Product details
The mySaver Account is designed exclusively for those under the age of 25, who want to see interest earnings on their savings. By meeting certain conditions each month, you will be rewarded with a boost to the standard 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.
- 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?
A customer owned financial institution, Bank Australia is able to provide their members with the same types of products and services that you find with big banks. Compare their savings accounts with the features you find with the mySaver Account before deciding which one gives your money the most benefit:
- Monthly account keeping fees. With the mySaver you are not charged any monthly account keeping fees.
- Accessibility. 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 $1.50. 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.
- Direct credit. You can set up electronic credits to be deposited into your account.
- Interest rate. The base rate for this account is applied when your balance is $0 or more.
- Bonus interest. You can receive bonus interest monthly if you deposit at least $10 and make no withdrawals from the account. If you don’t qualify for one month, you can still receive the bonus interest the following if you meet the terms.
- Interest payments. The interest is calculated daily and credited to the account each month, giving you the opportunity to earn compound interest.
- Availability. This account is only available to individuals under the age of 25. Once you reach your 25th birthday it will automatically convert to a 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.
- Minimum balance. You are not asked to maintain a minimum balance, but if it is not at least $0, 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 ongoing service fee
- Access of your money thru online and phone banking
Cons
- There is a minimum of $0 for deposit each month
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:
- 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 $0 in the account to earn interest.
It is also recommended that you have the following documentation ready before beginning to apply:
- 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.
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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