Rewards your saving progress
Earn bonus interest when your balance grows over the month and the bonus conditions are met.
Start with any amount
There's no minimum balance, so you can begin saving with whatever you have available.
Saving that fits around real life
Step Saver allows one withdrawal per month while still remaining eligible for bonus interest, provided the balance grows overall.
Start with what you have, then keep going
Whether you're saving for an emergency fund, a holiday, Christmas, a first home deposit, or another goal, Step Saver helps you build your savings over time.
You don't need a large amount of money to get started. With no minimum balance, you can open a Step Saver account and build your savings in a way that works for you.
Add money when you can, track your progress towards a goal, and earn bonus interest when the monthly bonus conditions are met.
Every small step can help bring your goal a little closer.
Step Saver at a glance
| Rate type | Interest rate |
|---|---|
| Standard rate | 0.60% p.a. |
| Bonus rate | 1.80% p.a. |
| Total potential rate | 2.40% p.a. |
Interest is calculated daily and paid monthly. Interest rates and fees are subject to change.
Bonus interest of 1.80% p.a. is paid when your balance (excluding any interest paid) is higher at the end of the month than at the start, and you make no more than one withdrawal. If your account has been open for less than one month, your starting balance is the balance on the date the account was opened. If you make more than one withdrawal, only the standard rate applies.
A “month” runs from 8pm on the last day of each calendar month to 7.59pm on the last day of the next month.
| Feature | Step Saver |
|---|---|
| Minimum balance | No minimum balance |
| Interest paid | Monthly |
| Bonus interest | Earn bonus interest when your balance grows over the month, excluding interest paid, and you make no more than one withdrawal. |
| Access to money | Withdraw money when you need to. Withdrawals may affect your ability to earn bonus interest. |
| Digital tools | Set and track a savings goal in the mobile app or internet banking. |
| External payments | To pay another bank, move money to an Everyday account first. |
To make payments to another bank from Step Saver, you’ll need an Everyday account with us. Move money from Step Saver to your Everyday account first, then make the payment from there.
How bonus interest works
Step Saver is a bonus interest savings account designed to reward steady progress towards your savings goal.
You may earn bonus interest when:
- your balance is higher at the end of the month than it was at the start of the month (excluding any interest paid), and
- you make no more than one withdrawal during the month.
If you make more than one withdrawal, or your balance doesn't grow over the month, you'll still earn the standard interest rate for that month.
That means if you need to access some of your savings, your money can continue earning interest and you'll have another opportunity to earn bonus interest the following month.
A savings account that rewards progress not perfection
Most people need access to their savings from time to time. That's why Step Saver gives you a little room to move.
Making one withdrawal during the month won't automatically mean you miss out on bonus interest. As long as your balance grows overall by the end of the month and you meet the bonus interest conditions, you'll still earn the bonus rate. If you make multiple withdrawals, it may be harder to grow your balance and qualify for bonus interest.
To make payments to another bank from Step Saver, you'll need an Everyday account with us. Simply move money from your Step Saver account to your Everyday account, then make the payment from there.
That means if you need to access some of your savings, your money can continue earning interest and you'll have another opportunity to earn bonus interest the following month.
Stay focused on your savings goal
Having a goal can make it easier to stay motivated.
With Step Saver, you can set a savings goal in the mobile app or internet banking and track your progress along the way. Whether you're saving for something specific or simply building a financial buffer, it's a simple way to see how each deposit moves you closer to your goal.
Simple ways to keep making progress
- Set up an automatic payment after payday, so saving becomes part of your routine.
- Choose a savings goal that feels meaningful to you, then track it in the app or internet banking. Learn how to set-up a savings goal here.
- Try to keep withdrawals to one per month if you want to stay eligible for bonus interest.
- If you've made a withdrawal, take a quick look at your balance near the end of the month to make sure it's higher than it was at the start of the month.
Looking for a different way to save?
Step Saver is one of the savings accounts we offer. If it’s not quite the right fit, you may want to compare it with our other savings options:
Prize Draw Saver
May suit you if you like the idea of easy access to your savings with a change to win a monthly prize. Prize draw entries are based on your average daily balance.
Online Saver
May suit you if you want full flexibility and unlimited access to your money while still earning interest.
Term deposit
May suit you if you want a fixed return over a set period and do not need regular access to your money.
Ready to start building your savings?
Open a Step Saver account and take the first small step towards what you’re saving for.
Important information
- The Co-operative Bank’s General Terms and Conditions and any applicable fees apply.
- Interest rates and fees are subject to change. For more information, see our Terms & Conditions.
- To make payments to another bank from Step Saver, you’ll need an Everyday account with us. Move money from Step Saver to your Everyday account first, then make the payment from there.