Teach your child the value of money with a Best Buddies account linked to the Arab Bank School Banking program.
The Best Buddies Account is for children less than 18 years of age. Arab Bank Australia starts the account with a small complimentary deposit of $5. Account holders can make subsequent deposits at any time. There are $0 account keeping fees.
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for over 8 years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including Greater Bank, bcu and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.
Key features
$5 bonus for opening the account
You don't have to make any initial deposit to open this account. At the time of account opening, Arab Bank Australia credits a gift deposit of $5 into the account. Once the account is open, there are no limitations how often you have to make deposits.
$0 Minimum balance requirement
This account comes with an ongoing minimum balance requirement of as little as $0.
Tiered interest rate structure
Account holders can choose not to receive interest. If you elect to receive interest, it is calculated daily. The interest payout happens once every 6 months. The bank offers variable interest in tiered manner. The tiers include up to $9,999, from $10,000 to $49,999, from $50,000 to $99,999 and over $100,000. The interest rate for all tiers, as of 25th April 2016, is 0.01% p.a. The bank can change the interest rate at any time, with or without providing notice. It is a variable interest rate, so will most likely move along the RBA cash rate.
Best Buddies Starter Pack
At the time of account opening, you get the Best Buddies Starter Pack. This includes a passbook as well as specially designed Best Buddies stationery.
$0 Account keeping fees
You don't have to pay any fees to open this account. It does not attract any ongoing account keeping fees or transaction fees.
Online and physical account access
Account holders can make withdrawals by visiting anyArab Bank Australia branch. They can make in-branch deposits using cash or cheques. This account accepts electronic funds transfers. Arab Bank Australia representatives also visit schools every two weeks, to collect any money students might have to deposit. To view the account balance, you can login to the Arab Bank Australia online banking platform at any time.
Linked passbook
The bank does not provide periodical statements. However, you get a passbook at the time of account opening. The bank uses this to record all transactions associated with your account. You have to present the passbook while making a deposit or withdrawal.
No linked debit card or chequebook
This account does not come with an ATM or debit card. This account does not provide access to a chequebook.
Applying for the Best Buddies Account requires that you visit an Arab Bank Australia branch. To find out where the nearest branch is, you simply have to visit the Arab Bank Australia website.
Eligibility
Before you apply, make sure you meet the required eligibility criteria:
Maximum age. You should be less than 18 years of age.
Residency requirements. You should be a resident of Australia.
Depository requirement. There is no depository requirement with this account. The bank makes an initial deposit of $5 into every Best Buddies Account.
Documentation needed
Completing the application successfully requires that you provide some basic information, which includes:
Identification. Proof of identity can come through a government issued ID such as a birth certificate or from an appropriate document issued by your school.
Tax file number. Providing a tax file number is not mandatory.
Other details. These would include your name, date of birth, residential address, phone number and school's name.
What happens after I submit my application?
After you submit the required documents, the bank opens the account almost immediately. Once the account is open, you can make further deposits and withdrawals at any time. To make either by visiting a branch, taking the passbook along is essential.
While the Arab Bank Australia Best Buddies Account gives you an easy to get on the savings bandwagon, other banks have similar offerings. As a result, compare your options before making a decision.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.