A mutual bank in Victoria, BankVic has been offering members of the police, health, public service and emergency service sector an alternative to large banks for over 40 years. Backed by the Australian Government, BankVic provides you with a secure place to place your savings.
Not only does BankVic offer bonus savings accounts, online accounts and products for kids, they show an interest in your future with a number of investment products designed to help you prepare for and manage your retirement. This includes a standard term deposit along with accounts that give you the tax advantages of saving for retirement.
What is internet banking like for BankVic?
The internet banking services provided by BankVic are free, allowing you to access your account from your personal computer devices and internet enabled mobile devices. A mobile app is available for Apple iOS, Android and Windows smartphones, allowing you to take advantage of online banking when you are on the go. You do need to apply for internet banking with BankVic which can be done online. Once set up you will be able to take full advantage of all of the benefits of banking from home, the office and anywhere your mobile phone is.
Notable features:
View the balance in all of your savings, loan and term deposit accounts
Download transaction information into a personal finance manager such as Quicken
Open certain accounts such as a term deposit
Access your statements for the previous 18 months of your term deposit, savings and loan accounts
Pay bills at any time using BPAY
Receive bills using BPAY View
Receive notifications when a new bill has been added to BPAY View
A display of all current bills requiring payment
Transfer funds between yours or accounts held by other members
Transfer funds to accounts held by other banks
Create, change and cancel regular or future payments to be made from an account
Create a list of payees that you deal with regularly in order to make quick transfers and BPAY payments
View your interest earnings for the current and prior years
View the withholding tax against your accounts
View a list of your most recent transactions
Customise your welcome page and the way in which your accounts are displayed
Change and update your personal information
BankVic mobile banking
BanKVic offers mobile banking for Apple, Android, Windows Phone and Blackberry users. This means you can access their banking services on your smartphone or tablet. Features available may vary between platforms, however some of the things the BankVic app will allow you to do on your smartphone or tablet include:
Make and schedule payments including via BPAY or transfer to another account
What high interest savings accounts are offered by BankVic?
Bonus Saver S8. This high interest savings account will reward you with bonus interest every month that you deposit at least $100 without making any withdrawals.
Easyinvest S7. An at call online savings account that pays a higher rate of interest on your balance while giving you the benefit of easy access through transfers.
SMSF Saver S40. Manage the cash portion of SMSF investment with a high interest savings account that gives you the flexibility of an at-call account. This lets you move your money quickly if an investment opportunity comes along that you don’t want to miss out on.
Little Copper Club S3. Especially for members under 17 years of age, this savings account encourages children to save by providing a higher rate of interest, but still allows you daily access to the money.
Pension Plus S10. Individuals receiving a Centrelink pension get the benefit of a transaction account that also earns interest rates.
Term deposit. With a minimum invest of $5,000 you get to increase your savings with a higher fixed rate of interest, locked into a term that you choose to meet your needs. This can be between three months and five years, with longer terms giving you a higher return on your investment.
12 Months Regular Income. Structured like a term deposit with your funds locked in at a fixed rate, you will receive regular fortnightly, monthly, quarterly or annual interest payments to help supplement your income.
What are the pros and cons of banking with BankVic?
Pros
High interest investment options. BankVic allows you to plan for the future with a number of accounts that can build your savings through higher interest rates.
Flexible accounts. Savings accounts are designed to meet the various needs of BankVic members.
Low fees. Savings products are all offered without any account keeping fees, and you are provided with multiple options for free transactions.
Mobile banking. The BankVic mobile app gives you the ease of banking whenever you need to, wherever you are for no additional charge.
Cons
Limited membership. Membership into BankVic is limited to a particular employment sector and their family and friends.
Minimum balance requirements. With a number of the accounts you are required to maintain a minimum balance or meet deposit terms in order to receive the full benefits of the account.
Before you are able to apply for any account with BankVic, you will first need to apply for membership. This can be done online provided that you are an Australian resident who is at least 18 years of age. Once your application for membership is approved, you will be able to apply for certain accounts through your online banking platform. For other accounts you will need to visit or call a branch to begin your application.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
Earn interest on all balances with $0 account keeping fees. Start early with a youth savings account designed to help under 18's save money and learn about investing.
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