In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Bendigo Bank Reward Saver

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Bendigo Bank Reward Saver
Maximum variable rate
5.25% p.a.
Base interest rate
0.3%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 5.25% 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

In this guide

  • Our verdict
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

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

Savings Bank Customer Satisfaction Highly Commended:

Bendigo

Bendigo took second place in our savings banking category this year, with 91% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.36 out of 5. Find more about Finder Banking Satisfaction Awards 2023.

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Key features

Maximum variable interest rate of 5.25%

This account has a low base rate and a bonus rate. The maximum rate of interest you can earn is 5.25%.

To get this rate you need to meet a few conditions:

  • Have a Bendigo Bank Everyday Account or Student Account.
  • Grow your balance each month (not including any interest Bendigo Bank pays you).
  • Make at least one deposit in your savings account by the end of the month.

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.

How to apply

Eligibility

You are eligible for the Bendigo Bank Reward Saver account if:

  • You are an Australian citizen or resident.
  • You have (or are planning to open) a Bendigo Bank Everyday Account or Student 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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Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro Period Government Guarantee Monthly Max Rate Conditions
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Macquarie Savings Account
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Bendigo Bank Reward Saver
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
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  • Grow your balance
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ING Savings Accelerator ($150,000 - $500,000)
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Australian Unity Freedom Saver ($50,000 - $250,000)
Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Rabobank High Interest Savings Account
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Newcastle Permanent Online Savings Account
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Bank of Queensland Simple Saver Account
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Ubank High Interest Save Account
Maximum Variable Rate p.a.
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St.George Maxi Saver
Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
AMP Saver Account
Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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Monthly Max Rate Conditions
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First Option Bank Savings+Bonus Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
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Monthly Max Rate Conditions
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IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
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Intro Period
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Monthly Max Rate Conditions
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MyState Bank Bonus Saver Account
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
0.05%
Intro Period
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Monthly Max Rate Conditions
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Richard Finder

Editor

Hi there, looking for more information? Ask us a question.

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Fred

January 11, 2024

Hi, is the interest in the Bendigo Bank Reward Saver compounded? Thanks


Avatar

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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