Arab Bank Online Savings Account Review, Rates & Information

Product details

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

This is an account you could consider if you prefer flexibility.

Product Name: Arab Bank Online Savings Account

Maximum Variable Rate: 1.80% p.a.

Standard Variable Rate: 1.80% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $1

Internet Banking: Yes

Internet Transaction Fee: $0

Phone Banking: Yes

Phone Transaction Fee: $0

Joint application?: No

Minimum Age Requirement: 18

Covered by Government Guarantee?: Yes (Up to $250,000 per person, per institution)

What are the features of the Arab Bank Online Savings Account?

Working both as a savings and transaction account, it is important that you compare this account with both types offered by other banks in Australia. Look at the following features that Arab Bank’s Online Savings Account has and see how they stack up against the others:

Balance requirement. There is no minimum balance requirement for this account.
Interest payment. A competitive interest rate is paid on balances as low as $0.
Interest calculation. Interest is calculated on your balance every day and paid into the account once a month.
Accessibility. You can access your money around the clock through internet banking or ATM service.
Debit card. A Visa Debit payWave card is issued with this online savings account allowing you to make purchases at checkout by having the price deducted directly from your balance. EFTPOS transactions will incur a $1 charge for each one made.
Monthly fees. There is no monthly account keeping fee 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.

Pros

Award winning account
No minimum balance
Access funds 24/7
No ongoing fees

Cons

No physical branches

How do I apply for the Arab Bank Online Savings Account?

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.

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.

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.