Bendigo Bank Savings Accounts

Find out more about Bendigo Bank savings accounts to compare and find the best option for your money.

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, updated on August 8th, 2023       

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Founded during the 19th century’s Victorian gold rush, Bendigo Bank was established to provide goldfield workers across the state’s mining towns with better conditions.

Over 160 years later, it boasts more than 500 branches across the country, mainly in Queensland and Victoria. One of the smaller ‘big banks’, Bendigo Bank has almost two million retail customers and 7,000 employees across its branches and offices.

If you’re looking at a new savings account, Bendigo Bank offers a wide range of options for your money. Savvy compares savings accounts from a range of Australian institutions to help make your decision-making process fuss-free. Making the right choice can boost your balance, save you on fees and fast-track your savings goals.

*Please note that Savvy does not represent Bendigo Bank for their banking products. All product information and rates are correct as of May, 2022.

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More about Bendigo Bank savings accounts

What savings account products does Bendigo Bank offer?

Whether you’re a short-term saver or putting money away for a rainy day, Bendigo Bank has a range of savings accounts suited to a variety of needs.

Doing your homework will allow you to find the best savings account for you.


This easy-to-access account allows you to tap into your funds whenever you need them while still earning interest. This online savings account comes with a minimum opening balance of $1, free online banking transactions and two free over-the-counter transactions per month. You’re also able to open a joint savings account. This account doesn’t come with a debit card but does come with no monthly fees.

The variable interest rate on this account is 0.10% p.a. and is calculated daily and paid monthly. The EasySaver doesn’t come with any bonus interest or an introductory rate.


A savings account for children under the age of 12, the PiggySaver is a low-cost account which helps you teach your youngster how to save. These accounts come with a 0.10% p.a. interest rate which is compounded daily and paid on your balance monthly. You only need $1 to open an account and there are no service or transaction fees. Unlike the EasySaver, you have unlimited free branch withdrawals and internet transactions. Kids aged four to 10 receive a piggy bank on their birthday and new account holders are gifted a money box.

Reward Saver

A Reward Saver account allows you to earn a bonus high interest rate for growing your savings balance. These accounts are fee-free and cheap to open with a minimum opening balance of $1 and include internet banking transactions at no cost. These accounts are also available to joint savers. To open one of these accounts, you must have a Bendigo Bank everyday account in your name.

These accounts pay high bonus interest at rates of 0.50% p.a. but this operates a little differently from the way a standard savings account works. If you’re 30 years old or under, you can gain access to the maximum 0.50% p.a. bonus rate. However, if you’re 31 or over, the maximum bonus rate you can gain is 0.20% p.a. If you're an existing account holder, the interest rate will switch over on your 31st birthday.


A CommunitySaver account will donate a portion of your interest to a nominated not-for-profit organisation. Aside from this feature, these accounts operate very similarly to an EasySaver with no monthly fees and two free branch withdrawals.

You’ll earn 0.10% p.a. on your balance, with a minimum of 10% donated to a nominated organisation of your choice. Additionally, you can choose to donate 25%, 50% or all of your interest to your chosen organisation. Partner organisations include Oxfam Australia, the Royal Botanic Gardens and the Royal Children’s Hospital Foundation, all in Victoria.

Term deposit

Bendigo Bank offers two main choices when it comes to opening a term deposit:

A Standard account: This comes with a fixed rate of 1% p.a. and a minimum balance of $5,000. You’ll only be able to deposit extra funds within seven days of opening your account or upon maturity. These accounts come with minimum terms of 12 months.

A Gold account: Under a Gold account, you’ll earn a much lower 0.05% p.a. but will be able to deposit funds or withdraw up to 25% of your balance at any time. The minimum opening deposit is $2,000, with interest paid quarterly on your funds. If you need to gauge how much you would earn on a term deposit, you can use Savvy’s compound interest calculator to estimate what your earnings might be.

Outside of these options, you can choose to invest over anywhere from one month to five years, with interest rates reaching as much as 1.20% p.a. (applicable to deposits between $5,000 and $5,000,000 over five-year terms and with interest paid monthly, quarterly, half-yearly or annually).

Business EasySaver

Tailored to sole traders or small business owners, this savings account allows you to earn an interest rate of 0.05% p.a. with no monthly account fees and free online transactions. If you’re a public or private school, a college, kindergarten or pre-school, you can earn a “bonus rate” on top of your base rate. You can also open a Business CommunitySaver account, which donates at least 10% of the interest you earn to a nominated not-for-profit organisation.

Christmas Club account

This Christmas club savings account allows you to put money away ahead of the festive season. A type of short-term term deposit, your money is locked away from February until November; however, you can make unlimited contributions to your account. You’ll have to pay a fee of $15 if you make a withdrawal between February and October, but no monthly service fees apply.

Your account is then unlocked from November to January to pay for seasonal expenses. You’ll earn an interest rate of 0.05% p.a. on your money, which is calculated daily and paid annually. To help with your budgeting for the festive period, you can use Savvy’s income annualisation calculator to help your forward planning.

How do I open a savings account with Bendigo Bank?

You can open an account online or at a Bendigo branch. The requirements for most accounts are that you must be an Australian citizen or resident and are 14 years or older. However, if you’re under 14 years old, you can open a savings account at a local branch if you’re accompanied by your parent or caregiver.

You will need to submit proof of ID to open an account. These can include two of the following:

  • Driver’s licence
  • Australian or foreign-issued passport
  • Medicare card
  • Utility bill

Pros and cons of Bendigo Bank savings accounts


Zero monthly fees

Most of the savings accounts are fee-free, saving you a few dollars every month and enabling you to maximise the interest you earn.

Low minimum balances

Most of them also have minimum opening balances of just $1, making these savings accounts affordable and approachable for those with less money to play with.

Saving options for community groups

A special feature Bendigo Bank offers is the chance to donate a part of your interest earned to a not-for-profit organisation.


Low interest rates

The base and bonus interest rates are lower than those offered by other credit unions and building societies, meaning you’ll get a lower rate of return.

Various account conditions

You’ll need to meet a raft of account conditions to qualify for a high bonus interest rate, including growing your balance month on month.

Fewer branches

Bendigo Bank has fewer than half the amount of branches across the country compared to some of the other big banks.

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