Bank Aust mySaver Summary
Description
The under 25's savings account for teens, students and young adults with a nice bonus for regular saving.
Benefits
- No monthly savings-account fee.
Hoops
- Available to ages 0 to 24.
- For bonus interest, deposit at least $10 each month. Check the full requirements below.
- Withdrawals can forfeit bonus interest.
- Ongoing rate cap: $50,000. See the rate breakdown for higher balances.
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Details
Key details
| Product name | Bank Aust mySaver |
|---|---|
| Maximum variable rate | 5.35% p.a. |
| Ongoing interest rate | 5.35% p.a. |
| Base interest rate | 0.10% p.a. |
| Minimum age | 0 years |
Source: noren.com.au
All comparison details
| Base | 0.10% |
|---|---|
| Ongoing | 5.35% |
| Ongoing cap | $50K |
| Intro | - |
| Intro cap | - |
| Intro period | - |
| Dep/mth | 1 |
| Dep $/mth | $10 |
| Growth/mth | $0 |
| Buys/mth | 0 |
| Txns/mth | - |
| W/d/mth | 0 |
| Min age | 0 |
| Max age | 24 |
| Fee/mth | $0 |
Source: noren.com.au
Rates & features
Interest rates
Variable rates % p.a. at $699, assuming applicable bonus conditions are met.
- Base: 0.10% p.a., before bonus interest.
- Ongoing: 5.35% p.a. when bonus conditions are met. Up to $50k.
Full rate breakdown
| Type | Rate | Applies to | Balance |
|---|---|---|---|
| Base rate component | 0.10% | Whole balance | Up to $250k |
| Base rate component | 0.00% | Whole balance | $250,000.01 and over |
| Ongoing total, conditions met | 5.35% | Whole balance | Up to $50k |
| Ongoing total, conditions met | 5.00% | Whole balance | $50,000.01 to $250k |
| Ongoing total, conditions met | 0.00% | Whole balance | $250,000.01 and over |
Source: noren.com.au
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Requirements
- Deposit at least $10 each calendar month and make no withdrawals. Ongoing rates apply to the WHOLE balance, not portions.
- mySaver pays no interest on any balance when the account exceeds $250,000. Other account-balance and child/joint eligibility rules apply.
- Qualification timing: Requirements are assessed in the current month. Check the settlement deadlines and exclusions in the requirements.
Fees
- Monthly account fee: $0
Showing reviewed fees only, other charges may apply
How to apply
Check these eligibility requirements before applying with Bank Aust.
- Under 25 years of age
- Children aged 12 years and younger requires that a parent or guardian is a signatory to the account until the child turns 13 years old. At the age of 13 years old, the parent or guardian may at the child's election, cease to be a signatory.
- Natural Person or In trust for a Natural Person
- Personal, Joint and Trust
- Only one mySaver is allowed per customer, solely or jointly owned
- AU: Must be an Australian citizen, permanent resident or have a valid Visa.
- Personal savings use only. Children aged 12 and under require a parent/guardian signatory. mySaver is under 25 and converts to Bonus Saver at 25. Online Saver and Bonus Saver have a provider maximum account balance of $10m.
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Sources & review
Noren aggregates information from multiple primary sources to ensure you're getting the most up-to-date, accurate information. All product information is peer reviewed.
Collected and verified on 31 Oct 2026.