Easy Street Bonus Saver Account
What happens when I click Apply Now?
- Clicking Apply will take you to your Online Application on the bank's website. You do not need to be a customer of this bank to apply.
- Your application will typically take you no more than 10-15 minutes to complete
- Tip: Have your Tax File Number ready as it will speed up your application.
- In most cases, your new savings account will be setup immediately after you apply.
Wouldn’t it be nice if you could be rewarded with a high interest rate every single month on the amount that you save? Well with the Easy Street Bonus Saver Account you could. Unlike other accounts where you may only receive a bonus rate for the introductory period, the Easy Street Bonus Saver will continue to reward you with bonus interest every month that you make the minimum deposit. The goal of the company is to promote saving. If you gain rewards for saving your money then you are more likely to continue to do so.
| Maximum Variable Rate | 5.61% |
|---|---|
| Standard Variable Rate | 0.01% |
| Bonus Variable Rate | 5.60% |
| Monthly Fee | $0 |
| Minimum Deposit | $0 |
How the Bonus Saver Account Works
In order to benefit from a great interest rate, you will need to deposit at least $50 into the account each month. You also have to make no withdrawals. If you do need to make a withdrawal then you can, but you will not benefit from the high interest rate. The standard rate which may apply is 0.01% per annum. This is actually quite standard in comparison to other savings accounts at the moment.
The purpose of this account is to promote regular savings. You can also choose to set up a regular savings plan too if you like. This will help you to reach your saving goals.
The Benefits of the Account
As well as a great interest rate, the account also benefits from no fees. There is no fixed rate or a minimum balance to worry about. You can also add funds to your account 24/7. No matter where you are, you can control your account online.
You can also make unlimited deposits. Interest is calculated daily and given to you each month. Provided that you keep depositing $50 per month, you could end up with a lot of additional money! There is a free government deposit guarantee on the account for up to $1 million.
This is actually quite standard in comparison to other savings accounts at the moment, which can require up to a $200 monthly minimum payment to receive a higher variable rate.
Minimum opening balance is $2 (to cover $2 membership share).
Things You Need to Know
You will need to organise your account completely online. It does not come with card access or deposit books. Therefore if you need to make a withdrawal, you will have to transfer it to your bank account.
The only requirements that you need to meet to open the account is that you are 18 years of age and a permanent Australian resident. You can apply online and it is easier to apply if you are already a member of the bank. There is no requirement to have a nominated linked account with members free to make transfers to an external account. You can also add your tax file number.
You can transfer money into the account by electronic transfers or direct deposits. You can even arrange for your salary to be deposited into the account. You will always be able to keep track of the interest rates by logging onto the site.
Overall this savings account is great if you are looking to start regularly saving as much as you can. It is easy to apply and you are guaranteed that your money will be safe. You can even set up a regular savings plan to help you to save towards your goals.
Read the official terms and conditions
Related posts:
- People’s Choice Credit Union Bonus Saver Account
- Westpac Bonus Interest Savings Account
- Easy Street Easy Savings Account
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