In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other transaction accounts
  • Your reviews
  • Ask a question
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Bank Australia Overdraft

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Bank Australia Overdraft Account - Discontinued
Account keeping fee
$2
ATM withdrawal fee
$0
Overseas transaction fee of transaction value
3%

Our verdict

Take advantage of added financial protection by linking an overdraft facility to your everyday banking account.

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You have the option of adding this overdraft facility to your Bank Australia Everyday Access transaction account if you feel like you might need a bit of extra cash from time to time. With the overdraft attached, you can continue to spend even if the balance of your Everyday Access account goes below $0. This feature could be particularly handy if you get paid irregularly (for example you do shift work or you’re a freelancer) to help manage cash flow.

It’s a form of credit, so you do need to pay interest on the money you loan from the bank in the form of an overdraft. Plus, when you deposit money into the account it’ll reduce your overdraft amount owed first, before topping up your transaction account balance. So make sure you weigh up the cost of paying interest on the overdraft amount versus the inconvenience of being short of cash.

Pros

  • Peace of mind knowing you'll have money available

Cons

  • Annual fee applies
  • Interest applies to balance

In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Compare other transaction accounts
  • Your reviews
  • Ask a question

With the Bank Australia Overdraft you will never have to worry about running out of funds. This facility links to your transaction account and allows you to still make purchases, withdraw cash, or pay bills even when you are out of funds. You will be charged interest on the money that you use, but that could be the better alternative to a declined transaction when you need it.

Details

Key details

Product Name Bank Australia Overdraft Account - Discontinued
Monthly account fee $2
Card access Visa
Own network ATM fee $0
International transaction fee 3%
Monthly deposit required to waive account fee N/A
Contactless Payments Google Pay, Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Eligibility

Minimum Age 18
Joint account availability No
Minimum opening deposit N/A

Bank Australia Overdraft Account is no longer available​ to apply.

Key features

Account maintenance fee

With an overdraft, you will be charged $2 a year which will automatically be deducted from your account.

How it works

An overdraft is a credit facility that can extend your available balance when your funds have been exhausted. When you deposit money into the attached Everyday Access Account, the balance of your overdraft will be cleared first.


How to apply

The application process for an overdraft differs from applying for a savings account, as you are applying for product that is extending you credit. For that reason, when you start an online application you will be directed to a loan application. If you don't already have a Bank Australia Everyday Access Account, you will need to apply for that transaction product first.

Eligibility

Other eligibility requirements you will have to meet include:

  • Minimum age. As with the linked Everyday Access Account, you must be at least 18 years of age to be considered for the overdraft.
  • Residency requirements. Only Australian residents with a verifiable residential address are permitted by Bank Australia to become a member and apply for any of their products.

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