Australian Military Bank Pension Access Account

Visa payWave

You can use your Visa payWave enabled debit card to make contactless payments for purchases less than $100 at merchants that support this technology.

Online and phone banking

The bank offers online, phone and mobile banking platforms that give you round-the-clock access to your account. These systems let you access account related information and perform various banking functions.

Australia Post banking

The bank lets you withdraw cash by visiting any Australia Post Bank@Post outlet. However, you have to pay a $3 fee for every withdrawal. You can deposit cheques and cash into your account at Bank@Post outlets as well.

Direct debits and credits

Moving money in and out of your account is easy because the bank lets you set up direct debits and credits.

Transfer limits

The maximum the bank lets you transfer at one time is $10,000.

Account keeping fees

You don't have to pay any ongoing account keeping fees to maintain this account.

Other fees

The Visa debit card attracts an annual fee of $30. You may have to pay other fees from time to time, which can include personal cheque book fees, periodical payment fees, card replacement fees and foreign currency conversion fees.

Interest

Money in your account earns interest in a tiered manner. If the balance is up to $49,200, it earns 0.25% p.a. If the balance is $49,201 or more, you'll earn up to 0.8% p.a. Balances of $250,000.01 or more attract an interest rate of 0.25% p.a. The bank calculates interest everyday and pays it monthly.

Account statements

You get an account statement every quarter, for which you don't have to pay any fees. The bank can charge fees if you request for more frequent statements or for copies.

SMS alerts

You can choose to get SMS alerts notifying you of activity in your account, for which you'll have to pay a per message fee. You can use the online banking platform to opt in or out at any time.

Financial claims scheme

Your combined deposits of up to $250,000 at the Australian Military Bank get protection through the government's Financial Claims Scheme.

• Depository requirements. There is no minimum account opening balance requirement with this account.
• Other requirements. You should receive some kind of government pension.

Documentation needed

Completing the application successfully requires that you provide this information:

• Identification. You can use your Australian driver's license or Medicare card to verify your identity online.
• Tax file number. Provide your tax file number if you don't want the bank to deduct withholding tax from the interest it pays.
• Other details. Provide your name, date of birth, email address, residential address and phone number.

What happens after I submit my application?

If you can't complete your application in a single sitting you can save it can return to it later. If you wish to track the status of your application you can use the reference number you get when you submit it. The debit card can take seven to 10 business days to get to you, from the date of account opening.