Guide to Easy Street’s Savings Account
Easy Street’s flagship savings account focuses on offering high interest rates without requiring customers to jump through many hoops and hurdles.
- Easy Street currently offers one savings account product, the Flex Saver Account.
- Flex Saver is an online-only savings account that offers relatively high base interest rate without any conditions like required balance thresholds.
- Flex Saver has no account-keeping and transfer fees, and no withdrawal penalties
Easy Street is an Australian digital banking brand operated by Community First Bank, a customer-owned authorised deposit-taking institution (ADI).
As an online-first bank, Easy Street positions itself as a no-nonsense alternative to traditional banks, with a streamlined range of everyday banking, home loan, and savings account products.
By streamlining, the bank offers fewer products but simpler conditions. And its savings account is no exception.
Easy Street currently offers one savings account product, the Flex Saver Account. It is designed as a high-interest, no-condition online savings account.
Easy Street savings account and interest rate
| Bank | Savings Account | Base Interest Rate | Max Interest Rate | Total Interest Earned | Introductory Term | Minimum Amount | Maximum Amount | Linked Account Required | Minimum Monthly Deposit | Minimum Opening Deposit | Account Keeping Fee | ATM Access | Joint Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.05% p.a. | 5.05% p.a. | $1,034 | – | $0 | $99,999,999 | $0 | $0 | $0 |
Flex Saver is well-suited to savers seeking a hassle-free online savings account where they can park and grow their money through competitive interest rates with no ongoing conditions. Easy Street calls it a “set-and-forget” structure.
This means customers receive the variable rate without doing anything, such as growing their balance. What’s advertised is ongoing and not a temporary bonus or introductory offer.
Interest is calculated daily, paid monthly, and applies on balances up to $3 million. Balances over this will not earn interest.
Deposits up to $250,000 per account holder with Easy Street are protected under the Federal Government’s Financial Claims Scheme (FSC).
See also: What is the Financial Claims Scheme
Easy Street savings account features
- No minimum opening deposit
- No minimum balance
- No minimum monthly deposit requirements
- No account keeping fees
- No transfer fees (both internal and external)
- Unlimited withdrawals with no interest penalty
Flex Saver doesn’t require a minimum regular deposit or minimum opening balance, and no transfer fees or interest penalties are charged when customers move their money.
Because Easy Street operates entirely online, Flex Saver customers can manage their money using web banking and the Easy Street mobile app available on Apple and Android devices.
Mobile banking app
The bank’s app features a savings goal tracker and budgeting tools. Savers can also add funds to their savings goal via the app either as a once off or recurring payment.
Recent app updates also introduced improved security and a more personalised user experience.
Easy Street savings account accessibility
While internal and external transfers can be made on the account, direct debit payments are not available.
- Internal transfers – no daily limit
- External transfers – $5,000* per day
*Current as of time of writing. Higher limits may be available on request.
PayID and Osko payments are also available.
Linking Flex Saver to Easy Street’s Everyday Account unlocks cash access and payments (Apple Pay, Google Pay, and Samsung Pay).
Easy Street savings account eligibility
To open an Easy Street Flex Saver account, applicants must:
- Be 18 years or older
- Be an Australian citizen or permanent resident
- Have a unique Australian mobile phone number and email address
- Be registered for Internet Banking and/or have the Easy Street Mobile App on their phone
- Meet any other criteria the bank may require
Would-be Flex Saver customers must apply as an individual or joint applicant; businesses and self-managed super funds are not eligible.
Easy Street Savings Account Review
Boasting one of the highest savings account base rates on our database (at the time of writing) and offering it on every dollar of savings up to a whopping $3 million, Easy Street has much to flex about with this product.
On top of that, it offers instant (Osko) payments in and out of the account, has no applicable fees and a mobile banking app to boot.
Seems too good to be true, especially considering the name – 'Easy Street Flex Saver’ – makes it sound more like a pitch from a roided-up alley dealer than a legitimate banking product.
But fear not – it is true (we checked), and if it puts your mind at ease, Easy Street is an offshoot of the customer-owned (and aptly-named) Community First Bank, which has been running since 1959. Perhaps that makes it seem more evocative of Kumbaya-singing than alley-dealing.
As for downsides…well, given there’s no bonus or intro rate, you could theoretically earn more interest with other accounts – as long as you’re willing to put in the effort to meet conditions each month or rate-hop with every intro-rate expiry.
Also, the account can’t be managed through a branch given Easy Street doesn’t have any.
But if you’re someone that does your banking online and likes to take the set and forget approach to your savings, Easy Street’s Flex Saver could be an ideal deal for you.