Bendigo Bank Reward Saver Account
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- Maximum variable rate
- 4.00% p.a.
- Base interest rate
- 0.10% p.a.
Our verdict
This is a low-fee savings account that lets you earn a competitive interest rate if you grow your balance and deposit more than you withdraw each month.
With the Bendigo Bank Reward Saver account you can earn a fairly high bonus interest rate of up to 4% if you grow your balance each month (beyond any interest earned during that month).
You'll also need to have an eligible Bendigo Bank transaction account to open a Reward Saver account. You can earn the bonus rate on balances of up to $100,000.
Pros
-
Competitive interest rate
-
No age restrictions
-
No monthly service fee
Cons
-
Somewhat complicated conditions to get the bonus interest
Details
Key details
| Product Name | Bendigo Bank Reward Saver |
| Maximum Variable Rate | 4.00% p.a. |
| Standard Variable Rate | 0.10% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $0 |
How to apply
Eligibility
You are eligible for the Bendigo Bank Reward Saver account if:
- You are an Australian citizen or resident.
Documents you'll need
- Identification. This can be a driver's licence or a passport.
- Your address. You'll need to provide your residential address.
- Tax file number (TFN). You'll need your tax information
Sources
Your reviews
Richard Finder
Senior Money Editor
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Sarah Megginson Finder
November 17, 2025
Hi John,
It’s likely that this is being charged because you have not provided the bank with your child’s tax file number. For any account holder, if the bank doesn’t have your TFN, they must legally take out tax at the highest tax rate (currently 47%) from your interest. The good news is you can claim this money back from the tax office by lodging a tax return for your daughter, and you can apply for a tax file number for her now so she can avoid paying this tax going forward. Hope this helps!
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Fred
January 11, 2024
Hi, is the interest in the Bendigo Bank Reward Saver compounded? Thanks
Jason Loewenthal Finder
January 19, 2024
Hi Fred,
The interest in this account is paid monthly, so will be compounded if you leave it in the account after it is paid.
We have a guide on compound interest if you want to learn more.
I hope that helps.
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John
November 12, 2025
Should a 16 year old student with a balance of $6045 be charged approx $9 a month Resident withhold Tax on this account ? Thanks