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.
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