Bendigo Bank Reward Saver
- Maximum variable rate
- 5.25% p.a.
- Base interest rate
With the Bendigo Bank Reward Saver account you can earn a fairly high bonus interest rate of up to 5.25% if you make at least one deposit a month, withdraw less than you save and end the month with a higher balance than when you started.
You'll also need to have a Bendigo Bank transaction account to open a Reward Saver account. You can earn the total bonus rate on balances of up to $100,000.
If you think you can meet these conditions then the Reward Saver is worth considering.
Competitive interest rate
No age restrictions
No monthly service fee
Somewhat complicated conditions to get the bonus interest
|Product Name||Bendigo Bank Reward Saver|
|Maximum Variable Rate||5.25% p.a.|
|Standard Variable Rate||0.30% p.a.|
|Monthly Account Fee||$0|
|Minimum Opening Deposit||$1|
Maximum variable interest rate of 5.25%
This account has a low base rate and a bonus rate. Combined, this equals the maximum rate of interest you can earn, which is 5.25%.
To get this rate you need to meet a few conditions:
- Have a Bendigo Bank transaction account.
- Make at least one deposit in your savings account by the end of the month.
- Make sure you deposit more than you withdraw each month.
- Make sure your balance at the end of the month is higher than it was at the start.
So if you started the month with $2,000 in the account and deposited a further $400, and you also withdrew $200 in that month, you'd qualify for the bonus rate. If you withdrew $500, you would not qualify.
Standard base variable interest rate 0.3%
If you don't meet the conditions for the bonus rate in any given month you'll earn the much lower base rate of 0.3%.
You can set up automatic deposits from your transaction account to make sure you meet the conditions for the bonus rate.
Minimum and maximum balance
The Reward Saver has a minimum balance of just $1. You can save up to $100,000 in the account while earning the bonus interest rate.
Any money you save beyond this limit will only earn the base interest rate.
$0 account fee
This account has no monthly account fee.
Reward Saver account limits
You can only earn the Reward Saver bonus rate on one account per customer. This means you cannot open 2 Reward Saver accounts in your name and earn the full interest rate on both.
How to apply
You are eligible for the Bendigo Bank Reward Saver account if:
- You are 12 years of age or older.
- You are an Australian citizen or resident.
- You have (or are planning to open) a Bendigo Bank transaction account.
Documents you'll need
- Identification. This can be a driver's licence, passport or Medicare card.
- Your address. You'll need to provide your residential address.
- Tax file number (TFN). You'll need your tax information
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