Essential Saver

No hoops. No monthly account fee. No hassle. Just one flexible account.

Essential Saver

Looking for a flexible, no-fuss savings account that doesn’t make you jump through hoops? Essential Saver lets you dip in and out of your savings and still earn a great variable rate3. It’s a smarter choice if you don’t want the hassle of chasing conditions or are unlikely to meet bonus requirements every month. 

And if you like to keep things organised, you can set up to 9 account buckets for different savings goals.

Flexible savings. No hassle.

No fuss. No hoops.

  • No monthly account fee
  • No minimum deposits
  • No penalties for making withdrawals
  • No regular deposit requirement
  • No intro rates that vanish
  • Organise your savings with up to 9 account buckets
  • Your deposits up to $250K are protected under the Australian Government Financial Claims Scheme
3.50
%
p.a.
Variable interest rate on balances up to $250,0003.
Interest rates
Variable interest rate on balances up to $250,0003. 3.50%p.a.
Portion of account balance over $250,000 up to and including $500,000 3.25%p.a.
Portion of account balance over $500,000 up to and including $1,000,000 3.25%p.a.
Portion of account balance over $1,000,000 up to and including $5,000,000 2.25%p.a.
Portion of account balance over $5,000,0003 2.25%p.a.
Interest rates effective date Interest rates effective 1 September 2025
Interest rates type

Variable

Other information

Please note: The interest rate(s) applicable are dependent on the relevant interest rate tier(s) based on account balance, as set out in the above table. For example, an account balance of $800,000 would earn interest of 3.50% p.a. on the first $250,000, and 3.25% p.a. on the remaining $550,000.

Who can apply for membership?

Eligibility criteria
  • Be an Australian citizen or permanent resident.
  • Be a current or retired employee of an Australian university OR be studying or have graduated from an Australian university OR be immediate family to a UniBank member.
What you need to apply
  • An Australian residential address.
  • Identification documents with your full name, date of birth and address, such as a birth certificate or driver’s licence or passport, AND Medicare card.
  • Tax residency information.

How do I apply?

When you open an Essential Saver account as a new Member of the bank, you’ll automatically get an Everyday Direct transaction account too.

Login to Internet Banking. Navigate to "Self Service" and select "Open New Account."

Select "Apply" under the Savings Account section and choose the account you wish to open.

Visit us in person or contact us and we’ll send you an application form.

Why Choose Essential Saver?

No hassle.

 Dip in and out of your savings and still earn a great variable rate. It’s a smarter choice if you are unlikely to meet bonus conditions every month.

Open up to 9 accounts

Bucket your savings into separate accounts for different purposes, making it easy to keep track of how much you have saved for each goal.

Save on fees

Pay no monthly account fee on Essential Saver accounts. See Fees and Charges for more.

Not the right option?

Rewarding dedicated savers with bonus interest each month4 simply for sticking to your goals and meeting deposit and withdrawal conditions.

A head start for younger savers under 30 offering a high-interest rate, no monthly account fee, and no regular deposit requirement.

Providing a guaranteed return on investment if you’re able to lock your deposit in for a fixed term from 3 to 36 months.

FAQs

How do I open an Essential Saver account?

You can open an Essential Saver account as a member or a customer of the bank. Members can quickly and easily open an Essential Saver account through Internet Banking. If you want to become a member, find out more here. If you prefer to open an account as a customer, complete the customer application form.

How do I access my Essential Saver account?

We provide flexible and simple banking options, giving you the freedom to bank your way at a time that works for you. Find out more about ways to bank with us.

How secure are my savings?

Your deposits with us are protected under the Australian Government Financial Claims Scheme, up to a limit of $250,000 for each account holder at the Bank.  For further information please refer to the Financial Claims Scheme webpage.

How can I deposit and withdraw funds?

You can access your money anytime, anywhere:

Is there a monthly account fee on Essential accounts?

You’ll pay no monthly account, overdraw or electronic transfer fees on your Essential Saver account. Other fees and charges may apply. Please see our Fees and Charges for more information.

Is there a bonus interest rate for Essential Saver?

You’ll receive interest at the great variable rate for the tier(s) your account balance falls within. There’s no bonus interest rate for Essential Saver.

How much can I deposit into an Essential Saver account?

There’s no maximum deposit limit for an Essential Saver account. You can save as much as you want and will receive interest at the variable rate for the tier(s) your account balance falls within. Deposits over $5,000,000 (in aggregate across all your savings accounts) are subject to acceptance at the bank's discretion.

Can I open an account in joint names?

An account can be opened with a maximum of two account holders who both need to be members. If you choose to open an account jointly where both account holders need to authorise withdrawals, both members will need to either visit their local branch together, call the contact centre with both members present, or complete and sign the Transaction and savings account application form for the account to be set up.

Tools and resources

Ways to get in touch

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Phone

Overseas? +61 8 9421 8737 Phone enquiries are available 8am to 7pm weekdays, and 9am to 3pm Saturday.

An icon of a message with a padlock on a phone representing the secured message option for contacting us.

Message

Message us in Internet Banking or the Mobile Banking App.
Just log in and tap the envelope in the top right corner.

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Enquiry

We aim to respond within 1 business day.

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Locations

Our offices are open 9am to 5pm, weekdays.
List of public holiday closures