If you have an Everyday Account with Auswide Bank you can open an Online Saver account to earn interest at a competitive rate without having to meet any deposit or balance terms, and without needing to pay any fees.
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Details
Key details
Product Name
Auswide Bank Online Saver
Maximum Variable Rate
1.50% p.a.
Standard Variable Rate
1.50% p.a.
Monthly Account Fee
$0
Minimum Opening Deposit
$0
Minimum Age
18
Key features
No monthly account keeping fees
Pay zero monthly account fees with the Online Saver account.
Earn 1.5%
p.a. interest
No minimum deposit or balance requirements need to met to earn interest. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.
Interest calculated daily
The interest is calculated on the daily balance and then deposited into the account monthly.
Online and phone banking
Conduct telephone and online transactions through your Online Saver account with no fees or charges.
Unlimited sub accounts
Open an unlimited number of sub accounts to manage your savings in more detail
Protected by the Australian Government deposit guarantee
Up to $250,000 of deposits covered under the Financial Claims Scheme
Minimum age. In order for an online application form to be accepted you must be at least 18 years of age.
Residency requirements. You need to be an Australian permanent resident or citizen in order to apply for an Online Saver account.
Depository requirements. There are no depository requirements for the Online Saver account.
Documentation needed
Tax file number. Providing your tax file number (TFN) or exemption code is not obligatory, yet it will help in ensuring that the correct tax rate is being applied to your interest earnings.
Identification. Auswide Bank is required by law to verify your identity before an account can be activated in your name. You will require personal identification, such as a driver's license or passport, to open an account.
Linked account. Auswide Bank will need the details of your Everyday Access Account so that the two may be linked together.
What happens after I submit my application?
Allow three working days for Auswide Bank to process your application and send you account information. After this, you can start accessing it and making transactions.
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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?
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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.
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