Bendigo Bank Reward Saver
- Maximum variable rate
- 5.00% p.a.
- Base interest rate
- 0.3%p.a.
Our verdict
This is a low-fee savings account that lets you earn a competitive interest rate if you grow your balance and deposit more than you withdraw each month.
With the Bendigo Bank Reward Saver account you can earn a fairly high bonus interest rate of up to 5% if you grow your balance each month (beyond any interest earned during that month).
You'll also need to have an eligible Bendigo Bank transaction account to open a Reward Saver account. You can earn the bonus rate on balances of up to $100,000.
Pros
-
Competitive interest rate
-
No age restrictions
-
No monthly service fee
Cons
-
Somewhat complicated conditions to get the bonus interest
Details
Key details
| Product Name | Bendigo Bank Reward Saver |
| Maximum Variable Rate | 5.00% p.a. |
| Standard Variable Rate | 0.30% p.a. |
| Monthly Account Fee | $0 |
| Minimum Opening Deposit | $1 |
Savings Bank Customer Satisfaction Highly Commended:
Bendigo
Bendigo took second place in our savings banking category this year, with 91% of the users that we surveyed saying they'd recommend the bank to a friend. Its customer satisfaction rating was 4.36 out of 5. Find more about Finder Banking Satisfaction Awards 2023.
How to apply
Eligibility
You are eligible for the Bendigo Bank Reward Saver account if:
- You are an Australian citizen or resident.
- You have (or are planning to open) a Bendigo Bank Everyday Account or Student Account.
Documents you'll need
- Identification. This can be a driver's licence, passport or Medicare card.
- Your address. You'll need to provide your residential address.
- Tax file number (TFN). You'll need your tax information
Compare other savings accounts
Compare alternatives
We currently don't have a partnership for that product, but we have other similar offers to choose from (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?
Your reviews
Richard Finder
Editor
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Jason Loewenthal Finder
January 19, 2024
Hi Fred,
The interest in this account is paid monthly, so will be compounded if you leave it in the account after it is paid.
We have a guide on compound interest if you want to learn more.
I hope that helps.
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Fred
January 11, 2024
Hi, is the interest in the Bendigo Bank Reward Saver compounded? Thanks