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Our verdict

Take advantage of multiple access points and competitive interest from a Statement Account with Arab Bank Australia.

This everyday transaction account could be suited to you if you’ve got another product with Arab Bank, for example a loan or a term deposit, so you can see all your finances in one place.

However if you’re simply looking for a convenient everyday account, this account does charge more fees than most others in the market. There’s a $6 monthly account keeping fee which can’t be waived. There’s also a limit of only 12 free transactions a month (maximum of two branch transactions and 10 EFTPOS transactions). The large majority of everyday accounts in the market offer unlimited free electronic transactions.

Arab Bank is part of a large Arab banking network with more than 600 branches worldwide, which is convenient if you travel a lot and regularly visit a branch.

Pros

Access via ATM and EFTPOS, Internet and counter service
Unlimited ATM transactions at Westpac, St.George, Bank of Melbourne and BankSA ATMs

Cons

Up to 12 free transactions per month

The Arab Bank of Australia’s Statement Account is an interest earning savings product with the accessibility of a transaction account. Make purchases and withdrawals using a linked Visa debit card and see all of the activity through an online banking portal. Your deposits of up to $250,000 are always protected through the Australian Government Financial Claims Scheme when you choose Arab Bank Australia to bank with.

Details

Key details

Product Name	Arab Bank Statement Account
Monthly account fee	$6
Card access	Visa
Own network ATM fee	$0
International ATM Fee	$5
International transaction fee	2.5%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay

Eligibility

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	$1

Key features

$6 Monthly account keeping fee

You will be charged $6 monthly for this account. That fee is waived for individuals who are in receipt of a government pension.

Up to 12 fee-free transactions p/m

You are permitted up to 12 fee-free transactions per month; two of which may be made over the counter and ten using EFTPOS. Once you exceed that limit you will be charged $2 for each branch transaction and $0.60 for EFTPOS purchases. Other transactions such as ATM withdrawals and online transfers are always free of charge.

Online accessibility

Access to your account and held funds can be obtained online, at ATMs, or in a branch.

Linked Visa debit card

You will be issued a Visa debit card linked to your account once it has been activated.

Unlimited ATM transactions with the Westpac ATM network

You are allowed unlimited free ATM transactions at ATMs in the Arab Bank Australia, Westpac Bank, St.George Bank, Bank of Melbourne and BankSA networks.

Online transactions

You may set up direct debit and deposit, BPAY and transfers online through your Statement Account. You can compare other Arab Bank Australia products here.

No cheque facility

No cheque facility is provided with this account although you are able to make cheque deposits into the account.

Tiered interest rate structure

A modest interest is applied onto balances that exceed $2,000.

How is my interest calculated?

Interest will be applied onto the daily balance and payments deposited into the account once monthly.

How to apply

Arab Bank Australia offers you three different options for opening the Statement Account. You can download an application form and mail it to their branch office or apply online.

Eligibility

Certain requirements must first be met before you are able to open a Statement Account:

Minimum age. All applicants must be at least 18 years of age in order to qualify for opening the Statement Account.
Residency requirements. This account is available for Australian residents and citizens.

Depository requirements. A minimum opening balance of $1 is required to activate the account. Keep in mind that you will not earn any interest until your balance reaches $2,000.

Documentation needed

Once you ascertain that you are eligible for the Statement Account from Arab Bank Australia you will also need to collect the following documentation in order to complete the application:

Tax file number. Accounts that earn interest are subject to taxation, however it is not compulsory for you to provide your tax file number (TFN) when applying. Australian residents who do not provide their TFN will have tax deducted from interest earnings at the highest marginal rate along with the Medicare levy.
Identification. If applying online for your Statement Account you must provide Arab Bank Australia with three of the following identifying documents; Australian passport, Medicare card, Australian driver's licence (for ACT, VIC or QLD), Australian electoral roll or the white pages. They will also ask for your date of birth, mobile phone number and email address.

What happens after I submit my application?

After you have submitted your application, you will be emailed information regarding your new account and its activation. If your identity cannot be verified online, you could be asked to submit more documentation or to drop by a branch with the necessary paperwork. Once the account has been activated, the linked Visa debit card will be mailed to the address that you provided. This card will come with special activation instructions which will need to be followed before you are able to use it.

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Alison Finder

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Arab Bank Statement Account

Pros

Cons

Key features

$6 Monthly account keeping fee

Up to 12 fee-free transactions p/m

Online accessibility

Linked Visa debit card

Unlimited ATM transactions with the Westpac ATM network

Online transactions

No cheque facility

Tiered interest rate structure

How is my interest calculated?

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

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