Arab Bank Online Savings Account

Last updated: Dec 31, 2020

Your financial transactions are made easier with an online savings account from Arab Bank.

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.

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Product Name	Arab Bank Online Savings Account
Maximum Variable Rate	0.7% p.a.
Standard Variable Rate	0.70%
Monthly Account Fee	$0
Minimum Opening Deposit	$1
Minimum Age	18

Pros

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

Cons

No physical branches

Key features

Balance requirement

There is no minimum balance requirement for this account.

Interest payment

The interest on this account is tiered. Interest starts at 0.5% for balances up to $499,999 and increases to 0.7% for balances $500,000 and over.

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.

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.

Expert review

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

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

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Arab Bank Online Savings Account