Bank Australia MySaver
Bonus rate
The under 25's savings account for teens, students and young adults with a nice bonus for regular saving.
- Base rate up to
- 0.10%
- Introductory rate
- None
- Maximum balance
- None published
Rate with bonus, up to
Rates by balance
| Balance | Base rate | Bonus | Total |
|---|---|---|---|
| $0 to $50,000 | 0.10% | +5.25% | 5.35% |
| $50,000 to $250,000 | 0.10% | +4.90% | 5.00% |
How to earn the bonus
Earn monthly bonus interest when $10 is deposited each month and there are no withdrawals in the month. If these conditions aren't met, you will only be eligible to receive the base variable interest rate.
Who can open it
- Age to open
- Up to 24
- Maximum balance
- None published
Who it's for
- Personal, Joint and Trust.
Limits and conditions
- Only one mySaver is allowed per customer, solely or jointly owned.
How it compares
Against the other savings accounts we compare. Typical means the middle half of them.
Most it pays
5.35%
At its best balance, with any bonus. Typical is 3.65%.
Base rate
0.10%
What it pays without a bonus. Typical is 2.40%.
Pros and cons
Pros
- A higher rate. Up to 5.35%, above the typical 3.65%. On $10,000 that's about $535 a year.
Cons
- A low base rate. Only 0.10% in any month you miss the bonus conditions.
- Conditions for the bonus. You need to meet them every month, or you earn only the base rate.
- An age limit. Only for people up to 24.
Similar savings accounts
Savings accounts from other banks that pay a similar rate at their best.
- Most it pays
- 5.35%
- Bonus conditions
- None
- Most it pays
- 5.35%
- Bonus conditions
- None
- Most it pays
- 5.35%
- Bonus conditions
- Yes
