The Arab Bank Passbook Account helps you to keep on top of your deposit, withdrawal and interest earnings by keeping a printed record. This is an interest earning account that protects your money through the Australian Government Financial Claims Scheme, by guaranteeing deposits of up to $250,000.
What are the features of the Arab Bank Australia Passbook Account?
Before making a commitment to any one bank account to store your savings in, it is a good idea to compare the many features to find one that suits your goals. When looking at Arab Bank Australia and its Passbook Account, take into consideration the following:
$1 Minimum balance
You will be required to open and maintain the account with a minimum of $1.
Tiered interest rates
The interest earned on this account starts when your balance reaches $2,000 and is at a modest rate.
How is my interest calculated and paid?
The interest is calculated on the daily balance. Interest payments are made into the account two times a year, once in June and then again in December.
$6 Monthly account keeping fee
There is a $6 monthly fee for the maintenance of a Passbook Account which is waived for individuals who are receiving a government pension.
No linked Visa debit card
No debit card is issued with this account.
Can only bank in-branch
You are only permitted to make transactions in person at a branch using the issued passbook.
4 Fee-free transaction fees
4 transactions at the teller counter are permitted each month for free. After reaching the limit you will be charged $2 for every transaction.
No online banking
All transactions must be made with a teller and recorded in your passbook. You will not be permitted to set up BPAY, periodic payments or any other online banking tool with this account. You can compare other Arab Bank Australia products and services here.
- Access to records with a passbook
- Minimum opening balance only $1
- Up to 4 free OTC transactions per month
- Balance over $2,000 is required for interest to apply
- No ATM transactions
- Monthly account keeping fee $6
What you’ll need to know before applying
You are only given one option for applying with Arab Bank Australia’s passport account; in person at a branch. You will also first need to meet certain eligibility requirements before the account can be activated in your name.
Eligibility to apply online
Verify that you are permitted to open the Passbook Account before you contact your local Arab Bank Australia:
- Minimum age. All applicants must be at least 18 years of age.
- Residency requirements. Only Australian residents or citizens are eligible to apply and will need to be able to provide an Australian address.
- Depository requirements. A minimum of $1 is required to activate the account and no interest is calculated until your balance exceeds $2,000.
Documentation for your online application
In addition to having to meet these eligibility requirements, you may also want to prepare the following documentation before continuing to fill in the application:
- Tax file number. Providing Arab Bank Australia with your tax file number is not obligatory but it will help in making sure that any tax deductions made from your interest earnings is done at the correct rate.
- Identification. You will need to have the following identification documents with you when applying for the Passport Account; Australian driver’s licence, passport or citizenship papers and your Medicare card, credit card, gas bill, electricity bill, current rates notice or your birth certificate. At least one form of identification must contain a current photograph.
What happens after I apply online?
So long as you meet the eligibility requirements and bring with you the correct documentation and deposit amount to the Arab Bank Australia branch, your account will be activated for you immediately. The passbook is issued reflecting your opening deposit and will be needed for your subsequent deposits and withdrawals.