, 13, 15.
The two older boys have a TFN, and also make regular deposits.
The younger can also make regular deposits.
They all have a Bank SA Card account.
Can they all get their own individual accounts???
Would the interest rate be 2.6 plus 2.45 – so a total interest rate of 5.05 paid monthly?? Cheers.
Hello Jason,
Thank you for contacting finder.
The eligibility requirements for applicants are the following:
*must be below 25 years old (must be at least 18 years old if you will be applying online)
*Australian resident and citizen
*TFN (Tax File Number)
*Identification – information from your driver’s license, passport or Medicare card
Regarding the Interest Rate, you will only earn the 2.45% Bonus Interest Rate if you will be depositing at least $10 and will not be withdrawing any funds for the said month. The Maximum Variable Rate is 2.60% which may consist of the 0.15% Standard Interest Rate and the 2.45% Bonus Interest Rate (0.15% + 2.24% = 2.60%). You cannot earn more than 2.60% p.a. per month for the mySaver Account from Bank of Australia.
I hope this has helped you gain some insight.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash
Do you have a branch in Perth WA? Would like to open a new account but don’t do online banking.
Hi Keith,
Thanks for your question.
Unfortunately since Bank Australia is an online bank, they don’t have any physical branches at all.
If you’d like, you can apply for an account over the phone.
Cheers,
Shirley