Product details
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.
This is currently the only bank account that offers cash back on purchases
- Product Name
- Australian Military Bank Military Rewards Account
- Monthly Account Fee
- $4
- Debit Card Access
- Visa
- ATM Withdrawal Fee
- $0
- Interest Rate p.a.
- 0.01%
- Details
- Free RediATM withdrawals and no monthly service fee when you meet the deposit requirements.
- Fee Free Deposit p.m.
- $1,500
- Overseas Eftpos Fee
- 2.95%
- Phone Banking
- Yes
- Fees
- $4
- Internet Banking
- Yes
What are the features of the Australian Military Bank Rewards Account?
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 $1,500 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.
Pros
- Linked Visa debit card
- 24/7 access to funds through Internet Banking
- 2% cash back if you deposits $1,500 p/m (conditions apply)
Cons
- Only eligible for members
How do I apply for the Australian Military Bank Military Rewards Account?
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 to apply online
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 for your online application
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've submitted my application online?
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.
Related savings accounts
Australian Military Bank Cash Management
Maximum Variable Rate
1.65Standard Variable Rate
1.65
