Do you want an online savings account that lets you earn bonus interest?
The Australian Military Bank Online Saver Account gives you access to your money solely through the bank’s Internet banking platform. There is no minimum balance requirement with this account. If your account balance crosses a predetermined threshold you earn interest. By meeting some basic depository criteria you can earn bonus interest.
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Bonus interest only applies to balances between $5,000 - $500,000 when no withdrawals are made
Key features
Minimum and maximum balance
There is no minimum account opening or ongoing balance requirement with this account. The maximum your account balance can get to while earning interest is $500,000.
Interest
The bank lets you earn interest in a tiered manner. If the balance in your account is up to $4,999 you don't earn any interest. Balances from $5,000 to $500,000 earn 0.1% p.a. The bank calculates interest daily and pays it monthly.
Bonus interest
If the balance in your account is from $5,000 to $500,000 and you don't make any withdrawals in a month you stand to earn bonus interest of 0.8% p.a. This can take the total interest you earn to 0.9% p.a.
Monthly fees
You don't have to pay any ongoing account keeping fees to maintain this account.
Fee-free services
You can transfer funds to your nominated bank account for free. The bank also provides free SMS alerts.
Linked account
You need to have a linked account associated with this account. This can be another account with the Australian Military Bank or with any other Australian financial institution.
Making withdrawals
You can transfer funds from your Online Saver Account to the linked account using online banking. This account does not let you withdraw cash. You cannot use it to set up direct debits and periodical payments.
Transfer limits
The most you can transfer to your linked account through a single transaction is $20,000.
Making deposits
You can make deposits in your account using direct credit and payroll deduction. Transferring funds using online and phone banking is also possible.
Statements
The bank sends account statements every quarter. This statement displays two individual line items identifying the standard interest and any applicable bonus interest. You can request for statements more frequently and you can also get statement copies, for which the bank may charge additional fees.
Financial claims scheme
Your deposits of up to $250,000 at the Australian Military Bank receive protection through the Australian Government's Financial Claims Scheme.
How to apply
Eligibility
The Online Saver Account is a self-service account so you can only apply for it online. To submit your application, visit the Australian Military Bank website. Before you do, make sure you meet the required eligibility criteria:
Minimum age. You're over 18 years old.
Residency requirements. You're an Australian citizen or a permanent Australian resident
Depository requirements. There is no minimum account opening balance requirement with this account. To earn interest the balance in your account should be $5,000 or more.
Documentation needed
Identity online. You'll have to provide details from your Australian driver's license or Medicare card.
Tax file number. You don't have to provide your tax file number. If you do, the bank does not deduct withholding tax from the interest you earn.
Other details. The application also requires your residential address, phone number and email address. If your nominated bank account is a non Australian Military Bank account the bank will need to verify it before you can start making withdrawals. After you submit your application the details go to the bank's direct service team. You get a reference number that you can use to track your application.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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