Australian Military Bank Military Rewards Account

Do you want an everyday bank account that rewards you as well as the Defence community?

The Australian Military Bank Military Rewards Account is an everyday account that gives you easy access to your money in different ways. If you meet a basic deposit criterion you don’t have to pay any account keeping fees. You stand to earn cash back when you use your Visa debit card to make payWave purchases. You, along with the bank, regularly contribute to a Defence related charity that you select.

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Alison Banney

Last Updated Dec 30, 2020

$2,000

Fee Free Deposit

Account keeping fee

ATM withdrawal fee

$4.5

Overseas ATM withdrawal fee

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Details

Product Name	Australian Military Bank Military Rewards Account
Monthly account fee	$4
Card access	Visa
ATM Withdrawal Fee	$0
International ATM Fee	$4.50
International transaction fee	2.95%
Monthly deposit required to waive account fee	$2,000
Contactless Payments	Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Pros

Linked Visa debit card
24/7 access to funds through Internet Banking
1% cash back if you deposits $2,000 p/m (conditions apply)

Cons

Only eligible for members

Review by

Alison Banney

alison.banney@finder.com

Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

This is one of only a few transaction accounts that offer cashback on purchases. You can earn 1% cashback on tap and go purchases under $100, up to the value of $25 a month.

To get this cashback perk you need to deposit $2,000 per month. When you deposit $2,000 a month you’ll also get the $4 account keeping fee waived.

The cashback offer is a cool perk, but make sure you don’t fall into the trap of spending just to get the cashback.

Key features

You get 1% cash back on payWave purchases under $100

When you use your payWave enabled Visa debit card to make contactless payments of less than $100 you earn 1% cash back, provided you deposit at least $2,000 in your account every month. The bank credits this cash back on a monthly basis.

Includes a linked Visa debit card

This account comes with a linked debit card that you can use at over 2.2 million locations worldwide, at ATMs and EFTPOS terminals alike. You can use your card to make unlimited withdrawals at rediATMs across Australia. You can also use your card details to make purchases and pay bills online and over the phone. This card does not attract any monthly or annual fees. You get to choose the card’s design.

Online and phone banking

You get round-the-clock access to the bank’s online and phone banking platforms. The bank offers a mobile banking app as well. You can use these platforms to view transaction details and to carry out a range of banking functions.

Direct debits and credits

Setting up direct credits and debits using this account is easy. You can do so online and over the phone.

Monthly fees waived if you meet minimum deposit requirements

This account attracts a monthly service fee of $4. The bank waives this fee if you deposit at least $1,500 in your account each month. This deposit can come in any form, including your pay.

Associated fees

You can use your account to pay bills via BPAY and each transaction attracts a $0.60 fee. You have to pay a $0.70 fee towards every EFTPOS transaction. Other fees you may have to pay include foreign transaction fees and international ATM fees.

Earn interest on your balance as you save

The money in your account earns interest at the rate of 0.01% p.a. The bank calculates interest daily and pays it monthly.

Minimum balance

This account does not have any minimum opening or ongoing balance requirement.

Cents gifting program

Every month, the bank transfers the spare change in your account, up to $0.99, to a Defence related charity that you select. The bank matches your donation and contributes it to the specified charity. You can choose to make these donations to Mates for Mates, Legacy, Soldier On or DefenceCare. You also have the option of donating your spare change equally among these organisations.

Compare more products from the Australian Military Bank

How to apply

Opening the Military Rewards Account requires that you become a member of Australian Military Bank. You can apply for this account online. Visit the Australian Military Bank website if you wish to apply online.

Eligibility

Bear in mind you have to meet these eligibility criteria:

Minimum age. You are over 18 years old
Residency requirements. You are an Australian citizen or a permanent resident of Australia

Depository requirements. There is no minimum account opening balance requirement

Documentation needed

Completing the application successfully requires that you provide different types of information:

Identification. Keep your Australian driver's license, passport or Medicare card close at hand
Tax file number. By supplying your tax file number you can ensure that the bank does not deduct withholding tax from your account's balance
Other information. This includes your name, date of birth, residential address, email address and phone number

What happens after I submit my application?

If you cannot complete your application in one go you can save it and retrieve it later. You can print a copy of your application to keep for reference. After you complete and submit your online application your details go to the bank's Direct Service team. You get a reference number that you can use to follow up on your application at any time.

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Australian Military Bank Military Rewards Account