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Maximum variable rate: 4.35% p.a.
Base interest rate: 4.35% p.a.

Summary

This account can be used as a day-to-day transaction account while also offering a decent level of interest on your balance.

Without the requirement of a linked account, the Arab Bank Australia Online Savings Account gives you total access to your money while also offering interest. You can make purchases, take out cash from an ATM, or bank online all while earning interest and all from one account.

Pros

No minimum balance
Access funds 24/7 via Visa debit card, internet banking and ATMs
No ongoing fees
No conditions to meet for interest

Cons

Interest rate is low
No physical branches
Fees for international purchases apply

Details

Key details

Product Name	Arab Bank Australia Online Savings Account
Maximum Variable Rate	4.35% p.a.
Standard Variable Rate	4.35% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$1
Minimum Age	18

Key features

Interest payment

The interest on this account is tiered. Balances from $0 - $499,999 earn an interest rate of 4.35% p.a. while balances from $500,000 and above earn 0.9% p.a.

There are no ongoing monthly conditions to meet to earn interest.

Interest calculation

Interest is calculated on your balance every day and paid into the account once a month.

Balance requirement

There is no minimum balance requirement for this account. However, the higher your balance is the higher the interest rate will be.

Accessibility

You can access your money around the clock through internet banking, EFTPOS and ATMs.

Debit card

A Visa Debit payWave card is issued with this account allowing you to make purchases at checkout in stores and online. EFTPOS transactions will incur a $1 charge for each one made.

No monthly fees

There are no monthly account keeping fees with this account.

ATM accessibility

You get unlimited free ATM transactions at any ATM in the network of Arab Bank Australia, Westpac, St.George, Bank of Melbourne and BankSA.

International fees

If you use your Visa debit card for an international transaction your account will be charged $5.

Currency conversion

Any transaction made by you that requires the currency to be converted to the Australian dollar will incur a charge equal to 2.5% of the Australian dollar amount.

Direct credit

Set up direct credit to have your salary or other income deposited directly into your account for $0.50 each transaction.

How to apply

Eligibility

Arab Bank Australia has set up a secure online application center that you can access by visiting their website after reviewing the following eligibility requirements:

Minimum age. You must be at least 18 years of age to open an Arab Bank Australia Online Savings Account.
Residency requirements. All account holders must Australian residents or citizens with a verifiable address in Australia.

Depository requirement. There is no initial deposit requirement for opening this account.

Documentation needed

Once you are sure that you are able to meet the eligibility requirements, you should gather together the following documentation in order to assist in filling out the application quickly:

Tax file number. Although not a requirement, Arab Bank Australia will ask for your tax file number (TFN) or exemption code in order to ensure that they are withholding the correct amount on your interest earnings.
Identification. In order to verify your identity, you will have to be able to provide three of the following documents; an Australian passport, driver's licence, Medicare card, Electoral roll, or white pages that lists your Australian landline phone number.

What happens after I submit my application?

Arab Bank Australia allows you to access their online application page on a tablet or your PC. Your identity will be verified online, eliminating the need to visit a local branch. Once your application has been submitted you will receive an email confirming receipt and the status of your application.

You will then be notified when your account has been established and Visa debit card mailed to the address you provided. Before continuing with the application ensure that you have compared all of your options in order to choose the account that best meets your needs.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Arab Bank Australia Online Savings Account information page
2. Arab Bank Australia Online Savings Account TMD

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Alison Finder

Editorial Manager, Money

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October 09, 2025

Is this account Government guaranteed pls?

Sarah Megginson Finder

October 10, 2025

Hi Maureen,

Yes, deposits in an Arab Bank Australia Online Savings Account are protected by the Australian Government’s Financial Claims Scheme (FCS), which guarantees eligible deposits up to a maximum of $250,000 per account holder per ADI.

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Arab Bank Australia Online Savings Account

Pros

Cons

Key features

Interest payment

Interest calculation

Balance requirement

Accessibility

Debit card

No monthly fees

ATM accessibility

International fees

Currency conversion

Direct credit

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

Your reviews

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