Our verdict

Australian Unity's Freedom Saver ($250,001 - $500,000) has a competitive rate with no monthly fees and minimal conditions.

The Australian Unity Freedom Saver offers different rates depending on your account balance. If you save between $250,001 and $500,000 you can earn a rate of 4.25%. Apart from the balance requirement there are no other conditions required to get the rate.

If your balance exceeds $500,000 you will earn a lower interest rate on your whole balance.

Pros

Fairly competitive interest rate
No monthly fees

Cons

Higher rates apply for smaller balances only

Details

Product details

Product Name	Australian Unity Freedom Saver ($250,001 - $500,000)
Maximum Variable Rate	4.25% p.a.
Standard Variable Rate	4.25% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	16

Key features

Maximum variable interest rate of 4.25%

Australian Unity's Freedom Saver ($250,001 - $500,000) offers one interest rate based on your balance. If you've saved less than $250,001 you can get a slightly higher rate. But if you save beyond the $500,000 maximum you'll get a lower rate.

Aside from this there are no minimum deposits required each month and no withdrawal conditions.

Minimum and maximum balance

The Freedom Saver has no minimum balance. There is a maximum balance of $5,000,000.

But keep in mind that your balance determines your rate. You can only get the rate of 4.25% if your balance is between $250,001 - $500,000.

Government guarantee

Under the Financial Claims Scheme, customer bank balances are protected in the event a bank collapses, up to the value of $250,000. If you have $300,000 in an Australian Unity Freedom Saver account, this means only the first $250,000 is protected.

$0 fees

This account has no monthly or annual fee. There's no ATM fees if using a linked transaction account with any Big Four bank ATM.

Joint accounts

You can open a single or joint Freedom Saver account.

Transaction account

This account also comes with a linked transaction account that offers smartphone payments (Apple Pay, Google Pay and Samsung Pay).

How to apply

You can apply online in a few minutes. Australian Unity will call you within 3 days to let you know if your application is approved.

Eligibility

You are eligible for the Australian Unity Freedom Saver account if:

You are 16 years of age or older
You are an Australian citizen or resident

Documents you'll need

Identification. This can be a driver's licence, passport or Medicare card.
Your address. You'll need to provide your email address.

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Richard Finder

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Marcus

August 10, 2024

Can u have multiple accounts in the same name

Richard Whitten Finder

September 23, 2024

Hello Marcus,

From the bank’s website: The Freedom Saver Account is only available to new customers aged 16 or over. Offer is limited to 1 Account per customer.

So unfortunately the answer is no.

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full profile

Australian Unity Freedom Saver ($250,001 – $500,000)