The Australian Military Bank Star Saver Direct Account lets your money earn interest in a tiered manner. You can access funds in your account at any time, via online and phone banking. This account does not have any minimum account opening balance requirement. The maximum account balance can go up to $500,000.
What are the features of the Australian Military Bank Star Saver Direct Account?
- Account keeping fees. The Star Saver Direct Account does not attract any ongoing monthly account keeping fees.
- Interest. Balances below $2,000 earn 0.10% p.a. . If the balance in your account is $2,000 or more you’ll earn 0.50% interest. The bank calculates this interest on an everyday basis and pays it out monthly.
- Minimum opening balance. There is no minimum opening balance requirement with this account.
- Maximum balance. The maximum balance permitted in this account is $500,000.
- Funds on call. You don’t have to keep money in this account for a fixed period, and your funds remain on call at all times.
- Online and phone banking. You can access funds in your account at any time using Australian Military Bank’s online and phone banking systems. However, you have to make transfers out of this account by using your Australian Military Bank Access Account. You can also use online and phone banking to get account related information.
- Maximum transfer limit. The maximum you can transfer through a single transaction is $5,000.
- Direct credits. You can use this account to set up direct credits, making saving a tad simpler.
- Other deposit methods. You can add funds to this account through payroll deduction as well as through transfer of funds using online or phone banking.
- Account statements. The bank sends account statements quarterly. You can request for more frequent or duplicate statements, for which the bank may charge a fee.
- Financial claims scheme. Your combined deposit balances of up to $250,000 with the Australian Military Bank receive protection through the Australian Government’s Financial Claims Scheme.
- No minimum balance required to open
- No monthly account keeping fees
- 24/7 access to savings and available at-call
- Need a higher balance to start earning competitive interest
How do I apply for the Australian Military Bank Star Saver Direct Account?
When applying for this account you have to agree to become an Australian Military Bank member. You can apply by visiting an Australian Military Bank branch, you can get started over the phone and you can submit an online application. Before applying, make sure you meet these eligibility criteria:
- Minimum age. You can open this account if you’re over 18years of age.
- Residency requirements. You should be an Australian citizen or a permanent resident of this country.
- Depository requirements. There is no minimum account opening or ongoing balance requirement. The balance in this account can go up to $500,000.
To complete the application successfully you have to submit different types of information:
- Tax File Number. Providing your social security number is not mandatory, although doing so restricts the bank from deducting withholding tax.
- Identification. New Australian Military Bank members have to go through a legally required identity verification process. To complete this formality keep your Australian passport, driver’s license or Medicare card handy.
- Other information. Other details that the bank requires before it opens your account include your residential address, phone number and email address.
If you cannot complete the online application due to lack of information you can save it and return to 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 at any time.