AUSWIDE Bank provides a small bank feel with big bank advantages to Australians nationwide.
Formerly the mutual Wide Bay Australia, AUSWIDE bank has converted to a bank, offering all Australians their products and services. Formed in 1979 after the merger of two building societies, AUSWIDE Bank has close to 50 years of experience in meeting the financial needs of their customers.
Who is AUSWIDE Bank?
After almost five decades of customer owned banking, AUSWIDE Bank made the decision to switch gears and become a bank in order to reach more Australians with their range of products. From fun accounts designed to help kids save, to SMSF investment accounts to secure their future, AUSWIDE Bank has taken all of your financial concerns under consideration and developed a menu of accounts to help in easing them.
With their flexible online banking platform, AUSWIDE Bank makes it easy for customers to manage your accounts and loans using a personal computer, portable computer or even your mobile phone. This allows you to bank from anywhere, without having to pay any extra fees for the service.
In order to take advantage of online banking with AUSWIDE Bank, you will need to complete and sign an online banking application and maintenance form. You will then be issued an access code to begin taking care of your account activity at your convenience.
Notable features of banking online with AUSWIDE Bank include:
- Check the balances of your accounts
- View and print transactions details
- Make payments using BPAY
- Receive bills electronically through BPAY View
- Transfer money between your AUSWIDE Bank accounts
- Make payments to other AUSWIDE Bank Accounts
- Make payments to accounts held by other banks
- View and manage your pending payments
- View the details of your term deposit
- Change your access code
- Send secure emails to AUSWIDE Bank
- Keep your contact details up to date
- Set up nicknames to help identify your accounts
What about the mobile app?Image Source: App Store
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What transaction accounts are offered by AUSWIDE Bank?
- Everyday Access Account. For a flat monthly fee you are allowed unlimited free transactions, including the use of a linked Cashcard to access your money at ATMs and make EFTPOS purchases. This everyday banking account provides you with a variety of ways in which you can pay your bills and take care of your daily financial needs.
- Cash Management Account. For Australians who are able to maintain a higher minimum balance, you get all the benefits of an everyday account plus interest earnings on larger balances. An account keeping fee can be waived by meeting a minimum balance requirement.
- Everyday Pension Account. For Australians receiving a Centrelink pension, this transaction account also pays interest as outlined by the Federal Government Deeming assessment rates for a single pension. The monthly account keeping fee is waived even though you are given the same access options as an everyday account.
- Everyday Choice Account. Maintain a minimum balance requirement and pay no monthly account keeping fee yet still get the same fee free banking that you get from the Everyday Access Account.
- Everyday Club Account. Designed to meet the everyday banking needs of not for profit organisations and clubs, this account charges you no fees for your transactions and pays a competitive interest rate on your balance into the account quarterly.
This account provides you with the same banking flexibility as the Everyday Access, along with a linked Visa debit card. There is a monthly account fee which is waived when you also have another qualifying account.
What high interest savings accounts are offered by AUSWIDE Bank?
- Online Saver. Linked to your everyday account, the Online Saver pays a competitive interest rate on your entire balance without charging you any fees. You are not required to maintain a minimum balance and there are no terms to meet in order to receive your interest payment.
- Home Deposit Saver Account. Save for your new home with an account that pays you higher interest when you make a monthly deposit and no withdrawals. Once you have the money you need, AUSWIDE Bank will waive certain fees on your home loan application.
- Bonus Plus Saver Account. Pay no monthly fees and earn a bonus interest on top of the standard each month that you meet the deposit and withdrawal terms for this account. Access your account online and you can easily manage your savings and make your deposits.
- Ziggy Kids Saver Account. Especially designed for kids up to 12 years old, this account offers a competitive base interest rate plus the ability to earn bonus interest with regular deposits and no withdrawals. Kids are also give a gift when they sign up with an opening deposit of $20 or more.
- Christmas Saver. Enjoy the holidays stress free with an account that helps you get financially prepared for them. This is a fee free account that gives you multiple methods of making deposits throughout the year so that you have enough spending money come Christmas.
- Farm Management Deposit. Eligible primary producers are able to use this account to set funds to the side pre-tax to help cover those times when fluctuations in farming putting a strain on your finances.
- Mortgage Offset Account. You can get 100% offset on both a variable and fixed rate home loan by linking this account to your mortgage. It can be used as a savings or transaction account, with the entire balance being offset against your home loan principal.
- Self Managed Superannuation Fund Account. Take control of your SMSF with an easy to use account that provides you with multiple options to access your money, while giving you the chance to earn a competitive rate of return for your investment.
What term deposits are offered by AUSWIDE Bank?
Unlike most of the larger banks, AUSWIDE Bank gives more Australians the chance to benefit from the higher interest rates of a term deposit by allowing for deposits of as little as $500. Invest for anywhere from one month to five years and choose interest payment frequency that suits your needs. With a term deposit, your money is locked until the term you chose is reached, so ensure that you are able to part with those funds for the specified length of time before making that commitment.
What are the pros and cons of banking with AUSWIDE Bank?
- Easy terms. With those accounts offering bonus interest, the minimum deposit requirement is not excessive.
- Variety. There are savings accounts to meet a number of special needs with AUSWIDE Bank.
- Mobile banking. The online banking platform can be downloaded onto a mobile device, allowing you to bank from anywhere.
- ATM access. You get free ATM access at both AUSWIDE and Westpac branded ATMs around Australia.
- Branch access. Formerly confined to just one region of Australia, the presence of AUSWIDE branches is still limited nationwide. With some accounts you are able to make banking transactions using your Cashcard at participating Bank@Post locations.
- Base rates. Although a number of the savings accounts do offer bonus interest when terms are met, the base rate paid when you don’t meet the terms is nominal.
How do I apply for an AUSWIDE Bank account?
Applications for the accounts offered by AUSWIDE Bank are accepted in person at a branch or by mailing them in. You will need to complete and sign signatory or authority to access forms as well as provide proof of identity. Along with these forms will be the application form which should be submitted along with a cheque or money order to cover any opening deposit requirements. Once submitted, you should allow AUSWIDE Bank up to three working days to process your request and open your account.