Australian Military Bank Access Account Review & Information

Product details

The Australian Military Bank Access Account is an everyday banking account that lets you access your money at any time. This account comes with a linked Visa debit card. You can access funds in your account using online and phone banking. Cheque book access is also available. You don’t have to pay any ongoing account keeping fees.

Product Name: Australian Military Bank Access Account

Monthly Account Fee: $0

Debit Card Access: Visa

ATM Withdrawal Fee: $0.80

Interest Rate p.a.: 0.01%

Details: No monthly fees and no everyday banking fees.

Fee Free Deposit p.m.: $0

Overseas ATM Withdrawal Fee: $4.50

Phone Banking: Yes

Fees: $0

Internet Banking: Yes

What are the features of the Australian Military Bank Access Account?

Minimum balance. There is no minimum account opening balance requirement with this everyday banking account.
Visa debit card. You can use your Visa debit card to access funds in your account through ATMs and EFTPOS terminals in Australia and the world over. Using your card details to make online and over the phone transactions is easy. The bank lets you pick a card design of your choice.
Visa payWave. Your debit card comes with payWave technology. This allows you to use your card to make contactless payments for purchases less than $100.
Online and phone banking. Funds in your account remain on call at all times through online and phone banking. The bank also offers a mobile banking app. You can use these platforms to access different types of account related information and to carry out varied banking functions.
Banking at Australia Post. You can turn to Australia Post Bank@Post outlets to withdraw cash. Each withdrawal attracts a fee of $3. You can also use Bank@Post outlets to deposit cash and cheques into your account.
Direct debits and credits. You can use your Access Account to set up direct debits and credits.
Transfer limits. The most you can transfer through a single transaction is $5,000.
Account keeping fees. This account does not attract any ongoing monthly account keeping fees.
Other fees. You’ll have to pay an annual Visa debit card fee of $30. Other fees that can apply include card replacement fees, foreign currency conversion fees, personal cheque book fees and periodical payment fees.
Interest. The bank calculates interest on the minimum monthly balance in your account and it credits it on 31st May every year.
Account statements. The bank sends account statements every quarter. You can request for more frequents statements or copies of statements, in which case the bank may charge additional fees.
Financial claims scheme. The Australian Government’s Financial Claims Scheme offers protection to your deposits of up to $250,000 at the Australian Military Bank.
SMS alerts. The bank may provide SMS alerts to simplify how you manage your account. When you opt in for SMS alerts you get to choose from multiple options through online banking. The bank charges an SMS Alert fee of $0.20 per message.

Pros

Linked Visa debit card access
Unlimited electronic transactions
No everyday banking fees

Cons

Only available for members

How do I apply for the Australian Military Bank Access Account?

When you open this everyday banking account you agree to become a member of the Australian Military Bank. You can apply for this account online, over the phone or by visiting any Australian Military Bank branch. Applying online takes no more than a few minutes. Before applying, establish if you meet the required eligibility criteria:

Minimum age. You should be at least 18 years of age.
Residency requirements. You should be an Australian citizen or a permanent resident of Australia.
Depository requirements. This account does not come with any depository requirements.

The application requires you to submit different types of information:

Tax file number. Providing your tax file number is optional. If you do, the bank won’t deduct any withholding tax from the interest you earn.
Identification. Keep your Australian driver’s license and Medicare close at hand. New Australian Military Bank members have to go through a legally mandated identity verification process.
Other details. These include your residential address, email address and phone number.

You don’t have to complete your application in one go. If you don’t have access to all the required information, the bank lets you save your application and access it later. Once you submit your application it goes to the bank’s direct service team. You get a reference number that you can use to track your application. After the bank opens your account you should get your Visa debit card in the next seven to 10 business days.