Compare Australian Military Bank savings accounts
No matter what stage of your career, Australian Military Bank could have the right savings products to help see you through it.
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Australia’s Defence Personnel and their families can bank with confidence with Australian Military Bank. In service since 1959, this member owned financial institution provides an array of products that charge low fees but pay competitive interest rates. Plus with a team of mobile bankers available across the country, you can set up your accounts over tea and biscuits.
Who is Australian Military Bank (ADCU)?
When you choose Australian Military Bank, you are giving your money the chance to grow along with your career. From special accounts for new recruits to transact from, to high interest saving products that build your retirement funds, each stage is covered. You will find that interest rates are competitive with larger banks, while monthly and transaction fees are kept at a minimum.
What’s internet banking like for Australian Military Bank?
Australian Military Bank offers members a number of ways to access their accounts, including a comprehensive online banking facility. They have also added a mobile app which can be downloaded from the Google Play Store or the App Store. By implementing the latest in online banking and mobile payment technology, both provide you with a secure and convenient way to bank from anywhere in the world.
Once you have set up you online banking platform with Australian Military Bank you can begin making a number of transactions from your mobile device or personal computer using an array of features.
Notable features include:
- View your account balances
- Register a debit or credit card lost or stolen
- Pay your bills using BPAY
- Retrieve a transaction history
- Find an ATM or branch
- Make payments use Pay Anyone
- Make transfers between your accounts
- Use the Tap and Pay function for purchases under $100 with the app downloaded on your Android device
What about the mobile app?
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What transaction accounts are offered by Australian Military Bank?
- Military Rewards Account. Get 2% back on your purchases made using Visa payWave with this rewards transaction account. You can also avoid any monthly service fee by meeting a minimum deposit amount each month.
- Access Account. A no-frills and no fees everyday account that allows for unlimited electronic transactions with no minimum balance requirement. You can also choose a linked Visa debit card to help in making your daily purchases and cash withdrawals.
- Recruit Salary Saver Account. Especially designed for new Defence Force recruits, this everyday account also pays you interest on your balance each month at a competitive rate. Your monthly service fee can be waived by meeting a minimum deposit requirement and you can take advantage of a number of transaction methods free of charge.
- Deeming Access Account. For service members who have reached the age of 55 and claiming a government pension, this account pays tiered interest on your balance according to the government deeming rates.
- Mess Account. An easy to manage business oriented account meant for messes, military canteens and Defence related clubs that need a secure way to accept and make payments.
What high interest savings accounts are offered by Australian Military Bank?
- Star Saver Direct. Earn a competitive interest rate with an account that limits your access to online and phone banking. There is no minimum balance requirement to meet, and you will not be charged a monthly account keeping fee.
- Online Saver. An exclusively online savings account, you can earn bonus interest in addition to the base rate by maintaining a minimum balance without making any withdrawals.
- DIY Super Saver Account. Specially designed to help you manage your DIY Super, your investment money can still earn a competitive interest rate while you wait for a new opportunity to come up. Access is limited to online and branch banking.
- Christmas Club. Save a portion of your salary throughout the entire year to take the stress out of holiday shopping. Your Christmas spending money will even get a boost with the earned interest that is added to the account when the funds become available in November.
- Cash Management. For those who have a minimum amount of $5,000 to save, but still want to be able to access it. This account pays a competitive tiered rate of interest, and limits your access to branch, phone and online banking.
- Junior Saver. Designed for kids under the age of 17, this account is free of any fees and pays a competitive interest rate on the entire balance. Interest is calculated daily, and will be paid into the account quarterly so that kids can earn a little more from compound interest.
What term deposits are offered by Australian Military Bank?
- Investment Plus. By investing a minimum of $1,000 you can take advantage of a guaranteed return from fixed interest rate. You choose the length of time to lock your money into the account, and receive your interest payments once a year and at maturity.
- Income Plus. For a slightly lower interest rate you can get all of the same benefits and features of a fixed rate term deposit, except use the earned interest as a form of income with payments made into a nominated account once a month.
- Teen Plus Term Deposit. Kids can earn interest at a higher rate as you, with a deposit that can be as low as $500 to start building towards their future.
What are the pros and cons of banking with Australian Military Bank?
Pros
- Monthly fees. With Australian Military Bank you are given many opportunities to bank and save without having to pay a monthly fee.
- Banking app. The secure banking app offered by Australian Military Bank provides you with a on the go ease in your everyday transactions.
- Mobile bankers. While branch access may be limited, you can still speak face to face with a mobile banker who will travel to you.
- Visa debit card. With access to a Visa debit card you are able to make withdrawals and purchases wherever Visa is accepted.
Cons
- Limited accessibility. This credit union is employment specific, catering to the needs of those in the Australian Defence Force.
- Minimum balance requirements. With a number of accounts you are required to maintain a minimum balance in order to receive all of the benefits.
How do I apply for an Australian Military Bank account?
Even if you are not yet a member of the Australian Military Bank you can become one as you fill out an online application for one of their accounts. The minimum age required to complete an online application is 18, and you must be a citizen or permanent resident of Australia. This holds true for both applicants if you are opening a joint account. When applying you are going to need your current driver’s licence, Medicare card and your tax file number. Once completed and submitted, the details will be sent to the Direct Service Team who will provide you with a reference number if you have any questions.
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