Arab Bank has had a presence in Australia since 1986 and has now expanded to include 9 branches across Australia. As a subsidiary of Arab Bank PLC, it is able to offer Australians over 80 years experience in the financial industry both in business and personal banking products.
Arab Bank pic has become the largest Arab banking branch network in the world, with a presence in 30 countries. They have shown growth in Australia as well, and are able to provide their customers with savings products to suit a number of needs. Whether you want a passive savings account with full accessibility, or a term deposit that locks you into interest earnings, you will find that their savings accounts are worth comparing with others.
Arab Bank Australia SWIFT code: ARABAU2S
What’s Internet banking like for Arab Bank Australia?
Arab Bank Australia’s online and mobile banking platforms give customers the ability to view account balances, view their transaction history, transfer funds between linked Arab Bank Australia accounts and to existing payees and pay bills using BPAY. You can also use the online platform to order cheque and deposit books, and to manage your Arab Bank Australia issued Visa debit card. The bank offers a free SMS Payment Authentication service to customers who use BPAY and Transfer to Anyone services.
What transaction accounts does Arab Bank Australia offer?
Statement account. An interest-earning transaction account, a Visa debit card allows you to make unlimited withdrawals at any Arab Bank Australia. If you have an account balance of at least $2,000 your balance will also be credited with interest earning.
Cash Management account. With no minimum on your ongoing balance, you are allowed an unlimited number of ATM transactions using the issued Visa debit card. This is an interest earning transaction account, calculating interest daily and making monthly payments regardless of your balance.
What high interest savings accounts does Arab Bank Australia have?
Passbook account. Earn a competitive interest rate on saving balances of over $2,000, a passbook is used to give you instant access to your records. Four free over-the-counter transactions are allowed per month, and only one dollar is needed to open your account.
Personal Online Savings account. This award winning account earns your savings interest at a competitive rate, no matter what your balance is. You are able to manage your account conveniently online, or use the bank issued Visa debit card.
What term deposits can Arab Bank Australia provide?
The Arab Bank Australia allows for term deposit customers to make their investments in Australian dollars or other select currencies. Terms are available from one month to five years, and the minimum opening balance is one dollar. This account allows for no access during the term period, but you will be earning a higher interest rate than with your standard savings accounts.
What are the pros and cons to banking with Arab Bank Australia?
Pros
Variety. Arab Bank Australia gives you a number of savings accounts options to consider when you are making your comparisons.
Flexibility. A key feature to think about is the ability to earn interest on your balance while still being able to use the account for your everyday transactions.
Cons
Limited branches. Unlike larger Australian banks, branches are limited in Australia which could prove troublesome for those who prefer over the counter banking.
Bonus rates. While the accounts offer competitive rates on their savings accounts, there are no bonus rates like you find with other banks.
Interest earning limits. With some accounts, you won’t earn interest unless you have a specified minimum balance in the account.
How do I apply for an account offered by Arab Bank Australia?
Arab Bank Australia offers a secure way to apply for their savings accounts online. This can be done from your personal computer or tablet and should take only a few minutes.
Verify identity. The Arab Bank Australia will be able to verify your identity only securely, provided that you are able to offer identifying documentation such as a driver’s licence or passport.
Choose your account. Once you choose the right account for you, simply follow the onscreen instructions to complete the application.
Confirmation. You will receive confirmation that your application was received via email.
With so many options and features to consider, ensure that you compare the Arab Bank Australia savings accounts carefully before you make a final decision. With the right high interest savings account suited for your needs, you have the chance to secure your financial future.
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.
Arab Bank offers Australians a unique alternative for their savings. Earn interest while still having complete access to your money free of charge and eliminate the need for multiple accounts.
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