If you have a home loan with Adelaide Bank you can access these exclusive bank account products.
Adelaide Bank was established in 1994 as an innovative community bank, created for the benefit of its customers first and foremost. In 2007 it merged with Bendigo Bank, another community bank, to find more ways to benefit its customer shareholders around Australia. Together Bendigo and Adelaide Bank form one of Australia’s larger banks, giving Adelaide Bank the security of a high-investment security rating in addition to a government deposit guarantee.
Compare Adelaide Bank products below
For personal and high-quality face-to-face customer service, as well as the convenience of online banking, Adelaide Bank and its select products can deliver a unique combination of value and accessibility, without compromise.
What is Adelaide Bank?
Adelaide Bank offers a wide range of industry home loans, which, when combined with the exclusive bank accounts on offer, provide a unique selection of options you can’t find elsewhere. Its leading offers include an online savings account that can deliver both accessibility and competitive interest rates, as well as an everyday account with a wide range of fee-free transaction options and low-cost options for less common transactions. Adelaide Bank also offers competitive term deposits that almost anyone can take advantage of, with options that put the customer first, such as a 7-day grace period following reinvestment to give you more control over your finances. With these accounts, you can also enjoy the benefits of personal customer service and an exceptionally high degree of flexibility without compromising your return on investment.
What’s Internet banking like with Adelaide Bank?
You can get around-the-clock account access through Adelaide Bank’s online banking portal, as well as through its app, which is available on both Apple and Android devices. The online banking portal has all the features you need, built around a focus of convenience and efficiency. Adelaide Bank’s online system is designed to make transactions as swift and as straightforward as possible, with a lightweight design that lets you make payments from the main screen and immediately see recent transactions instead of needing to click through. And for even more simplicity and ease of use, you can also get visualisations and graphs for any of your Adelaide Bank bank or loan accounts.
What transaction accounts are offered by Adelaide Bank?
The MyEveryday Account is the transaction account solution for Adelaide Bank customers, designed to give you all the accessibility you need around Australia and overseas. You can set up regular payment plans or automatic deductions, use BPAY/AnyPay, access any of the more than 2,000 ATMs in the Bendigo and Adelaide Bank network and it comes with an attached Visa debit card. With exceptional transaction flexibility, few fees and no specific requirements other than that you have at least $1 in your account, any Adelaide Bank home loan customer can utilise this account.
Features of the Adelaide Bank MyEveryday Account include:
- No maximum balance and a $1 minimum: This account is available for all balances.
- A wide range of free transactions: You can make ATM withdrawals, transfers or balance enquiries at any ATM in the Bendigo and Adelaide Bank network, cash deposits at any Bendigo Bank branch, BPAY and AnyPay transactions, auto-deductions, regular payments and direct credits, as well as access telephone banking and more, all without limits and without fees.
- No linked account required: You can enjoy exceptional transaction functionality at no cost with this account and you do not need another linked account.
- Overseas accessibility: A linked Visa debit card ensures you have convenient access to your funds all around Australia and overseas.
- Overdraw function: You are able to overdraw with this account, but interest may be charged on the overdrawn portion.
What high interest savings accounts are offered by Adelaide Bank?
The Adelaide Bank high interest savings account is simply known as the MySaver Account. This account is near-unique in that it’s a high interest savings account with no monthly fees, no maximum balance and easy access to your funds through a range of fee-free transaction options. There are no complicated interest requirements and no special conditions that you need to meet in order to earn interest, other than that your account must be holding at least $500. Because interest is calculated daily, you can yoyo your account balance and make full use of the fee-free transactions available, while largely retaining your interest earnings. Competitive interest rates combined with a lack of fees, fee-free transactions and no balance requirements means this account will suit anyone who has a home loan with Adelaide Bank.
Features of the Adelaide Bank MySaver Account include:
- Fee-free everyday transactions: You can make cash deposits, auto deductions, regular payment plans and direct credits and use online banking, telephone banking and BPAY all at no cost.
- No minimum or maximum balance requirements: You can use this account as you please, with no minimum or maximum balance requirements. However, your balance will need to be at least $500 in order to earn interest and you need at least that much to initially open an account.
- Interest calculated daily and paid monthly: Your interest is calculated daily and paid into your account monthly.
- Overdraw function: You are able to overdraw with this account, but interest may be charged on the overdrawn portion.
What term deposits does Adelaide Bank offer?
If you have a home loan with Adelaide Bank, you are able to access term deposits as well. In the usual style of Adelaide Bank, these are designed to offer you more flexibility and more options than a typical term deposit account could, while keeping the certainty of fixed rates and predictable return on investment across your choice of terms, from as little as 30 days all the way to 5 years. As a community bank, Adelaide Bank patrons are also shareholders, instead of just customers, and in the term deposits this manifests itself in rare features such as a 7 day grace period at account maturity, letting you change your mind and withdraw your balance within a week of account maturity, even if it was initially reinvested.
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What are the pros and cons of banking with Adelaide Bank?
The main downside of the Adelaide Bank accounts (different from Bendigo and Adelaide Bank accounts) is that they are exclusively for existing home loan customers only. The options are also limited to a single versatile account for each account type, rather than a wide range of different account options, often offered by other providers.
Pros
- Exceptionally flexible accounts
- Account features that you may not be able to find elsewhere
- A combination of personalised customer service and online accessibility
- Accessible accounts with low minimum deposits
Cons
- Only available to existing Adelaide Bank home loan customers
- Only one account for each type
How do I apply for an Adelaide Bank account?
To open an account, get in contact with Adelaide Bank either over the phone or online. In order to apply, you will need to have a home loan with Adelaide Bank and will therefore generally also need to:
- Be at least 18
- Be a resident of Australia
- Have secured residential property
Because the bank will already have your details from your home loan account, you will only need to provide additional documentation where you have not already done so. Doing all of your banking under one roof is useful and Adelaide Bank can deliver the scope and scale of a big bank with the personalised customer service of a smaller institution. Compare the benefits and features of these Adelaide Bank accounts with those of other providers and get in touch if it’s right for you.
