The Australian Military Bank Christmas Club Account can help you save money for the holiday season. It limits withdrawals through the year so you can work towards achieving your goals more easily. A direct credit facility simplifies how you add funds to this account. The money in your account earns competitive interest. You don’t have to pay any ongoing account keeping fees.
What are the features of the Australian Military Bank Christmas Club Account?
- No minimum balance. There is no minimum balance requirement with this account.
- Interest. This Australian Military Bank account offers 0.50% p.a. interest. The bank calculates interest on the minimum monthly balance. The interest credits to your account annually, on 31st October. This is just before you start making withdrawals.
- Withdrawals. You can withdraw funds from your account from 1st November to 31st January. You can choose to access funds in your account outside this period, in which case fees and charges may apply. This discourages you from digging into your savings unless you really need the money.
- Internet and phone banking. You can access funds in your account at any time using the bank’s Internet and phone banking systems. You can also use these platforms to access different kinds of account related information.
- Over the counter access. Another way to access funds in your account is by visiting any Australian Military Bank branch. The bank requires written authorisation for branch withdrawals and you’ll have to provide adequate identification verification. You’ll have to provide a photo ID if you wish to withdraw $2,000 or more. To withdraw large amounts you’ll have to provide at least 24 hours notice in writing or verbally, at the branch where you wish to transact.
- Direct credits. You can accumulate savings in this account easily by setting up direct credits. This way your account receives regular payments.
- Account keeping fees. The bank does not charge any account keeping fees for you to maintain the Christmas Club Account.
- Account statements. The bank sends you a statement every quarter. You can request for more frequent statements or copies of statements, for which will have to pay applicable fees.
- SMS alerts. The bank lets you opt in and opt out of getting SMS alerts using its online banking platform. You have to pay a per message fee to avail of this service.
- Financial claims scheme. The government’s Financial Claims Scheme protects up to $250,000 of your combined deposits at the Australian Military Bank.
- Competitive interest rate
- No monthly fees
- Restrictions around dates you can withdraw
How do I apply for the Australian Military Bank Christmas Club Account?
If you’re not an existing Australian Military Bank member you’ll have to become one when you open the Christmas Club Account. Applying for this account is easy and you can do so over the phone, online or by visiting any Australian Military Bank branch. To apply, you have to meet some eligibility criteria:
- Minimum age. You should be over 18 years of age
- Residency requirements. You should be an Australian citizen or a permanent resident of Australia.
- Depository requirements. This account does not have any minimum account opening balance requirement.
As part of the application process the bank requires different kinds of information, which includes:
- Identification. The bank lets you verify your identity online using your Australian driver’s license or Medicare card.
- Tax file number. If you provide your tax file number you don’t have to worry about the bank deducting withholding tax from the interest you earn.
- Other information. This includes your name, date of birth and contact details.
If you cannot complete your online application in one go you can save it and get back to it later. When you submit your application you get a reference number. You can use this number to track the status of your application at any time.