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2022-01-10 11:44 am
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Savings account rates and features

Learn about our savings and term deposit accounts, including rates, guarantees and our terms and conditions.

What’s on this page

Types of savings accounts 

Bonus Saver

mySaver

Online Saver

Christmas Saver

Term deposit

Business – savings and term deposit

Rates and fees

See and compare Bank Australia savings rates and fees.

Managing your account

See articles on statements, moving money and more, plus ways to bank with Bank Australia.

What is the Government guarantee?

The guarantee protects customer deposits of up to $250,000 with authorised banks under what’s called the Financial Claims Scheme. It’s there in the event that a bank goes out of business. 

Where are the account terms and conditions?

Common questions about our accounts

Bonus Saver

How do I get the bonus interest? 

You get bonus interest for the calendar months when you make no withdrawals and deposit $100 or more. Interest is calculated daily and paid in the following month. 

The bonus applies to entire savings balances up to $250,000 with Bank Australia.

 

mySaver

What account does it change to when I turn 25?

The account switches to our Bonus Saver when you turn 25.

Christmas Saver

When can you withdraw funds from your Christmas Saver?

You can access your Christmas Saver balance via internet banking or phone banking between 1 November to 31 January.

Can I withdraw before 1 November?

Yes, simply contact us.  A $2.50 fee applies.

Term Deposit

What if you need to withdraw funds before the end of the term?

Any request for withdrawal of funds from the term deposit prior to its maturity will be subject to 31 days’ notice. If regular access to funds is required, another account may be more suitable.

For term deposits with terms less than 2 years where interest is paid at maturity, approval of any request for either a full or part redemption of funds prior to the expiry of the agreed term is at the discretion of Bank Australia.

If we approve a request for withdrawal of funds from the term deposit prior to its maturity where interest is paid at maturity, an early release adjustment to the accrued interest will apply.

The interest rate applicable to principal amounts withdrawn early will be adjusted by the percentage of the current term over the original agreed term.

For example, if the term deposit is held for 80% of the original term, 80% of the accrued interest on the amount withdrawn will be paid upon early redemption. Any funds not redeemed will remain in the account until final expiry of the agreed term and will attract the full rate of interest as originally specified. The minimum investment amount must be retained in the applicable term deposit.

Monthly income term deposit redemptions prior to the expiry of the agreed term will be approved with 31 days notice. During the notice period, no interest will be earned on the portion of the term deposit being withdrawn.

How do I find out what interest rates Bank Australia is offering for applicable terms?

Please refer to our brochure Savings Rates available here. Please note that the interest rates that apply to Term Deposits are the interest rates that are current on the date the investment is credited to your term deposit account, not the day the account is opened.

What happens when your term deposit is maturing?

If your term deposit is maturing, you will receive a renewal advice letter from us two weeks prior to maturity. The letter will let you know how to contact us if you wish to alter the instructions on your maturing term deposit.

What happens if no maturity instructions are provided?

The term deposit is re-invested for the same term at the advertised interest rate at the date of maturity.

What is a grace period?

A grace period of 14 days applies for new and re-invested term deposits during which you may withdraw or transfer funds without penalty, subject to the minimum investment amount. Nore that no interest is payable on withdrawn amounts during the grace period.