Join

Finder makes money from featured partners, but editorial opinions are our own.

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.

Details

Key details

Product Name	Australian Military Bank Online Saver
Maximum Variable Rate	4.50% p.a.
Standard Variable Rate	0.10% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$1
Minimum Age	18

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 4.4% p.a. This can take the total interest you earn to 4.5% 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.

Fee-free services

You can transfer funds to your nominated bank account for free. The bank also provides free SMS alerts.

Linked account

You need to have a linked account associated with this account. This can be another account with the Australian Military Bank or with any other Australian financial institution.

Making withdrawals

You can transfer funds from your Online Saver Account to the linked account using online banking. This account does not let you withdraw cash. You cannot use it to set up direct debits and periodical payments.

Transfer limits

The most you can transfer to your linked account through a single transaction is $20,000.

Making deposits

You can make deposits in your account using direct credit and payroll deduction. Transferring funds using online and phone banking is also possible.

Statements

The bank sends account statements every quarter. This statement displays two individual line items identifying the standard interest and any applicable bonus interest. You can request for statements more frequently and you can also get statement copies, for which the bank may charge additional fees.

Financial claims scheme

Your deposits of up to $250,000 at the Australian Military Bank receive protection through the Australian Government's Financial Claims Scheme.

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 18 years old.
Residency requirements. You're an Australian citizen or a permanent Australian resident

Depository requirements. There is no minimum account opening balance requirement with this account. To earn interest the balance in your account should be $5,000 or more.

Documentation needed

- Identity online. You'll have to provide details from your Australian driver's license or Medicare card.
- Tax file number. You don't have to provide your tax file number. If you do, the bank does not deduct withholding tax from the interest you earn.
- Other details. The application also requires your residential address, phone number and email address.
  If your nominated bank account is a non Australian Military Bank account the bank will need to verify it before you can start making withdrawals. After you submit your application the details go to the bank's direct service team. You get a reference number that you can use to track your application.

Compare other savings accounts

1 - 15 of 188

Name	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Ubank High Interest Save Account	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 Savings up to $100,000	Go to site View details Compare	Get 5.5% on your savings (up to $100K) when you deposit $500 per month. Get 5.00% on savings between $100K and $250K.	loading Fetching your data...
Rabobank High Interest Savings Account	Maximum Variable Rate p.a. 5.75%	Standard Variable Rate p.a. 4.40%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	Earn a high interest rate of 5.75% for the first 4 months and then 4.4% thereafter, with $0 account keeping fees and no monthly balance requirements.	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 4.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	Ideal for higher balances, savers can earn up to 4.7% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.	loading Fetching your data...
Ubank High Interest Save Account	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $500 Savings up to $100,000	Go to site View details Compare	loading Fetching your data...
Rabobank High Interest Savings Account	Maximum Variable Rate p.a. 5.75%	Standard Variable Rate p.a. 4.40%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	Maximum Variable Rate p.a. 5.40%	Standard Variable Rate p.a. 4.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account - Under 25s	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
Macquarie Savings Account	Maximum Variable Rate p.a. 5.35%	Standard Variable Rate p.a. 4.75%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
Bank of Queensland Simple Saver Account	Maximum Variable Rate p.a. 4.85%	Standard Variable Rate p.a. 4.85%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Balances up to $5,000,000	Go to site View details Compare	loading Fetching your data...
Suncorp Bank Growth Saver Account	Maximum Variable Rate p.a. 5.05%	Standard Variable Rate p.a. 0.35%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance by $200 each month (excl. interest) Only 1 withdrawal No balance limit on earning interest	Go to site View details Compare	loading Fetching your data...
ING Savings Maximiser Finder Award	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
ME HomeME Savings Account	Maximum Variable Rate p.a. 5.55%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $2000 Grow balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
Newcastle Permanent Smart Saver Account	Maximum Variable Rate p.a. 4.50%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
First Option Bank Savings+Bonus Account	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 2.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $100 No withdrawals Balances up to $249,999	Go to site View details Compare	loading Fetching your data...
IMB Reward Saver Account	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Deposit $50 No withdrawals Balances up to $1,000,000	Go to site View details Compare	Earn up to 3.25% p.a. after the introductory period ends.	loading Fetching your data...

Showing 15 of 15 results

Sources

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.

Go to site

Australian Military Bank Online Saver