- IMB offers a broad range of savings products tailored to different life stages and needs, from children and young savers to everyday customers and SMSF trustees.
- Its savings accounts emphasise disciplined saving through bonus interest conditions, low fees and flexible access.
With roots dating back to 1880, IMB is one of Australia's oldest banks, bringing more than 145 years of operating history and a long-standing customer-owned structure that positions it as a community-focused alternative to the big four.
Headquartered in New South Wales and serving members across the country, IMB offers a range of everyday banking products, including tailored savings accounts.
Here's a rundown of IMB's current deposit products:
IMB Bank Savings Accounts & Interest Rates
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3.20% p.a. | 5.35% p.a. Intro rate for 4 months then 3.20% p.a. | $790 | 4 months | $0 | $99,999,999 | $0 | $1 | $0 | |||||||||||
3.20% p.a. Bonus rate of 2.05% Rate varies on savings amount. | 5.25% p.a. | $1,076 | – | $0 | $99,999 | $20 | $1 | $0 | |||||||||||
0.10% p.a. Bonus rate of 4.40% Rate varies on savings amount. | 4.50% p.a. | $919 | – | $0 | $99,999,999 | $10 | $1 | $0 | |||||||||||
3.25% p.a. | 3.25% p.a. | $660 | – | $0 | $99,999,999 | $0 | $1 | $0 | |||||||||||
2.00% p.a. | 2.00% p.a. | $404 | – | $100,000 | $99,999,999 | $0 | $5,000 | $0 |
IMB Reward Saver Account
IMB's flagship savings product is designed to reward consistent saving behaviour rather than passive balance holding. Customers can earn bonus interest when they deposit a minimum monthly amount of $50 and make no withdrawals during the month.
The account carries no monthly fee and is accessible to eligible Australian residents aged 13 and up. Keep in mind, however, that missing the monthly conditions results in zero interest earnings for that month, making discipline central to maximising returns for the product.
IMB Reward Saver Kick Start Account
Specifically targeted at younger savers, generally aged 13 to 30, including students and apprentices, this account mirrors the structure of the standard Reward Saver but with lower entry requirements.
Customers can earn bonus interest by depositing as little as $20 per month and avoiding withdrawals.
It's designed as a stepping stone product for building savings habits early, though eligibility is restricted by age and study or training status.
IMB Cash Management Account
The Cash Management Account is positioned less as a traditional savings product and more as a flexible cash parking solution.
It allows customers to earn variable interest while maintaining ready access to funds, supported by digital payments and everyday banking functionality.
A higher minimum opening balance of $5,000 is required to open an account.
IMB DIY Super Account
The DIY Super account is specifically designed for SMSFs, allowing trustees to hold and manage superannuation cash while earning interest.
It operates as a transaction-style savings hub with no monthly account fees and full online access.
IMB Zoo Account
The Zoo Account is a savings product tailored specifically for children.
It offers no monthly fees and is structured to help younger customers learn basic money management in a supervised environment.
The account's functionality is more simplified and intended for parental oversight.
IMB savings account features
- Get bonus interest when specific monthly savings conditions are met.
- Bonus interest is earned by making a minimum monthly deposit and avoiding withdrawals during the month.
- No monthly account-keeping fee.
- Earn the top Reward Saver rate on balances up to $1,000,000
- Customers are not required to pair their Reward Saver account with an everyday transaction account to qualify for bonus interest.
- Digital and branch support for those who prefer it.
IMB savings account eligibility
To open an IMB Savings Account, applicants must meet the following criteria:
- You must be an Australian resident and provide a valid Australian residential address.
- Applicants must generally be 13 years or older, except for the Zoo Account, which is specifically tailored for children aged 12 and under.
- You must provide an accepted form of government-issued photo identification, such as an Australian Driver Licence or Australian Passport.
- A valid Tax File Number (TFN) or evidence of a TFN exemption may be required.
- Some accounts may require a minimum opening deposit, with the amount varying depending on the account type chosen.
Pros and Cons of an IMB Bank savings account
Pros
- Structured to reward positive saving behaviour, such as making regular deposits and limiting withdrawals.
- Wide range of savings accounts tailored to specific customer groups, allowing customers to choose based on their age and saving habits.
- No monthly account-keeping fees on most savings products.
- No requirement to hold a linked transaction account or meet card-spend criteria for savings account benefits.
Cons
- Bonus conditions can be restrictive for people who need frequent access to their savings.
- Customers looking for an account to double as a high-interest everyday account may find the withdrawal conditions inconvenient.
- Features like budgeting tools, advanced analytics or integrated wealth platforms are relatively limited.
- Branch network is regionally concentrated and customers outside NSW, the ACT, and parts of Victoria may need to rely more heavily on digital banking.
IMB Bank Savings Account Review
IMB offers one of the widest varieties of savings accounts of any bank we’ve reviewed, with a suite of six different accounts to suit a range of needs.
Its flagship product - the Reward Saver - features a competitive four-month intro rate, which may appeal to ‘honeymoon hoppers’, but it's unlikely to excite those looking for a more permanent spot to stash their cash given the ongoing bonus rate lags a fair way behind those offered by other banks.
The bonus rate conditions on the Reward Saver (min $50 deposit per month, no withdrawals) appear relatively simple, but in practice, the ‘no withdrawals’ requirement means this account will only be suitable for disciplined savers. The lack of a base rate means there’s no second-prizes - fail to meet the conditions (even during the intro period) and you’ll earn zero interest that month.
Its youth accounts compare more favourably, particularly the Reward Saver Kick Start which offers a competitive bonus rate on balances up to $100,000 and caters for a wide age range (13-30).
IMB’s savings accounts won’t win many awards, but they’re a considerable option for diligent savers.