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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

Details

Key details

Product Name	Border Bank Savings Plus Account
Maximum Variable Rate	4.50% p.a.
Standard Variable Rate	4.50% 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.

Making deposits

You can make deposits to the Savings Plus over the counter at a Border Bank service centre, via Bank@Post, direct credit from another financial; institution, telephone banking or by making a deposit at an ATM which accepts deposits to Border Bank.

Making withdrawals

Access the funds in your savings account by transferring money to a transaction account. Transfers to another account with Border Bank can be made instantaneously, transfers to a transaction account held with another institution can take up to three business days before the funds are available.

Mutual bank

Border Bank is a division of Police Bank. Police Bank is a mutual bank. Mutuals are owned by their customers. Every account holder has a say in how the institution is run. For this right, you have to pay a small membership fee of $10. There are no upfront fees, rather you must provide a guarantee to pay this charge if Border Bank ceases operation for whatever reason.

Internet and mobile banking

Access your savings account using Border Bank internet banking. Online banking lets you view your savings balance, online statements, interest earned for the last financial year and you can make transfers to other accounts. Internet banking is also available on your desktop computer and mobile device. Border Bank mobile banking is a simplified version of the desktop application.

Eligibility

You need to be a member of Border Bank before you can apply for the Savings Plus account.

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.

Once you provide your information to Border Bank they'll be in touch with further details about how to open the Savings Plus.

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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...

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Border Bank Savings Plus