Essential Saver Account
An interest bearing online savings account with a tiered interest rate structure
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Details
| Field | Value |
|---|---|
| Base | 5.25% |
| Ongoing | 5.25% |
| Ongoing cap | $1M |
| Intro | - |
| Intro cap | - |
| Intro period | - |
| Dep/mth | 0 |
| Dep $/mth | - |
| Growth/mth | $0 |
| Buys/mth | 0 |
| Txns/mth | - |
| W/d/mth | - |
| Min age | - |
| Max age | - |
| Fee/mth | $0 |
Source: noren.com.au
Interest rates & fees
| Type | Rate | Applies to | Balance |
|---|---|---|---|
| Standard variable | 5.25% | This band only | First $1m |
| Standard variable | 3.25% | This band only | Over $1m to $5m |
| Rates unverified | - | - | Over $5m |
Source: noren.com.au
This band only: the rate applies to the money within the listed balance range. Other portions earn their own rates.
Rate requirements
For Essential Saver Account.
- The Momentum and Essential CDR eligibility text still mentions education-sector employees. Current UniBank eligibility explicitly covers the Australian university community, that provider-confirmed cohort is used here and original source wording remains signed.
- No introductory pricing or regular monthly account-keeping fee. New members opening a savings account automatically receive an Everyday Direct transaction account, its regular monthly account fee is also zero. Other service/transaction fees may apply.
- Interest calculated daily on cleared end-of-day balances using the annual rate divided by 365, and credited on or about the last day of each month. Rates apply to balance portions, not the highest tier on the whole balance.
- Deposits above $5,000,000 in aggregate across savings and transaction accounts are subject to bank acceptance. A single comparison balance does not establish the customer’s aggregate deposits.
- No monthly deposit amount, balance-growth, purchase or withdrawal-count bonus test. At-call withdrawals do not forfeit the advertised savings interest.
- Open up to nine Essential Saver accounts for separate goals. No minimum or regular deposit requirement, a prolonged nil balance may lead to closure after reasonable notice.
Fees
| Fee | Amount | Details |
|---|---|---|
| Monthly account fee | $0 | Monthly account fee. |
Source: noren.com.au
Showing reviewed fees only, other charges may apply
Rate history
| Observed | Base | Ongoing | Intro |
|---|---|---|---|
| 29 Oct 2026 | 5.25% | 5.25% | - |
Source: noren.com.au
Eligibility
- Australian citizen or permanent resident, Australian residential address and satisfactory identity checks. Standard membership eligibility covers Australian university employees/retirees, students/graduates and immediate family of UniBank members.
- The website also advertises a non-shareholding customer application route. Confirm that route’s eligibility with the bank, it does not remove the account-specific age/student or pension conditions. Related Teachers Mutual, Firefighters Mutual and Health Professionals feeds are separate brands, not automatically covered.
Similar products
Tools & support
Things you should know
- Check withdrawal access, linked-account requirements and transaction timing with the provider.
- Introductory and ongoing offers may have different eligibility and balance limits.
Collected on 30 Oct 2026. Pricing verified on 28 Oct 2026.