BankVic offers a variety of savings accounts tailored to the different financial needs of its members and their families.

Individuals looking to maximise their savings can take advantage of the Victorian bank's savings account with high bonus interest rates. BankVic also offers an online-only option for those seeking easy access to their funds, and a specially designed savings account for pensioners.

Members aiming to build and instil good financial habits in their children may open BankVic's unique savings account for under-18s.

Overall, BankVic savings accounts are commended for their lack of fees and reasonable interest rates. As with every other authorised deposit-taking institution (ADI), deposits up to $250,000 per account holder with the bank are protected by the Australian Government's Financial Claims Scheme.

Key Details and Features of BankVic Savings Accounts

Product Unique features Bonus interest criteria
Bonus Saver No account keeping fees Deposit at least $100 per month with no withdrawals
No minimum balance required
EasyInvest Online-only savings account N/A
No account keeping fees
No minimum balance required
Little Copper Club Exclusive to members' dependents under 18 years N/A
Eligibility to win the Little Copper Club Savings Award
Eligibility to win a $1,000 education grant
No account keeping fees
No minimum balance required
Pension Plus Exclusive to members receiving the Australian Government Pension Higher interest on balances exceeding $51,800
No account keeping fees
No minimum balance required
Interest is calculated daily and paid every six months

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

Bonus Saver

Bonus Saver is BankVic's savings account that rewards customers with a bonus interest rate on the condition that at least $100 is deposited each month and no funds are withdrawn within the calendar month. The bonus rate is generally competitive, although it only applies to balances up to $5 million. Funds are accessible both online and in-branch.

Suitable for: Diligent savers looking to maximise their savings with a no-fee savings account that provides high bonus interest rates.

EasyInvest

EasyInvest is an online-only savings account that offers customers 24/7 access to their cash via the BankVic app, Internet banking, and automated telephone banking. It offers a base variable interest rate calculated daily and paid monthly.

Suitable for: Members who prioritise ease of access to funds via various self-service channels.

Little Copper Club

Little Copper Club is a bank account designed for BankVic members' dependents under 18 years old. It features a base variable rate calculated daily and paid every 30 June and 31 December.

It's designed to instil in young depositors the habit of saving by providing them not only with an accessible product with no minimum balance requirement but also rewards their consistent wealth-building behaviour with a cash grant.

Eligible members with at least $250 in their account by the end of June each year can win the Little Copper Education Grant worth $1,000. Additionally, those who achieved a savings threshold (starting at $100) on the last day of November each year also have a chance to win one of the 11 Little Copper Savings Awards.

Suitable for: Under-18s seeking to build a savings habit and value an incentivised program for reaching their wealth-building goals.

Pension Plus

BankVic's Pension Plus is a bank account that pays interest on retirement savings as it is designed for members receiving the Australian government pension (Centrelink or Department of Veterans Affairs).

It offers a competitive interest rate - higher than the base rates of BankVic's other savings account products - for balances up to $51,800. Interest earned goes up if the available balance exceeds the aforementioned amount. Interest is calculated daily and paid every six months (30 June and 31 December).

Suitable for: Retirees looking for fee-free accounts with competitive interest rates where they can safely grow their pension funds.

How to Open a Savings Account with BankVic

Interested applicants must be a BankVic member to open a savings account. Membership is open to serving police, health and emergency workers, staff working in government departments, and families of current members.

In addition to meeting standard membership requirements, applicants must:

  • Be an Australian citizen

  • Hold an Australian driver's licence or passport

  • Be over 14 years of age (under-14s must submit a youth membership application form)

Go to BankVic's website to apply and fill out an application form with all required details. According to the bank, the application process will only take around five minutes to complete.

Applicants with missing documents or IDs may call or visit any BankVic branch for more information.