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Arab Bank Statement Account

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

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.

$6

Account keeping fee

$0

ATM withdrawal fee

$0

Overseas ATM withdrawal fee

2.5%

Overseas transaction fee

of transaction value

Details

Product NameArab Bank Statement Account
Monthly account fee$6
Card accessVisa
ATM Withdrawal Fee$0
Internatonal ATM Fee$0
International transaction fee2.5%
Monthly deposit required to waive account feeN/A

Expert review

Alison Banney

Review by


Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

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.

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.


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.

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