There are better ways to save than putting money in a jar. This account lets you earn bonus interest to meet your goals faster, with easy requirements that almost anyone can meet. Earn up to 2.20% p.a. with the IMB Reward Saver Account by depositing at least $50 a month, and not making withdrawals, and enjoy returns of 1.40% p.a.
On top of this, balances of $5,000 or more get an additional introductory bonus rate of 0.80% p.a. for the first 4 interest payments, so you can simultaneously expand your bank account while practising smart savings habits.
What are the features of the IMB Reward Saver Account?
This reward savings account gives you a real incentive to let your savings to grow. Compare this account with other options to find one with terms that work for you.
Up to 2.20% p.a. for the first 4 months
The introductory rate delivers an additional 0.80% p.a. for the first 4 months, for accounts opened after 28 September 2016 with a total balance of $5,000 or more bringing your total rate to 2.20% p.a. You'll still need to meet the other bonus interest requirements to earn it, however.
1.40% variable bonus rate
Each month that you deposit at least $50 into the account, and make no withdrawals, your account balance will receive bonus interest. As a variable rate, this is likely to move with the RBA cash rate.
$0 account keeping fees
There are no monthly fees to drain your savings
Your accessibility options
You are able to access your savings and make deposits using any of the following; ATM, BPAY, in branch, CashCard, cheque, direct debit, EFTPOS, online, over the phone, with a mobile device and with a Visa debit card.
How much do I earn if I don't meet the requirements?
There is no base rate for the Reward Saver Account, so in order to earn any interest you'll need to meet the deposit requirements each month, and avoid making withdrawals.
How often is my interest paid?
The interest for the account is calculated daily and will be paid into the account once a month.
You can activate a feature where you are alerted with an SMS message when certain activities are detected with your account. There is a $0.25 charge for each message sent to your mobile phone.
You can check the status of your account and make transfers anytime using the IMB app on your mobile phone. The app is available for iPhone and android devices. Compare other IMB products here.
For personal use only
This account is for individuals only, to be used for personal saving purposes. Customise your account by giving it a name of your choice, like "holiday savings" to help keep your saving on track.
- No monthly account keeping fee
- Can set up automatic transfers to easily meet deposit requirements
- Bonus interest only awarded if you meet conditions
- Tiered interest rate system
How do I apply for the IMB Reward Saver Account?
You are not required to be a member of IMB before applying for the Reward Saver Account, but in 10 minutes can have both the membership and bank account application completed.
Check beforehand to make sure that you are eligible
- Minimum age. You must be at least 13 years of age in order to open this account.
- Residency requirements. Only Australian residents with an Australian residential address in Victoria, Queensland, South Australia or The Australian Capital Territory are able to apply.
- Depository requirements. You only need an opening deposit amount of one dollar to have the account activated. The $5,000 balance requirement is only for the introductory rate, and you'll still earn interest with less/
Documentation for your online application
Having the following documentation next to you will also make it easier as you begin to fill out the online application:
- Tax file number. Although you are not obligated to offer your tax file number (TFN) or exemption codes, it will allow IMB to deduct the correct withholding tax from your interest earnings.
- Identification. The information found on your Australian passport, driver’s licence or Medicare card will allow IMB to verify your identity. Even after the account has been activated, you will not be permitted in branch or cheque transactions until you have completed a face to face identity verification.
What happens after I submit the online application?
After having submitted your application you will receive notice of its status, and any additional information required before the account can be opened. Once it has been opened, start making your savings deposits so that you can qualify for the introductory bonus interest before it runs out.