This is a flexible savings account that offers an ongoing monthly interest rate with no deposit conditions or withdrawal restrictions.
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Earn an an ongoing, variable interest rate of 3.7% on your balance over $5,000 with no ongoing conditions to meet. This account could suit you if you want to earn some interest on your money, but you don't want to commit to meeting a monthly deposit amount and you want to be able to make withdrawals when you need.
Pros
$0 monthly account keeping fee
Ongoing interest rate with no conditions to meet
Make withdrawals and still earn interest
Cons
Maximum interest rate is only available on balances over $5,000
Lower ongoing interest rate than others in the market
The portion of your balance over $5,000 will earn a variable interest rate of 3.7% p.a. The portion of your balance under $5,000 will only earn 0.01% p.a.
Membership is required before applying for an account
Bank Australia is an Australian mutual bank, requiring that you first become a member before you are able to apply for any of their accounts.
No monthly account keeping fees
You are not going to find any monthly account keeping fees deducted from this account.
Access your funds online, via mobile and more
With this account you transfer your money to an everyday account over the internet or with mobile banking in order to access it. You can also make counter transactions at a branch and use BPAY for electronic debits.
$2.50 transaction fees
Banking online is free, but you will be charged $2.50 for any teller assisted service.
Interest calculation
The interest on the account is calculated at the end of each day and credited towards the balance each month. This allows you to earn even more in compound interest.
Transaction limit
There is a daily transaction limit of $50,000 when you are making transfers between Bank Australia accounts and $10,000 if you are making to transfers to other banks.
Mobile app available for Apple and Android phones
The Bank Australia mobile app is available for free from the Apple Store for iPhones or the Google Play Store for android mobile phones. With this app you are able to do your banking from anywhere.
Link the account to one of the following transaction accounts
Existing Bank Australia members can apply for the Online Saver Account through internet banking. Before you begin your application, make sure that you are able to meet the following eligibility requirements:
Minimum age. There are no age requirements stipulated for the account, but in order to apply for membership online you will need to be at least 13 years old.
Residency requirements. You will need to be an Australian resident or citizen in order for your application to be accepted.
Depository requirements. There is no requirement for making an opening deposit when you apply for the Online Saver Account.
Documentation needed
The following documentation will help you in filling out your online application correctly:
Tax file number. Your tax file number (TFN) or TFN exemption code is needed so that Bank Australia can apply the correct withholding tax to your interest earnings. This is not obligatory, but if you do not provide the TFN they are required to withhold tax at the highest marginal rate.
Identification. In order to be able to verify your identity electronically, Bank Australia will need information from your passport, driver's licence or Medicare card. If this is not possible you may need to visit a branch in order to complete your request for membership.
Account number. You will need the account information for your transaction account with Bank Australia in order for it to be linked to your savings.
What happens after I submit my application?
Once you have submitted your application and it has been checked for accuracy, Bank Australia will contact you with your membership and account details. You can then begin transferring your money into your new savings account.
We currently don't have that product, but here are others to consider:
How we picked these
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?
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.
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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