Your cookie choices

We use necessary cookies to make this site work. With your permission, analytics cookies help us understand usage and marketing cookies support advertising.

You can reject non-essential cookies and still use the site. Change your choices anytime in Cookie settings.

Cookie settingsCookie policy

BAWAG review

Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

BAWAG suits Austrian savers who want their money available every day under deposit protection rather than earning a strong rate. The saving account combines a fixed rate of 0.01% with a monthly fee of €0, so the trade-off is access and safety, not interest.

Key facts

Best for
Austrian savers who need a fee-free, deposit-protected balance they can reach daily.
Headline rate
0.01%↗
Rate type
Fixed↗
Minimum deposit
€0↗
Deposit protection
EU DGS up to EUR 100,000↗
Access terms
Daily availability, no notice period; eBanking participation mandatory↗
Monthly fee
€0↗
Account kind
Easy access↗
Legal entity
BAWAG P.S.K. Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft↗
Headquarters
Austria↗
Founded
1922↗
Support channels
Email, Phone, Help-centre, Chat↗
Pricing model
No monthly fee, Fixed rate
Official website
bawag.at

Everyday accounts

Local account details
IBAN↗
Audience
Students, Teens

Facts checked September 26, 2026, 4 sources

Apps and profiles

Get the app
App StoreGoogle Play
Elsewhere
appgallery.huawei.comyoutube.com

Pros and cons

Pros

  • A monthly fee of €0 and a minimum deposit of €0 on the saving account.
  • Access is daily with no notice period, so the balance stays reachable.
  • Deposits sit under EU DGS up to EUR 100,000.
  • Regulated in Austria by the European Central Bank and Finanzmarktaufsicht (FMA).

Cons

  • A fixed rate of 0.01% is far below the savings median of 3.08%.
  • The account kind is easy access at easy access, so the balance is not tied to a term, and eBanking participation is mandatory.
  • Local details are an IBAN at iban, so euro transfers fit it better than UK or US formats.

Ready to try BAWAG?

Scored 9.4 / 10 by VaultCue.

See alternatives

Who it suits

  • Austrian savers who want a fee-free place to keep cash reachable day to day.
  • Students and teenagers in Austria opening a first account, as the audience is listed as student and teen.
  • Holders who care more about deposit protection than about the rate.

Who should look elsewhere

  • PayPal Colombia, if you would rather hold a headline rate of 3.3%.
  • Plazo ES, which shows a headline rate of 24.19% and suits yield seekers.
  • AXI Card Tarjeta y Credito, whose rate of 21.59% comes with a credit card offer rather than a protected savings account.

Rates and terms

The saving account pays a fixed rate of 0.01%, with the rate type listed as fixed. A monthly fee of €0 and a minimum deposit of €0 keep the running cost and the entry cost out of the picture. The account kind is easy access at easy access, money is available daily with no notice period, and eBanking participation is mandatory.

Who runs it

The account is held with BAWAG P.S.K., an Austrian bank whose registered name also carries the postal savings bank it grew out of. Its headquarters sit in Austria, and the bank dates back to 1922. Supervision in Austria sits with the European Central Bank and Finanzmarktaufsicht (FMA). Support runs through email, phone and help centre, covering phone, email, chat and a help centre.

How BAWAG compares

Where BAWAG is available

Available
Austria
Licence in Austria
European Central Bank, checked September 26, 2026
Licence in Austria
Finanzmarktaufsicht (FMA), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What rate does the BAWAG saving account pay?+

It pays a fixed rate of 0.01%, and the rate type is listed as fixed rather than variable. That sits well below the savings median of 3.08% across the accounts compared here, so the account earns little and is chosen for access and protection instead.

What does it cost to keep the account open?+

The monthly fee is €0 and the minimum deposit is €0, so opening and holding the account costs nothing. The median monthly fee across savings accounts here is €0, which means cost is not what separates BAWAG from the field.

Is my money protected?+

Deposits sit under EU DGS up to EUR 100,000, the EU deposit guarantee scheme. The bank is supervised in Austria by the European Central Bank and Finanzmarktaufsicht (FMA), so this is a regulated bank account rather than a wallet balance.

How quickly can I reach my money?+

Access is daily with no notice period, and the account kind is easy access at easy access. The condition attached is that eBanking participation is mandatory, so the money is managed through online banking rather than taken out on demand.

Who is this account aimed at?+

The audience is listed as student and teen, so younger customers in Austria are a target group. With a minimum deposit of €0 and a monthly fee of €0, a first account is straightforward to open and to keep.

Which country does the account run in?+

The bank is headquartered in Austria and the local details are an IBAN at iban, so transfers follow the euro IBAN format. Anyone saving mainly in the UK or the US would be better served by a provider set up for those local formats.

How do I get help if something goes wrong?+

Support runs through email, phone and help centre, so phone, email, chat and a help centre are all open. A help centre appears on 86.1% of compared brands while chat appears on 40%, which leaves a broad choice of channel.

Sources

  • de.wikipedia.org/wiki/BAWAG checked September 26, 2026

    Backs: Founded

    “The bank was founded in 1922 by former State Chancellor Karl Renner as a 'workers' bank'”

  • bawag.at/bawag/impressum checked September 26, 2026

    Backs: Deposit protection, Headquarters, Legal entity, Support channels, Licences

    “Wiedner Gürtel 11, 1100 Wien; UID: AT U 51286308”

  • bawag.at/bawag/privatkunden/konto-karte/kontobox-small checked September 26, 2026

    Backs: Audience, Local account details

    “Studentenkonto, Jugendkonto, Lehrlingskonto, Kinderkonto”

  • bawag.at/bawag/privatkunden/sparen/sparbox-flex checked September 26, 2026

    Backs: Access terms, Account kind, Headline rate, Minimum deposit, Pricing model, Monthly fee, Rate type

    “The balance is due daily, so the customer can dispose of the balance at any time; participation in BAWAG eBanking is mandatory”

Compiled from 4 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Term.

BAWAG

Austrian savers who need a fee-free, deposit-protected balance they can reach daily.

9.4/10See alternatives