Australian Military Bank Star Saver Direct

Last updated: Dec 29, 2020

Who else wants a savings bank account that does not charge any account keeping fees and provides round-the-clock access to funds?

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.

0.05% p.a.

Maximum variable rate

0.01%p.a.

Base interest rate

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Product Name	Australian Military Bank Star Saver Direct
Maximum Variable Rate	0.05% p.a.
Standard Variable Rate	0.01%
Monthly Account Fee	$0
Minimum Opening Deposit	$1
Minimum Age	18

Pros

No minimum balance required to open
No monthly account keeping fees
24/7 access to savings and available at-call

Cons

Need a higher balance to start earning competitive interest

Shirley Liu

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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.

Key features

Account keeping fees

The Star Saver Direct Account does not attract any ongoing monthly account keeping fees.

Interest

Balances below $2,000 earn 0.01% p.a. If the balance in your account is $2,000 or more you'll earn 0.05% 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.

How to apply

Eligibility

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 18 years 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.

Documentation needed

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.

What happens after I submit my application?

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.

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Australian Military Bank Star Saver Direct