Product details
The Cash Management Account has a tiered interest rate structure. If you meet an ongoing monthly account balance requirement, there are $0 account keeping fees. You can access your account via ATM and EFTPOS – and earn interest at the same time.
- Product Name
- Arab Bank Cash Management Account
- Maximum Variable Rate
- 0.05% p.a.
- Standard Variable Rate
- 0.05% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $5
- Minimum Opening Deposit
- $1,000
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- No
- Phone Transaction Fee
- $0
- Joint application?
- Yes
- Minimum Age Requirement
- 18
- Maximum Age Requirement
- No Maximum Age
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the Arab Bank Australia Cash Management Account?
Before you apply for an Arab Bank Australia Cash Management Account, review what it has to offer.
Minimum $1,000 opening deposit
To open this account, you need a minimum of $1,000.
No ongoing balance requirement
This account does not come with a minimum ongoing balance requirement. However, if the account balance falls below $10,000, a $5 per month account keeping fee applies.
Tiered interest rate structure
The entire balance in the account earns variable interest in a tiered manner. The bank calculates interest daily and pays it out monthly.
- Currently, balances from $0 to $4,999, $5,000 to $9,999 and $10,000 to $19,999 earn 0.05% p.a. If the balance in your account is from $20,000 to $49,999, it earns 0.15% p.a.
- It changes to 0.20% p.a. for balances from $50,000 to $99,999
- If the balance is from $100,000 to $249,999, it’ll earn 0.55% p.a.
- Balances in excess of $0 will earn 0.05% p.a.
Linked Visa debit card
This account offers a linked Visa debit card with payWave functionality. You can use it for free at all Arab Bank Australia, Westpac, St George Bank, Bank of Melbourne and BankSA ATMs in Australia. You can also use it to make EFTPOS transactions.
Linked chequebook
If you write cheques, you can get the optional chequebook this account offers. When you write a cheque, a cheque written fee of $0.50 applies.
Other ways to access account
You can use this account to set up direct debits and periodical payments. You can visit any Arab Bank Australia branch to transact. Making online fund transfers is an option. This account also provides access to BPAY, which you can use to pay bills.
Online banking
You get free 24/7 access to the Arab Bank Australia online banking platform. You can login to view your account’s balance and its transaction history. It lets you initiate online fund transfers. You can also use it to set up direct debits and periodical payments.
Optional overdraft facility
If you meet the bank’s credit requirements, you can get an optional overdraft facility linked to your account. You’ll only have to pay interest as and when you use this facility.
12 Free transactions per month
As an account holder you get up to 12 free transactions every month. These include a maximum of two free over the transactions and five free cheque deposits. The other five free transactions can come in the form of cheque withdrawals, EFTPOS, direct debits and BPAY.
Quarterly statements
The bank issues statements once every quarter.
Pros
- Convenient access through ATM and EFTPOS, Internet, cheque book and OTC service
- Highly competitive interest rate
- Up to 12 free transactions per month
Cons
- Tiered interest rate structure
What you’ll need to know before applying
Existing Arab Bank Australia customers can apply through the bank’s online banking platform, using their Internet ID numbers. As a new customer, you can apply online or by visiting any Arab Australian Bank branch.
Eligibility to apply online
Before you do, make sure you meet the required eligibility criteria:
- Minimum age. You are at least 18 years of age.
- Residency requirement. You are an Australian citizen or an Australian resident.
- Depository requirements. You can open this account with a minimum of $10,000.
Documentation required to complete online application
Completing the application requires that you provide some basic information:
- Identification. You’ll have to provide details from three forms of ID, which can include your Australian passport, Australian driver's licence, Medicare card, Australian Electoral Roll listing (your full name and residential address) or White Pages listing (your Australian landline phone number).
- Tax file number. This interest earning account is subject to tax file number (TFN) legislation. If you don’t provide your TFN, the bank may deduct tax at a high marginal rate along with the Medicare levy, from the interest your account earns.
- Other information. You’ll have to provide your name, date of birth, residential address, phone number and email address.
What happens after I apply?
If you open your account online, you can start transacting as soon as Arab Bank Australia completes verifying the information you provide as part of the application process. It sends you an account opening kit via mail. You’ll also receive your Visa debit card via mail. This can take seven to 10 business days.
The Arab Bank Australia Cash Management account lets you access your money easily, while giving you the ability to earn interest. However, since other banks have similar offerings in place compare a few before applying.
