Australian Military Bank Online Saver

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Australian Military Bank Online Saver
8.4
Finder Score
Great

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Maximum variable rate
4.35% p.a.
Base interest rate
0.10% p.a.

Summary

Do you want an online savings account that lets you earn bonus interest?

The Australian Military Bank Online Saver Account gives you access to your money solely through the bank’s Internet banking platform. There is no minimum balance requirement with this account. If your account balance crosses a predetermined threshold you earn interest. By meeting some basic depository criteria you can earn bonus interest.

Pros

  • Savings available at-call
  • No monthly account keeping fees
  • Internet banking + free SMS alerts

Cons

  • To get the bonus rate you must not make any withdrawals in the month.

In this guide

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

Details

Key details

Product Name Australian Military Bank Online Saver
Maximum Variable Rate 4.35% p.a.
Standard Variable Rate 0.10% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1
Minimum Age 11

Key features

Minimum and maximum balance

There is no minimum account opening or ongoing balance requirement with this account. The maximum your account balance can get to while earning interest is $500,000.

Interest

If the balance in your account is up to $500,000 you will earn a base interest rate of 0.1% p.a. But if you don't make any withdrawals during the month you will unlock the bonus rate of 4.25% p.a. This can take the total interest you earn to 4.35% p.a.

The bank calculates interest daily and pays it monthly.

Monthly fees

You don't have to pay any ongoing account keeping fees to maintain this account.

How to apply

Eligibility

The Online Saver Account is a self-service account so you can only apply for it online. To submit your application, visit the Australian Military Bank website. Before you do, make sure you meet the required eligibility criteria:

  • Minimum age. You're over 11 years old.
  • Residency requirements. You're an Australian citizen or a permanent Australian resident

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How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Sources
  1. Australian Military Bank Online Saver information page
  2. Australian Military Bank Online Saver TMD

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Alison Finder

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Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

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