Easy Street Bonus Saver Account

Earn bonus interest just for making a small deposit into your Easy Street Bonus Saver account every month.

The Easy Street Bonus Saver Account makes it easy to reach your savings goal by awarding you bonus interest every month you meet their minimum deposit requirement and make no withdrawals from the account. Set up a recurring payment into the account, and without any effort you can reach your savings goals quickly.

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Shirley Liu

Last Updated Jan 4, 2021

0.5% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

$50

Minimum deposit

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Product Name	Easy Street Bonus Saver Account
Maximum Variable Rate	0.5% p.a.
Standard Variable Rate	0.01%
Monthly Account Fee	$0
Minimum Opening Deposit	$2
Minimum Age	18

Pros

$0 account keeping fees
$2 minimum opening deposit

Cons

No access to phone banking
Must deposit money into account to earn bonus interest rate

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

Earn more interest if you can making regular deposits and make no withdrawals for the month.

Key features

Interest rate

A bonus interest rate of 0.45% p.a. is applied to your balance so long as you make a monthly deposit of at least $50 and take no withdrawals. If these terms are not met for the month, your account will be credited with 0.01% p.a. interest on the balance.

Interest calculation

The interest is calculated daily, and paid monthly into your account. If you qualify for the bonus interest, it will be applied to the balance of the following month.

Minimum balance

There is no minimum balance requirement for the Bonus Saver Account.

Account terms

This is not a term savings account. You decide when to withdraw your funds and close the account with no penalty charges.

Accessibility

With around the clock online accessibility, you can move money into and out of your account whenever you need to.

Monthly account fees

There are no monthly account keeping charges for the Bonus Saver Account.

Transaction fees

You are not charged by Easy Street for any transactions associated with your savings account.

Transaction limits

There are no limits on the number of withdrawals or deposits made each month.

Opening deposit

The minimum deposit amount to open a Bonus Saver Account is $2.

How to apply

If no fees and bonus interest are what you are looking for in a savings account then you can start a secure application online.

Eligibility

Just ensure that you are able to meet the eligibility requirements first:

Membership. Easy Street is a part of a mutual and to use any of their products you must first become a member. This involves a payment of $2 and applying through the website.
Age restriction. You must be 18 years of age or older in order to be considered for this account.

Residency. Only Australian permanent residents are eligible to open a Bonus Saver Account with Easy Street.
Minimum opening deposit. No minimum deposit however you will need to pay an initial $2 for the shareholder's fee in order to open your savings account.
Linked account. In order to use the Bonus Saver Account you will need an active transaction account with any other Australian banking institution.

Documentation needed

If you are able to meet all of these requirements then with only five minutes of your time and the following documentation readily available you should be able to complete the application:

Proof of identity: Easy Street will make every effort to verify your identity electronically using your valid Australian driver's licence or passport. If unable to do so, you may be asked to present yourself physically in order to prove your identity.
Membership number. You will need to provide the mutual membership number on your application.
Account information. In order to take advantage of the benefits of your Bonus Saver Account you will need to provide the details of an Australian transaction account where you will be transferring the money in and out of.

What happens after I submit my application?

Once you have completed and submitted your online application to Easy Street, your account will be open and ready to use instantly unless they need further proof of your identity. At this point you can set up direct debit in order to ensure that your monthly obligation of a $50 deposit is met in order to get your bonus interest.

FAQ

The maximum interest applies to the whole balance, though the maximum account balance you can have is $5,000,000. You can transfer money in and out of the Easy Street Bonus Saver through Pay Anyone (but not by BPAY) to and from another bank. There's no fee for this. The internet external transfers limit is $2,500. If you'd like to raise these please get in touch with Easy Street to request this. e-statements are available through internet banking for free. You'll be sent statement electronically at least every 4 months.

Unfortunately this isn't how the rate works. The maximum rate you would receive is the Maximum Variable Rate shown in the table above, which is a combination of the Standard Variable Rate and the Bonus Variable Rate. There's no contract period with this account, so you can withdraw funds whenever you want. It should be noted that if you don't deposit at least $50 into this account each month and make no withdrawals you won't the bonus interest.

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2 Comments

Malcolm
March 9, 2016

Do you have debit cards

finder Customer Care

Shirley
March 10, 2016

Hi Malcolm,

Thanks for your question.

While the Easy Street Bonus Saver Account does not come with a linked debit card. The Easy Street Everyday Access has an available Visa debit card which will be mailed to your address after Easy Street opens your account.

You may also compare accounts with debit cards you can apply. Please ensure to read through the relevant product disclosure statement and terms and conditions of the card to ensure that you got everything covered before your application.

I hope this helps.

Cheers,
Shirley

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