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2023-06-23 12:09 pm

Bonus Saver

Earn up to

Total introductory rate for the first 3 months*

On balances up to $250,000
Limited time offer and subject to change
Terms and conditions apply


Existing customer? Login to internet banking

Why us?

*Total introductory interest rate explained

Introductory fixed rate

0.70

%
p.a.

Fixed bonus rate for the first three months when you open a new Bonus Saver account (on balances up to $250,000).

Base variable rate

0.10

%
p.a.

At a minimum, you'll get this rate (subject to change).

Bonus variable rate

4.45

%
p.a.

Earn bonus rate by:

Depositing $100+ each month

Make no withdrawals each month

The rate above is for balances up to $250,000.

Bonus rates vary depending on balance amount.

Total introductory interest rate

5.25

%
p.a.

Total rate (Introductory fixed rate + base variable rate + bonus variable rate) you could earn on a new Bonus Saver account for the first three months (on balances up to $250,000), then continue earning with our competitive variable rates.

Offer available from 25/09/2023 for a limited time only and subject to change. Only available on new Bonus Saver accounts. After 3 months, the base variable interest rate and bonus variable interest rates apply to your Bonus Saver account if bonus interest conditions are met.

What you get

StarStarStarStarStar
"So far I've enjoyed my experience with Bank Australia and feel like my money is working towards something good. 10/10 will recommend to friends and fam."
Jordy from VIC

Online access

Use the Bank Australia app and internet banking to check your savings and move money if you need to.

No monthly fees

With no account fees, deposit fees or online transfer fees, it’s just straightforward savings.

Round UP

Grow your savings with small change. Eligible purchases on your Visa Debit card are rounded up to the nearest $1, $5 or $10.


Joint accounts

Open an account with another person.
Joint accounts are available with any of our transaction or savings accounts.

Security

Know your money is safe with card controls, security alerts and more.

Savings buckets

Organise your savings into buckets – think ‘bills’ and ‘holidays’ – simply by opening a second Bank Australia savings account, like Online Saver.

Rates, fees, terms and conditions

Total introductory interest rate

Earn up to

5.25
%
p.a.

Total introductory interest rate for the first 3 months* on balances up to $250,000 on new Bonus Saver accounts.

The introductory rate of 0.70% is fixed, calculated daily on balances up to $250,000 and credited monthly.

Current rates if bonus interest conditions are met

Make a deposit of at least $100 and no withdrawals each month to get an interest rate of:

Effective 25 September 2023
Balance
Interest (p.a.)
$0.01 – $250,000
4.55
%
$250,000.01 – $500,000
4.45
%
$500,000.01 – $1,000,000
4.35
%
$1,000,000.01+
4.25
%

Base variable rate if bonus interest conditions are not met

Balance
Interest (p.a.)
Any balance
0.10
%

Interest rate is variable, calculated daily on whole of balance and credited monthly.

Eligibility criteria

People aged 13+
Aged under 13? Read about how to open an account in our in trust account elgibility criteria

People living in Australia as a permanent resident or with a relevant work visa

Single and joint account holders

Only one Bonus Saver account is allowed per customer, solely or jointly owned

Fees and charges

Monthly fee
$0
Exceeding available funds
$10
Dishonour fee
$12
Staff Assisted fee
$2.50

For all fees and charges please refer to Fees, Charges and Transaction Limits

General advice

Information provided is of a general nature only. In providing you with this information you should consider the appropriateness of this advice with regards to your particular financial situation and needs. You should consult the Product Disclosure Documents below and Target Market Determination before making a decision to apply for products with Bank Australia.

^As benchmarked against major depositors as of 19 September 2023.

Terms, conditions, fees and charges are applicable as outlined below.

Product disclosure documents

Join the clean money revolution

Get started in less than 5 minutes – all you need is your driver’s licence or passport, and your Medicare card.

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Frequently asked questions

What is the Bonus Saver total introductory interest rate?

The Bonus Saver total introductory rate is made up of the introductory fixed bonus rate, plus the base variable rate, plus the bonus variable rate which applies when bonus interest conditions are met.

This introductory fixed rate applies for 3 months after your first Bonus Saver account is opened during this special offer period.

When does the introductory rate apply?

An introductory fixed bonus rate applies for the first 3 months, on top of the base variable rate and bonus variable rate when bonus interest conditions are met.

After 3 months, your Bonus Saver account will revert to the base variable interest rate plus bonus variable rate when bonus conditions are met and the conditions applicable at the time.

The introductory rate offer is available for a limited time only and we may change and remove the promotional offer at any time.

What is the Bonus Saver interest rate?

The Bonus Saver rate is the base variable rate plus the bonus variable rate, which applies when bonus interest conditions are met ($100 minimum deposit and no withdrawals per month).

Are there any deposit conditions on my Bonus Saver account?

You need to make a minimum deposit of $100 to the account and no withdrawals for the month to receive bonus variable rates. If these conditions aren’t met, you will only be eligible to receive the base variable interest rate.

During the introductory rate promotional period, you will only receive the introductory fixed rate and base variable rate if you do not meet the bonus interest conditions.

When is interest paid to my Bonus Saver account?

Interest is calculated on the daily balances, and paid at the end of a calendar month or on the day the account is closed.

Can I open more than one Bonus Saver account?

Only one Bonus Saver account is allowed per customer, solely or jointly owned. The introductory fixed rate is only applicable to Bonus Saver accounts opened during the promotional period.

The introductory fixed rate offer is available for a limited time only and we may change and remove the promotional offer at any time.

How is the introductory rate calculated?

The introductory fixed rate applies for the first 3 months from account opening, on balances up to $250,000. The introductory fixed rate applies in addition to the base variable rate, and in addition to the bonus variable rate when conditions are met.

After 3 months, your Bonus Saver account will revert to the base variable interest rate plus bonus variable rate when bonus conditions are met.

The introductory fixed rate offer is available for a limited time only and we may change and remove the promotional offer at any time.

How is bonus interest rate calculated?

If interest is payable on your account, it is calculated on a daily basis using the following formula:

Daily Closing Balance X interest rate / 365

The daily closing balance is the credit balance on your account at the end of a day. All current interest rates are available on our website.

How are saving products different to term deposit?

Fixed term deposits offer a guaranteed rate of return on your money for the life of an investment. They are also a low maintenance option so they are more 'set and forget' than savings accounts, which are more flexible with withdrawals but require meeting bonus conditions in order to get the bonus rate. You can learn more about the key differences between term deposits and other savings accounts here.

7 tips to save for summer

Everyone’s been considering smart ways to manage money recently, especially with summer and the holiday period fast approaching. These 7 tips could make a meaningful difference to achieving your saving goals, and you can knock some of them over in less than half an hour.

Learn more

Savings account support

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Head to our help section for more information.