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Savings accounts

mySaver

Earn up to

No items found.

p.a.

5.10

p.a.

On balances up to $50,000
‍Terms and conditions apply

The under 25’s savings account for teens, students and young adults with a nice bonus for regular saving.

Open now

Existing customer? Login to internet banking

Why us? What you get Rates and information Support Open now

Why us?

Earn bonus interest

Whether you’re saving as a teen or young adult, to boost your savings with our bonus interest rate, simply deposit $10+ and make no withdrawals in the month.

Be the change

What if the money in your bank account helped other people and the planet? When you bank with us, it does.

The guarantee

Savings are protected by the Australian Government guarantee on combined deposits up to $250,000.

What you get

"Staff who really listen. I went to the city branch with a query about a complex situation. They were able to offer an even more flexible solution for my personal circustances. I chose Bank Australia for its commitment to a better world, but also highly recommend its customer service."

Review by Meg.

See more on Productreview.com.au

Online access

Use the Bank Australia app and internet banking to check your under 25's savings account 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.

Instant transfers

Move money instantly with Osko. And use PayID to pay and be paid the simple way.

Direct access

Check your balance and access your money at any time in the Bank Australia app or internet banking.

Joint accounts

Open an account with another person. Joint accounts are available with any of our transaction or savings accounts, including for teens, students and young adults.

Security

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

Savings buckets‍

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

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.

Rates, fees, terms and conditions

Current interest rates

Make a deposit of at least $10 and no withdrawals each month to get an interest rate of:

Effective 1 October 2024

Balance	Interest (p.a.)
$0 – $50,000	5.10 %
$50,000.01 – $250,000	4.75 %
If bonus interest conditions aren't met	0.10 %

Interest rate is variable, calculated daily on whole of balance and credited monthly. Receive interest on balances up to $250,000.
‍
The mySaver is only available to customers under 25 years of age.
If you are not eligible for this account it will be closed.

Savings and term deposit rates

Eligibility criteria

People aged 13 to 25

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

Teens, youths, students and young adults who are learning to save

Single and joint account holders. Only one mySaver is allowed per customer, solely or jointly owned

Aged under 13? Read about in our in trust account

Fees and charges

We’ll waive the staff-assisted withdrawal fees if you:

Are a school or not-for-profit entity
Have a Bank Australia Premium Home Loan Package or Clean Energy Home Loan in the same name

Exceeding available funds fee	$10 plus Debit interest charge rate

Debit interest charge rate	12.39%

Staff assisted withdrawal fee	$2.50 (unless waived as listed above)

For all fees and charges please refer to Deposit fees, charges and transaction limits

General advice

The mySaver is available to customers aged 13 to 25. If you are not eligible for this account it will be closed.

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.

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

‍

Product disclosure documents

Account Access facility conditions of use

Deposit fees, charges and transaction limits

Summary of accounts

Savings accounts Target Market Determination

Join online now

Have your smartphone and your Australian driver's licence or Australian passport handy when you apply
Complete your online ID verification and account application
Start using your new account

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.

Start now

Savings account support

Savings calculator

Calculate your return using our savings and term deposit calculator. See how hard your money can work with different amounts, terms and interest rates.

Ways to bank

Setting up and using Bank Australia services including the app, internet banking, phone and branch banking, and our accessibility services.

Managing your account

The admin side of your accounts. Like changing your details, finding numbers, downloading statements and getting set to travel.

Need support with banking?
Head to our help section for more information.

Calculators

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