Summerland Bank savings accounts feature competitive boosted interest rates and zero account-keeping fees, with a strong focus on digital banking capabilities.

The bank previously had several savings account products, which have since been discontinued to streamline its offerings and enable it to offer competitive interest rates.

Currently, Summerland offers two types of savings accounts - a digital-only account for those who prefer online banking and an account that rewards customers for saving more.

Key features of Summerland Bank savings accounts

These are correct at the time of writing and are subject to change.

Summerland Bank savings account products

iSave Online Savings Account

New customers of the iSave Online Savings Account can take advantage of an introductory rate for four months from account opening. During the introductory period, a boosted rate is paid on balances up to $250,000. The standard rate applies after four months.

As a digital savings account, iSave leverages technology for convenient money management. The account is accessible via Summerland Bank's mobile app and website, through which customers can check their balance, transfer funds, pay bills, and deposit money into their accounts.

The app also supports digital wallets like Apple Pay and Google Pay for contactless payments. It also boasts security features like biometric login options and real-time alerts.

However, since iSave is a digital product, it does not offer in-branch services for account management or opening. Everything must be done online or through phone banking. Similarly, there is no option for ATM or EFTPOS card access. To facilitate transfers and enable cash access and in-person transactions, the account must be linked to a Summerland transaction account that provides a debit card.

Bonus Saver Savings Account

Summerland's Bonus Saver is ideal for diligent savers seeking to grow their money in an accessible investment vehicle. Account holders can earn a bonus interest on top of the base rate as long as they deposit at least $100 and make no withdrawals every month.

Account management such as fund transfers, deposits, and balance viewing can be done through the bank's app, website, or local branch. Since Bonus Saver, like iSave, is primarily designed for savings, it also doesn't come with ATM and EFTPOS access via a physical debit card. For accounts where ATM access is essential, customers may link their savings account to a Summerland transaction account.

How to open a savings account with Summerland Bank

Opening a savings account with Summerland Bank is a straightforward process. Depending on the product, interested applicants may open an account via the bank's website or in any local branch. (Take note: in-branch account opening is only applicable for Bonus Saver)

They must then fill out an application form with all necessary details and submit all required documents, as seen below:

• Passport, driver's licence, or any government-issued ID

• Recent utility bills, a rental agreement, or bank statements showing current address

• Linked transaction account (required for iSave, optional for Bonus Saver)

No minimum deposit amount is required.

Summerland savings accounts are only open to permanent Australian residents aged 18 years and over. Applicants are also advised to provide a tax file number (TFN) to ensure interest earnings are charged at the right marginal tax rate.

For more information, we recommend contacting the bank's customer service or checking its website.