In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Community First Bank Bonus Saver

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Updated
Community First Bank Bonus Saver

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Maximum variable rate
4.35% p.a.
Base interest rate
0.05%p.a.
Minimum deposit
$20

Summary

Looking for a little encouragement to save? Community First can give you a push in the right direction.

Not everyone has the discipline to put money aside for that rainy day but with Community First Bank you are given an incentive to try harder. With just a small monthly deposit and no spending out of your savings, you are rewarded with a bonus interest rate. The higher competitive rate can quickly turn those few dollars deposited each month into enough to buy whatever it is that will make the sun shine on your rainy day.

Pros

  • Incentive to save money
  • No monthly account keeping fee
  • No minimum balance required

Cons

  • Need to meet conditions every month to get bonus interest

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 Community First Bank Bonus Saver
Maximum Variable Rate 4.35% p.a.
Standard Variable Rate 0.05% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

Joining the credit union

In order to take advantage of any of the products offered by Community First you will first be asked to become a member of this credit union. This can be done online and entails paying $2 for your share.

Monthly account keeping fees

No charges will be made to your savings account for monthly services or maintenance.

How to apply

Eligibility

Existing Community First members will find it easy to apply through their online banking platform. If you are not already a member, you can fill out the membership application online. Before beginning, check to see that you are eligible both for becoming a member and opening the Bonus Saver Account:

  • Minimum age. While this account is available to all members regardless of age, if you are under 18 you will need to visit a branch in order to become a member of the credit union.
  • Residency requirements. Membership is open to Australian residents with a residential address either in Sydney or the Central Coast Region of Australia.

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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. Community First Bank Bonus Saver information page
  2. Community First Bank Bonus Saver TMD

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Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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