Australian Unity Bank's range of savings accounts is designed for different types of savers and saving needs.
It has a savings account for individuals who value convenience and prefer not to be saddled with deposit or withdrawal restrictions, an account that rewards diligent savers with bonus interest, and one designed to instil in children the habit of saving.
Australian Unity savings account interest rates are generally competitive, and the straightforward structures are greatly favoured by customers. The bank also charges $0 monthly fees and provides an easy account management platform via its mobile banking app.
However, concerns about customer service responsiveness have been one of the issues often raised by depositors. Additionally, the bank rankled customers in late 2023 when it closed the Freedom Saver account to new customers mere days after introducing it, and then cut the rate a month later. This was due to "unprecedented demand" as it featured an unconditional rate north of 5% p.a. at the time.
Interest earnings for all Australian Unity savings accounts are calculated daily and paid monthly.
As with every other authorised deposit-taking institution (ADI), the government's Financial Claims Scheme protects deposits up to $250,000 per account holder with Australian Unity.
Key Details and Features of Australian Unity Savings Accounts
| Product | Unique features | Bonus interest criteria |
|---|---|---|
| Easy Saver | No minimum opening balance | Introductory rate in the first 4 months |
| No minimum deposit required | ||
| No minimum withdrawal restrictions | ||
| Linked transaction account access | ||
| Active Saver | No minimum opening balance | Deposit at least $250 a month and make no withdrawals |
| Linked transaction account access | ||
| Freedom Saver | Tiered interest rates | N/A |
| No minimum opening balance | ||
| No minimum deposit required | ||
| No minimum withdrawal restrictions | ||
| Linked transaction account access | ||
| Kids Saver | Available to children ages 0-14 years | Deposit at least $5 a month and make no withdrawals |
| Parental control | ||
| No minimum opening balance | ||
| Linked transaction account access |
These are correct at the time of writing and are subject to change.
Easy Saver
Customers opening an Easy Saver savings account with Australian Unity are offered a special introductory rate for the first four months. The fixed bonus interest is calculated daily and paid monthly, allowing people who deposit money more than a few times each month to maximise their interest earnings during the intro period.
Easy Saver accounts will then roll over to a base variable rate once the period ends.
Australian Unity customers can open an Easy Saver savings account with no minimum amount required. No deposit or withdrawal restrictions apply.
Active Saver
Active Saver is Australian Unity Bank's savings account that rewards customers with a bonus interest rate on the condition that they deposit at least $250 each month with no withdrawals. The bonus interest applies to balances up to $500,000.
If the condition is not met and the balance exceeds the cap, interest earnings will be calculated against the prevailing base variable rate.
Active Saver savings account holders must link their Australian Unity transaction account to access payment features such as PayID and Google Pay.
Freedom Saver
Australian Unity offers its best savings account rate (even considering the bonus interest rates of the bank's other products) through Freedom Saver.
Note, however, that this savings account uses the step-up tiered interest rate structure, which means each portion of the balance earns the rate assigned to its tier. In the Freedom Saver's case, the highest interest rate applies to balances up to $50,000.
Customers can open an account and make deposits or withdrawals of any amount. Linked transaction account access enables users to use their savings for payments.
Kids Saver
Parents and guardians seeking to instil in children the habit of saving may consider Australian Unity's Kids Saver.
A savings account designed for children aged 14 and under, Kids Saver rewards account holders a bonus interest on top of the variable base rate if they deposit at least $5 a month and make no withdrawals. The bonus interest applies to balances up to $20,000.
It has no minimum opening balance required, and can also be linked to a transaction account.
Kids Saver requires a parent or guardian to be the signatory of the account, which gives them the authority to move money in and out of the savings account via Internet banking or mobile app for their child.
How to Open a Savings Account with Australian Unity
To be eligible to open an Australian Unity savings account, interested customers must meet standard age and residency requirements.
Would-be depositors must be:
-
An Australian citizen or a permanent resident
-
16 years of age or over (except for Kids Saver, which is exclusive to 14 years old and under)
Due to the absence of physical branches, opening a savings account with Australian Unity is done online via its website.
Go to the specific savings account page and click 'Apply now'. Fill out the online application form with all required personal information and financial details. Upon approval, a confirmation will be sent, and from there, savers can start managing their accounts.
Please note that Australian Unity has announced plans to transfer its banking operations to Bank Australia by late 2025. This transition may affect the availability of certain products and services. Ensure you stay informed about any changes that may impact your savings account application or management.
