Border Bank Savings Plus

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Border Bank Savings Plus Account
8.4
Finder Score
Great

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Maximum variable rate
4.25% p.a.
Base interest rate
4.25% p.a.
Minimum deposit
$0

Summary

Save more and get rewarded with a no strings attached savings account from Border Bank.

A division of Police Bank, Border Bank offer banking products such as home loans, savings account and credit cards. Border Bank are a mutual bank. Mutuals are owned by their members who benefit from lower rates and fees. The Border Bank Savings Plus is a tiered account for savers looking for an incentive to save more. Different account balances attract different rates of interest. Balances over $250,000 are rewarded with 0.5% p.a. interest.

Pros

  • No minimum deposit required
  • Competitive interest rate
  • At-call access to funds

Cons

  • There's a $10 membership fee

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 Border Bank Savings Plus Account
Maximum Variable Rate 4.25% p.a.
Standard Variable Rate 4.25% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

No strings

Unlike other savings accounts, you are rewarded with interest regardless of your account activity for the month. There is no minimum deposit or minimum balance required to earn interest.

No fees

This is a fee free saving account. There is no charge to open the account and there are no monthly account keeping fees.

How to apply

Visit Border Bank website to start an online application for the Savings Plus account.

Become a general member of Border Bank first before you apply for the Border Bank Savings Plus account. To become a general a member, you can apply for a transaction account or other savings account such as the Bonus Saver, or you can request a membership by contacting the Border Bank service centre.

If you're a new customer to Border Bank, you'll need to verify your identity before you can open an account. Existing customers can apply through internet banking.

  • Identification. Provide one form of category A identification such as an Australian passport, driver's licence of state government proof of age card. You can also use two forms of non-photographic identification like a birth certificate and a Centrelink card.

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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. Border Bank Savings Plus Account information page
  2. Border Bank Savings Plus Account TMD

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Alison Finder

Editorial Manager, Money

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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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