Bank of us offers its members a variety of savings accounts tailored to meet different financial needs.

The Tassie bank savings accounts come with features that encourage building the habit of stashing money while ensuring that customer funds are accessible via various channels with minimal to no fees.

Bank of us savings accounts interest rates vary depending on the account type and balance. Overall, the rates are fairly competitive, although some regular activities (e.g. withdrawing more than preset times per month) may result in lower interest earnings.

Customer reviews have mostly praised the bank's friendly and helpful staff, as well as the personalised banking experience.

As with every other authorised deposit-taking institution (ADI), the Australian Government's Financial Claims Scheme protects deposits up to $250,000 per account holder with Bank of us.

Key Details and Features of Bank of us Savings Accounts

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

*Withdrawals and transfers in stores via contact centre, Internet banking, or SmartBanking app.

**The number of fee-free transactions per month depends on the 'relationship balance'.

Stash 'n Splash

Stash 'n Splash is a straightforward savings account that pays interest on balances up to $1 million and allows customers to transfer or withdraw their funds at call. Accounts can be accessed via retail stores, contact centres, online, BPAY or OSKO payments, and direct debits and credits.

However, if the account holder makes more than five withdrawals or transfers in a month, no interest shall be earned. Interest is calculated daily based on the account balance and paid at the end of each month.

Save Up

Save Up is a savings account that rewards customers with a bonus rate on the condition that at least $50 is deposited and no withdrawal or transfer is made during a calendar month. If the condition is not met, the prevailing base rate applies.

Funds are available at-call via various channels, making this account ideal for those who want to grow their savings but still have convenient access to their money should they require it.

Pension Advantage

Pension Advantage is Bank of us' everyday banking account product designed for members receiving an Aged, Australian War Veterans, or Disability pension. It works as a fully featured transaction account (when linked with a debit card) that can be used for everyday spending and at the same time, a savings account earning interest.

Note, however, that interest shall only be earned for balances that meet a certain minimum limit (currently $2,000). A certain number of transactions - staff-assisted and self-service - is fee-free per month depending on the account balance.

Super Advantage

Super Advantage is a specialty account product for customers seeking a cash hub account for their self-managed super funds (SMSF). It requires no minimum deposit and funds are available at-call via various channels. A $20 staff-assisted transaction fee may apply for any withdrawals or transfers via Bank of us retail stores or contact centres.

Interest is paid monthly for Super Advantage accounts with at least a $1 balance.

How to Open a Savings Account with Bank of us

Interested depositors must be a Bank of us member and a current Tasmania resident to open a savings account with the bank. However, in some cases, these products may be offered to interstate customers.

In addition to meeting standard membership and residency requirements, customers must:

• Be at least 18 years of age

• Hold an Australian driver's licence or passport

• Be receiving Aged, Australian War Veterans, or Disability pension (for Pension Advantage)

• Have a self-managed superannuation fund (for Super Advantage)

Go to Bank of us website to apply; fill out an application form with all the required details. We recommend calling or visiting any Bank of us branch for more information.