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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.

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Alison Banney

Last Updated Dec 30, 2020

0.7% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

$10

Minimum deposit

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Product Name	Bank Australia mySaver Account
Maximum Variable Rate	0.7% p.a.
Standard Variable Rate	0.01%
Monthly Account Fee	$0
Minimum Opening Deposit	$0

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

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six 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.

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.

How to apply

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

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.

What happens after I submit my 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.

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6 Comments

MattM
September 15, 2018

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

Joel
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.

Cheers,
Joel

Jason
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.

Ash Munoz
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.

Cheers,
Ash

Keith
November 23, 2015

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

finder Customer Care

Shirley
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.

Cheers,
Shirley

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Bank Australia mySaver Account