IMB Reward Saver Account

Last updated: Oct 1, 2020

Earn a competitive introductory bonus rate of 1.2% for 4 months to help give your savings a boost.

This account lets you earn bonus interest to meet your goals faster, with easy requirements that to meet. Earn up to 1.2% p.a. on balances of $5000 or more with the IMB Reward Saver Account by depositing at least $50 a month, and not making withdrawals.

1.2% p.a.

Maximum variable rate

0.65% p.a.

Base interest rate

0.55% p.a.

Bonus interest rate

for 4 months

$50

Minimum deposit

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Product Name	IMB Reward Saver Account
Maximum Variable Rate	1.2% p.a.
Standard Variable Rate	0.65%
Bonus Variable Rate	0.55%
Monthly Account Fee	$0
Minimum Opening Deposit	$1
Minimum Age	13

Pros

No monthly account keeping fee
Can set up automatic transfers to easily meet deposit requirements

Cons

Bonus interest only awarded if you meet conditions
Tiered interest rate system

Expert review

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

If you’ve got a balance above $5000, this account offers a bonus introductory rate of 1.2% for the first 4 months. After this you’ll earn the bonus interest rate of 0.65% each month you deposit $50 and make no withdrawals.

The interest offered with this account is less competitive than other accounts on the market, and the withdrawal restrictions do make this account less flexible than others too. However, the monthly deposit required is much lower than some other accounts, making it easier to get the bonus interest.

This account could be suited to you if you’ve got another account with IMB and want to keep your finances in the one place and easily move your money between accounts in the mobile app. This account could also be suited to you if you like to regularly move your savings between different savings accounts to take advantage of the attractive introductory rates.

Key features

Up to 1.2% p.a. for the first 4 months

The introductory rate delivers an additional 0.55% p.a. for the first 4 months, for accounts opened after 1 November 2019 with a total balance of $5,000 or more. This brings your total rate to 1.2% p.a..

0.65% variable bonus rate

After the introductory period, you'll earn 0.65% each month that you deposit at least $50 into the account and make no withdrawals.

$0 account keeping fees

There are no monthly fees to drain your savings.

Access your account 24/7

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 or over the phone. You can keep any eye on your balance with the IMB mobile banking app, however keep in mind that if you make any withdrawals you won't earn the bonus interest that month.

How much do I earn if I don't meet the requirements?

There is no base rate for the IMB 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.

SMS alerts

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.

Mobile banking

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.

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.

Launch savings calculator

How to apply

You are not required to be a member of IMB before applying for the Reward Saver Account, but in ten minutes can have both the membership and bank account application completed.

Eligibility

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 needed

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 my 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.

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2 Comments

Renee
March 3, 2016

No joint application? Does this mean a/c can only be held in 1 (one) persons name not a Mr and Mrs. Please confirm…tks

Reply
- finder Customer Care
  
  Shirley
  March 7, 2016
  
  Hi Renee,
  
  Thanks for your question.
  
  This is an error on our end, apologies for the inconvenience. The IMB Reward Saver is available for joint applications.
  
  Hope this helps.
  
  Reply

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