Compare Arab Bank Australia Transaction and Savings accounts

An emerging bank in Australia, Arab Bank Australia is worth considering in your comparison.

Arab Bank has had a presence in Australia since 1986 and has now expanded to include 9 branches across Australia. As a subsidiary of Arab Bank PLC, it is able to offer Australians over 80 years experience in the financial industry both in business and personal banking products.

Compare Arab Bank Australia accounts below

Rates last updated December 17th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Arab Bank Statement Account
Visa
$0
$0
An everyday transaction account that offers flexible banking.

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Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Arab Bank Online Savings Account
1.70%
1.70%
0.00%
$0
$0 / $1
Ongoing, variable 1.70% p.a. Available on balance above $500,000.
Arab Bank Cash Management Account
0.05%
0.05%
0.00%
$5
$0 / $1,000
Ongoing, variable 0.05% p.a. when you link Visa debit card.
Available on balance $250,000 plus.

Arab Bank Best Buddies Account
0.01%
0.01%
0.00%
$0
$0 / $1
Ongoing, variable 0.01% p.a.. Available on the entire balance.

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Rates last updated December 17th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
Arab Bank Fixed Term Deposit Account
2.50%
2.50%
2.85%
3.00%
2.70%
2.70%
$1

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Rates last updated December 17th, 2018
$
Name Product Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Monthly Account Fee Product Description
Arab Bank Statement Account
Visa
$0
$0
An everyday transaction account that offers flexible banking.

Compare up to 4 providers

Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Arab Bank Online Savings Account
1.70%
1.70%
0.00%
$0
$0 / $1
Ongoing, variable 1.70% p.a. Available on balance above $500,000.
Arab Bank Cash Management Account
0.05%
0.05%
0.00%
$5
$0 / $1,000
Ongoing, variable 0.05% p.a. when you link Visa debit card.
Available on balance $250,000 plus.

Arab Bank Best Buddies Account
0.01%
0.01%
0.00%
$0
$0 / $1
Ongoing, variable 0.01% p.a.. Available on the entire balance.

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Rates last updated December 17th, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 12 Mths p.a. 24 Mths p.a. 36 Mths p.a. Min Deposit Interest Earned
Arab Bank Fixed Term Deposit Account
2.50%
2.50%
2.85%
3.00%
2.70%
2.70%
$1

Compare up to 4 providers

Rates last updated December 17th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
HSBC Serious Saver
3.10%
1.40%
1.70%
$0
$0 / $0
Introductory rate of 3.10% p.a. for 4 months, reverting to a rate of 1.40% p.a. Available on balances below $1,000,000.
Bank of Queensland Fast Track Saver Account
2.80%
0.50%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an BOQ Day2Day Plus Account and deposit $1,000+ into the Day2Day account each month from an external account. Available on balances up to $250,000.
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
ING Savings Maximiser
2.80%
1.00%
1.80%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
4.00%
0.50%
3.50%
$0
$0 / $0
Only available to those aged 14-24. Ongoing, variable 4.00% p.a. when you link to an BOQ Day2Day Plus Account and deposit $200+ into the Day2Day account each month from an external account. Interest rate only applies for balances up to $10,000. Balances between $10,001 and $250,000 will earn an interest rate of up to 2.80% p.a. when deposit conditions are met.
AMP Saver Account
2.55%
2.10%
0.45%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
AMP SuperEdge Saver Account
2.05%
2.05%
0.00%
$0
$0 / $0
Link to your SMSF. Ongoing, variable 2.05% p.a. when you link to AMP SuperEdge Cash Account or a different transaction account for your SMSF in another bank. Available on the entire balance.
CUA eSaver Boost Account
2.75%
0.25%
2.50%
$0
$1 / $1
Ongoing, variable 2.75% p.a. when you make a total deposit of at least $250 and no withdrawals in a calendar month. Available on balances up to $500,000.
MyState Bank Bonus Saver Account
2.60%
0.80%
1.80%
$0
$0 / $0
Ongoing, variable 2.60% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
AMP Bett3r Account
2.25%
1.50%
0.75%
$5
$0 / $0
With AMP's bundled Bett3r account, get three linked Pay, Spend and Save accounts. Earn a competitive, ongoing rate of up to 2.25% on your Save account balance when you deposit $2,000 into the Pay account each month from a source that is not another AMP Bank account.

Please note: The 2.25% maximum variable rate is earned only on your Save account balance. To calculate interest earned, enter your initial and monthly deposit amounts for the Save account only, not including any money that’ll be in your Spend or Pay account.

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Awards that Arab Bank Australia has earned

  • Bronze Medal Winner – Money Magazine’s “Best Straight-up Online Savings Account” 2011
  • Best Savings Account – Money Magazine’s “Best of the Best” for online savings account 2010
  • Second Place – Money Magazine’s “Best of the Best” for best online savings account 2010

Who is Arab Bank Australia?

Arab Bank pic has become the largest Arab banking branch network in the world, with a presence in 30 countries. They have shown growth in Australia as well, and are able to provide their customers with savings products to suit a number of needs. Whether you want a passive savings account with full accessibility, or a term deposit that locks you into interest earnings, you will find that their savings accounts are worth comparing with others.

  • Arab Bank Australia SWIFT code: ARABAU2S

What’s Internet banking like for Arab Bank Australia?

Arab Bank Australia’s online and mobile banking platforms give customers the ability to view account balances, view their transaction history, transfer funds between linked Arab Bank Australia accounts and to existing payees and pay bills using BPAY. You can also use the online platform to order cheque and deposit books, and to manage your Arab Bank Australia issued Visa debit card. The bank offers a free SMS Payment Authentication service to customers who use BPAY and Transfer to Anyone services.

Notable features include:

  • Open a new Arab Bank Australia account
  • Set up scheduled regular fund transfers
  • Activate your new Visa card

What about the mobile app?

Image Source: App Store
Login page Locating the near ATM/Branch
login-page loc-near-atm
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What transaction accounts does Arab Bank Australia offer?

  • Statement account. An interest-earning transaction account, a Visa debit card allows you to make unlimited withdrawals at any Arab Bank Australia. If you have an account balance of at least $2,000 your balance will also be credited with interest earning.
  • Cash Management account. With no minimum on your ongoing balance, you are allowed an unlimited number of ATM transactions using the issued Visa debit card. This is an interest earning transaction account, calculating interest daily and making monthly payments regardless of your balance.

What high interest savings accounts does Arab Bank Australia have?

  • Passbook account. Earn a competitive interest rate on saving balances of over $2,000, a passbook is used to give you instant access to your records. Four free over-the-counter transactions are allowed per month, and only one dollar is needed to open your account.
  • Best Buddies account. Arab Bank Australia gifts children with an initial $5 deposit as a start to teaching them how to save. This program is run through schools, where passbooks and deposits will be collected by bank representatives. Interest is paid twice a year into the account, further growing your child’s savings.
  • Personal Online Savings account. This award winning account earns your savings interest at a competitive rate, no matter what your balance is. You are able to manage your account conveniently online, or use the bank issued Visa debit card.

What term deposits can Arab Bank Australia provide?

The Arab Bank Australia allows for term deposit customers to make their investments in Australian dollars or other select currencies. Terms are available from one month to five years, and the minimum opening balance is one dollar. This account allows for no access during the term period, but you will be earning a higher interest rate than with your standard savings accounts.

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What are the pros and cons to banking with Arab Bank Australia?

Pros

  • Variety. Arab Bank Australia gives you a number of savings accounts options to consider when you are making your comparisons.
  • Flexibility. A key feature to think about is the ability to earn interest on your balance while still being able to use the account for your everyday transactions.
  • Early savings program. The Best Buddies program is a unique way to get children involved in savings, with a generous gift from the bank to get them started.

Cons

  • Limited branches. Unlike larger Australian banks, branches are limited in Australia which could prove troublesome for those who prefer over the counter banking.
  • Bonus rates. While the accounts offer competitive rates on their savings accounts, there are no bonus rates like you find with other banks.
  • Interest earning limits. With some accounts, you won’t earn interest unless you have a specified minimum balance in the account.
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How do I apply for an account offered by Arab Bank Australia?

Arab Bank Australia offers a secure way to apply for their savings accounts online. This can be done from your personal computer or tablet and should take only a few minutes.

  • Verify identity. The Arab Bank Australia will be able to verify your identity only securely, provided that you are able to offer identifying documentation such as a driver’s licence or passport.
  • Choose your account. Once you choose the right account for you, simply follow the onscreen instructions to complete the application.
  • Confirmation. You will receive confirmation that your application was received via email.

With so many options and features to consider, ensure that you compare the Arab Bank Australia savings accounts carefully before you make a final decision. With the right high interest savings account suited for your needs, you have the chance to secure your financial future.

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Read more on this topic

Savings Account Offers

Important Information*
ING Savings Maximiser

Maximum Variable Rate

2.80

Standard Variable Rate

1.00
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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