Green Company

Bank Australia mySaver Account

A savings account that rewards Australians under 25 with monthly bonus interest for good savings habits.

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.

0.7% p.a.

Maximum variable rate


Base interest rate


Minimum deposit

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!


Product NameBank Australia mySaver Account
Maximum Variable Rate0.7% p.a.
Standard Variable Rate0.01% p.a.
Monthly Account Fee$0
Minimum Opening Deposit$0

Review by

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

Australians under 25 years old can simply deposit $10 each month and make no withdrawals in order to earn the bonus interest.

Key features

No monthly account keeping fees

With the mySaver you are not charged any monthly account keeping fees.

Earn a maximum interest rate of 0.7%

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 0.7%. If you don't qualify for bonus interest, you'll earn the standard interest rate of 0.01%. 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.

How to apply

If you are already a member of Bank Australia, you can open your mySaver Account through your online banking platform.


  • 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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.


    Default Gravatar
    September 15, 2018

    hello can the Bank Australia mySaver Account be opened as a joint account with 3 * u25 year olds? thanks

      Default Gravatar
      September 15, 2018

      Hi Matt,

      Thanks for leaving a question on Finder.

      The Bank Australia mySaver allows joint applications for three 25 years old. If you are looking to compare bank accounts that will let you open with more than 2 account holders, please refer to our list of joint bank accounts. You can press the “Go to site” button of your preferred account if you wish to apply.


    Default Gravatar
    October 18, 2017

    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.

      Default Gravatar
      October 19, 2017

      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.


    Default Gravatar
    November 23, 2015

    Do you have a branch in Perth WA? Would like to open a new account but don’t do online banking.

      Avatarfinder Customer Care
      November 23, 2015

      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.


Go to site