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.
What are the features of the Arab Bank Australia Statement Account?
Australians need an easy portal to their funds to conduct their everyday financial business. Before choosing the right account for your lifestyle, compare what Arab Bank Australia is offering against other financial institutions:
$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.
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.
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.
- Access via ATM and EFTPOS, Internet and counter service
- Unlimited ATM transactions at Westpac, St.George, Bank of Melbourne and BankSA ATMs
- Up to 12 free transactions per month
What you’ll need to know before applying
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, apply online, or Click Here to reach their online application page.
Eligibility to apply online
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 to apply online
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.