Bank Australia Savings Accounts

Bank Australia - Outstanding Value Award Winner

Bank Australia is a provider of savings accounts, as well as other banking solutions such as loans, financial planning and insurance.

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Compare Bank Australia savings accounts

Considering a savings account from Bank Australia? The table below displays a snapshot of Bank Australia savings accounts on Canstar’s database, sorted by Star Rating. These results are based on a regular saver profile in NSW with $10,000 in current savings.

To see the definition of a regular saver and other profiles used in Canstar’s Star Ratings, view Canstar’s savings account methodology here. Or you can search our database for a savings account to suit your needs.

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What savings accounts does Bank Australia offer?

Bank Australia offers the following savings accounts at the time of writing:

Bonus Saver

Earn a monthly interest bonus by depositing $100 or more into your account each month and not making any withdrawals during the month.

Online Saver

Earn higher interest with online only access.

mySaver

If you’re under 25, earn a monthly interest bonus by depositing $10 or more into your account and make no withdrawals during the month.

Christmas Saver

Aimed at customers looking to save regularly throughout each year for Christmas.

You can view the current interest rates on Bank Australia savings accounts in our comparison tables.

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Do Bank Australia savings accounts require a linked transaction account?

No, Bank Australia does not require linked transaction accounts for its savings accounts.

You can compare transaction accounts with Canstar to potentially find one that suits your requirements.

Does Bank Australia charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. Bank Australia charges the following fees on all its saving accounts at the time of writing 03/07/18:

  • $2.50 for all staff assisted withdrawals.

For current information on all fees and how they apply, please check the Product Disclosure Statement.

How to apply for a Bank Australia savings account

Before applying for a Bank Australia savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you. You can then apply for a Bank Australia savings account online, provided you have the correct documentation:

  • At least one form of ID, such as your driver’s license or passport
  • Accurate personal information, such as your name, date of birth, address and phone number

Once your account is opened, Bank Australia may require you to transfer in a minimum amount before your account can be activated – check the PDS document for more information on how much you might need to deposit.

What does Bank Australia offer in terms of mobile banking for its transaction accounts?

Bank Australia offers both online and mobile banking for its transaction account products, with its app available in both the Apple and Google store. Notable features of Bank Australia’s mobile banking include:

  • Check your balance and get a quick balance
  • Transfer funds, including fast payments with Osko
  • Create and maintain your PayID

Related article: How to change bank accounts

What other banking products does Bank Australia provide?

Bank Australia provides a variety of different products to consumers, including:

  • Transaction accounts
  • Credit cards
  • Foreign exchange services
  • Loans
  • Financial planning
  • Insurance

About Bank Australia

Bank Australia was founded in 1957 with just 40 members, as the CSIRO Co-operative Credit Society Ltd. Within their first year, they granted three loans totalling $525.

Formerly known as bankmecu, Bank Australia is a 100% customer-owned bank. Today, Bank Australia claims to have nearly 130,000 customers and community sector organisations banking with them.

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Bank Australia Bonus Saver

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Written by: Maddie Clarey | Last updated: July 3, 2018