Australian Military Bank Access Account

Last updated: Dec 30, 2020

Open an everyday account that gives you 24/7 access to your money and don’t pay any monthly fees.

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.

Account keeping fee

ATM withdrawal fee

$4.5

Overseas ATM withdrawal fee

2.95%

Overseas transaction fee

of transaction value

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Details

Product Name	Australian Military Bank Access Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
Internatonal ATM Fee	$4.50
International transaction fee	2.95%
Monthly deposit required to waive account fee	N/A
Contactless payments	Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Pros

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

Cons

Only available for members

Expert review

Review by

Alison Banney

alison.banney@finder.com

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 bank account has no monthly account keeping fee and no ongoing deposit conditions to meet. It offers easy, 24/7 access to your account via the linked Visa Debit Card, ATMs, Internet and mobile banking. The Visa Debit Card comes with payWave so you can make tap and go payments, and you can even choose your card design from a few available colour options.

If you make a lot of tap and go purchases, you could also consider the Australian Military Bank Rewards Account. This account allows you to earn 1% cashback on tap and go transactions up to the value of $25 a month. However you need to deposit $2000 a month to get this cashback perk, so make sure you can commit to this monthly deposit requirement.

Key features

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.

How to apply

Eligibility

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.

Documentation needed

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.

What happens after I submit my application?

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.

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Australian Military Bank Access Account