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Bank Australia mySaver Account

Green Company
Last updated:  

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.

1.25% p.a.

Maximum variable rate

0.01% p.a.

Base interest rate

1.24% p.a.

Bonus interest rate

$10

Minimum deposit

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Details

Product NameBank Australia mySaver Account
Maximum Variable Rate1.25% p.a.
Standard Variable Rate0.01%
Bonus Variable Rate1.24%
Monthly Account Fee$0
Minimum Opening Deposit$0

Expert review

Alison Banney

Review by


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 1.25%

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 1.25%. 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.

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.

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6 Comments

  1. Default Gravatar
    MattM
    September 15, 2018

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

    • Default Gravatar
      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 who will let you open with more than 2 account holders, please click HERE.

      Cheers,
      Joel

  2. Default Gravatar
    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.

    • Default Gravatar
      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

  3. Default Gravatar
    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.

    • Avatarfinder 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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