Auswide Bank offers savings accounts designed for different types of savers.

There's an online-only account for those seeking a convenient, fee-free option with unlimited withdrawals, as well as a savings account that rewards diligent savers with bonus interest rates.

The regional bank also dabbles in the youth savings accounts space, helping promote the habit of saving money at a young age.

Auswide Bank savings accounts do not charge ongoing fees and have no minimum opening deposit amount and monthly maintaining balance requirements. However, the interest rates are relatively lower compared to other banks, even for its savings account that offers conditional bonus rates.

Interest is calculated daily and paid monthly though, which means it compounds more frequently than savings accounts that calculate interest on monthly balances.

For direct ATM access, customers may link their Auswide savings account to any of the bank's transaction accounts which provide a physical card.

Up to $250,000 deposit in Auswide savings accounts is protected by the Australian Government guarantee.

Key Details and Features of Auswide Bank Savings Accounts

Online Saver

Auswide Bank's online savings account features a standard interest rate calculated on opening daily balance and paid every month. Customers can open an account with any amount and retain it without worrying about the minimum balance.

All transactions can be conducted online for free. Since it's a digital savings account, depositors have no branch access; phone banking, however, is available.

Savers can create and 'nickname' up to 10 sub accounts, useful for managing savings goals (i.e., 'holiday', 'car') or budgeting purposes.

Bonus Plus Saver

Suitable for diligent savers, this savings account rewards customers with a bonus interest rate if they make at least one deposit and make no withdrawals each month. Those unable to meet this condition will be paid the standard interest rate.

Interest is tiered and paid on the first $4,999.99 and then to the exceeding balance.

It features low transaction fees and zero account-keeping fees. Auswide Bank doesn't impose a minimum opening deposit and maintaining balance to retain this savings account. Savers can create up to 10 sub accounts.

Ziggy Kids Saver

This savings account is exclusively available to clients 15 years old or under. Similar to Auswide Bank's Bonus Saver, Ziggy Kids pays its young customers a bonus interest rate on top of the standard interest if they make at least one deposit and refrain from making any withdrawals each month. It likewise features a tiered interest rate structure.

It has no account-keeping fees and allows the creation and management of up to 10 sub accounts.

Note that Ziggy Kids Saver must be opened in the child's name only by either a legal guardian or the child (if at least 11 years old). When the child turns 16, the account will be transferred to a Bonus Saver Plus.

How to Open a Saving Account with Auswide Bank

Interested applicants may open an account through Auswide Bank's website. Simply fill out an online enquiry with your contact details, submit it, and wait for the bank's response within 1-3 business days.

Details and documents required:

• Driver's licence, passport, or other govt-issued ID

• Acceptable identification (for customers 11-15 years old)

• Birth certificate of the child (for Ziggy Saver)

The bank may ask for other information and documentation. While it's not required, providing your tax file number (TFN) is recommended to avoid having your interest earnings taxed at the highest marginal tax rate.

Once approved, depositors can start saving by logging in to the bank's online platforms (Internet banking or mobile app).