The Australian Military Bank DIY Super Saver Account is an account meant especially for self-managed super funds. This cash account gives you considerable freedom over how you invest your money. While you can sit back and watch your money earn competitive interest, you can also choose to move it between different investment options.
What are the features of the Australian Military Bank DIY Super Saver Account?
- Interest. The money in your account earns interest at the rate of 2.20% p.a. The bank calculates interest on the everyday closing balance and pays it out monthly.
- Optional extras. The bank lets you choose between term deposits for different time periods as well as multiple insurance solutions.
- Online banking. Account holders can turn to online banking to view transaction histories. You can use the bank’s Internet banking platform to move money in and out of your account.
- Direct debits and credits. The bank simplifies how you receive and send funds using your account by letting you set up direct debits and credits.
- Branch withdrawals. You can withdraw funds from your account by visiting an Australian Military Bank branch. The bank requires written authorisation from your end along with identification verification. If you wish to withdraw $2,000 or more you’ll have to provide suitable photographic identification. For withdrawing a large amount you’ll have to provide 24 hours of written or verbal notice at the desired branch.
- Account keeping fees. This account does not attract any ongoing monthly account keeping fees.
- Minimum balance. The DIY Super Saver Account does not come with any minimum account opening or ongoing balance requirement.
- Statements. This account provides quarterly paper statements. You can get statements more often and you can request for copies. Doing so requires that you pay applicable fees.
- Financial Claims Scheme. The Australian Government’s Financial Claims Scheme that offers protection to a total of up to $250,000 in all your Australian Military Bank deposit accounts applies to this account as well.
- SMS alerts. You can choose to get SMS alerts notifying you of activity in your account. The online banking platform lets you choose from multiple options in getting these alerts. The bank charges a per-message fee for this service.
- Competitive interest rate
- No monthly fees
- Online banking available
- No phone banking available
How do I apply for the Australian Military Bank DIY Super Saver Account?
You can open an Australian Military Bank DIY Super Saver Account online, over the phone or by visiting a branch. To apply online, visit the Australian Military Bank website. Check if you meet the required eligibility criteria first:
- Minimum age. You are at least 18 years of age.
- Residency requirements. You are an Australian citizen or a permanent resident of this country.
- Depository requirements. There is no minimum balance requirement to open or maintain this account.
- Other requirements. You should be a trustee for a registered Self Managed Superannuation Fund.
The bank requires different types of information from applicants:
- Identification. New Australian Military Bank members have to complete a legally mandated identity verification process. You can complete this online using your Australian driver’s license or Medicare card.
- Tax file number. If you don’t provide your tax file number the bank may deduct withholding tax from the interest your money earns.
- Other information. You’ll have to provide your name, date of birth, residential address, email address and phone number.
The bank lets you save your online application and get back to it later. This can be useful if you can’t complete it in one go. Upon submitting your application you get a reference number. Use this to track the status of your application, if required.