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Summary

This account can be used as a day-to-day transaction account while also offering a small level of interest on your balance.

Without the requirement of a linked account, the Arab Bank Online Savings Account gives you total access to your money while also offering interest. You can make purchases, take out cash from an ATM, or bank online all while earning interest and all from one account.

Pros

No minimum balance
Access funds 24/7 via Visa debit card, internet banking and ATMs
No ongoing fees
No conditions to meet for interest

Cons

Interest rate is low
No physical branches
Fees for international purchases apply

Details

Key details

Product Name	Arab Bank Online Savings Account
Maximum Variable Rate	1.30% p.a.
Standard Variable Rate	0.50% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$1
Minimum Age	18

Key features

Interest payment

The interest on this account is tiered. Interest starts at 0.5% for balances $0 - $9,999 and increases to 1.3% for balances $500,000 and over.

There are no ongoing monthly conditions to meet to earn interest.

Interest calculation

Interest is calculated on your balance every day and paid into the account once a month.

Balance requirement

There is no minimum balance requirement for this account. However, the higher your balance is the higher the interest rate will be.

Accessibility

You can access your money around the clock through internet banking, EFTPOS and ATMs.

Debit card

A Visa Debit payWave card is issued with this account allowing you to make purchases at checkout in stores and online. EFTPOS transactions will incur a $1 charge for each one made.

No monthly fees

There are no monthly account keeping fees with this account.

ATM accessibility

You get unlimited free ATM transactions at any ATM in the network of Arab Bank Australia, Westpac, St.George, Bank of Melbourne and BankSA.

International fees

If you use your Visa debit card for an international transaction your account will be charged $5.

Currency conversion

Any transaction made by you that requires the currency to be converted to the Australian dollar will incur a charge equal to 2.5% of the Australian dollar amount.

Direct credit

Set up direct credit to have your salary or other income deposited directly into your account for $0.50 each transaction.

How to apply

Eligibility

Arab Bank has set up a secure online application center that you can access by visiting their website after reviewing the following eligibility requirements:

Minimum age. You must be at least 18 years of age to open an Arab Bank Online Savings Account.
Residency requirements. All account holders must Australian residents or citizens with a verifiable address in Australia.

Depository requirement. There is no initial deposit requirement for opening this account.

Documentation needed

Once you are sure that you are able to meet the eligibility requirements, you should gather together the following documentation in order to assist in filling out the application quickly:

Tax file number. Although not a requirement, Arab Bank will ask for your tax file number (TFN) or exemption code in order to ensure that they are withholding the correct amount on your interest earnings.
Identification. In order to verify your identity, you will have to be able to provide three of the following documents; an Australian passport, driver's licence, Medicare card, Electoral roll, or white pages that lists your Australian landline phone number.

What happens after I submit my application?

Arab Bank allows you to access their online application page on a tablet or your PC. Your identity will be verified online, eliminating the need to visit a local branch. Once your application has been submitted you will receive an email confirming receipt and the status of your application.

You will then be notified when your account has been established and Visa debit card mailed to the address you provided. Before continuing with the application ensure that you have compared all of your options in order to choose the account that best meets your needs.

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Arab Bank Online Savings Account