Our verdict

Enjoy higher returns with an interest rate of 1.35% p.a. and no monthly fees when you open a MySaver Account from Adelaide Bank.

The account doesn’t have any monthly fees eating into your savings balance, and your funds are available at call. This means you can enjoy easy online and phone banking access to the money in your account whenever you want.

Pros

Get access to your funds, while earning interest on your balance
$0 Account keeping fees
Minimum opening deposit only $500
24/7 internet and phone banking

Cons

No ATM cards
$2 fee applies to branch withdrawals and transfers

The Adelaide Bank MySaver Account is a high-interest online savings account that combines a competitive variable interest rate with easy access to your funds. With an interest rate of 1.35% p.a. payable on balances of $500 or greater, the account allows your money to grow towards your savings goal.

Details

Key details

Product Name	Adelaide Bank MySaver Account
Maximum Variable Rate	1.35% p.a.
Standard Variable Rate	1.35% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$500
Minimum Age	18

Key features

Competitive variable interest rate of 1.35% p.a.

A variable interest rate of 1.35% p.a. applies to Adelaide Bank MySaver Account balances of $500 or greater, giving you competitive returns on the funds you deposit. Interest is calculated daily on your closing balance and credited to your account on a monthly basis.

No monthly fees

There are no monthly fees attached to this account, so any money you deposit will go directly towards helping you reach your savings goal.

Minimum opening deposit of $500

You will need to deposit at least $500 in order to open an Adelaide Bank MySaver Account.

Minimum operating balance of $500

You must maintain a balance of at least $500 in your account at all times. If your balance falls below this level then the bank reserves the right to close your account. There is no maximum balance limit.

Funds available at call

You can access the funds in your Adelaide Bank MySaver Account at any time through Internet and phone banking. This ensures that you can always access your money if you ever have an urgent need for funds.

Fee-free transactions

You can perform a wide range of fee-free transactions with your Adelaide Bank MySaver Account, including cash deposits at any Bendigo Bank branch, online banking transfers and enquiries, phone banking transfers and enquiries, BPAY / AnyPay, regular payment plans and more. However, a $2 fee applies to branch withdrawals and transfers.

Monthly statements

Adelaide Bank MySaver Account statements are issued monthly, but you can check your balance and transaction history at any time via Internet banking.

Available for

The Adelaide Bank MySaver Account can be opened by an individual, company, partnership, trust or super fund.

Launch savings calculator

How to apply

If you'd like to build a bigger savings balance with an Adelaide Bank MySaver Account, click on one of the "Apply now" links on this page. You'll be taken to the Adelaide Bank website where you can read up on the full details of the account. You can then phone the bank's customer helpline if you would like to apply for an account.

Eligibility

Minimum age. You must be at least 18 years of age to open an Adelaide Bank MySaver Account.
Residency requirements. You must be an Australian resident to apply for this account.

Depository requirements. A minimum opening deposit of $500 is required to open an Adelaide Bank MySaver Account. You will also need to maintain a balance of at least $500 at all times for your account to remain open.

Documentation needed

New Adelaide Bank customers will also need to provide a valid form of photo identification (such as a current Australian driver's licence or passport) before they can open an account. Applications are processed as soon as possible and once your account is setup you can start making deposits to boost your savings balance.

If you're looking for an online savings account that combines competitive interest returns with the flexibility of easy access to your funds, the Adelaide Bank MySaver Account is certainly worth considering. However, it's important to compare it with several other similar savings accounts so that you can make an informed choice about the right account for your needs.

Your reviews

No reviews yet. Write a review

Ask a question

To ask a question simply log in via your email or create an account.

Ask a question

Alison Finder

Editor

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

You are about to post a question on finder.com.au:

Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
finder.com.au is a financial comparison and information service, not a bank or product provider
We cannot provide you with personal advice or recommendations
Your answer might already be waiting – check previous questions below to see if yours has already been asked

Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Adelaide Bank MySaver Account