BankVic focuses on your financial future with a number of high interest savings accounts to suit multiple needs.
A mutual bank in Victoria, BankVic has been offering members of the police, health, public service and emergency service sector an alternative to large banks for over 40 years. Backed by the Australian Government, BankVic provides you with a secure place to place your savings.
Who is BankVic?
Not only does BankVic offer bonus savings accounts, online accounts and products for kids, they show an interest in your future with a number of investment products designed to help you prepare for and manage your retirement. This includes a standard term deposit along with accounts that give you the tax advantages of saving for retirement.
What is internet banking like for BankVic?The internet banking services provided by BankVic are free, allowing you to access your account from your personal computer devices and internet enabled mobile devices. A mobile app is available for Apple iOS, Android and Windows smartphones, allowing you to take advantage of online banking when you are on the go. You do need to apply for internet banking with BankVic which can be done online. Once set up you will be able to take full advantage of all of the benefits of banking from home, the office and anywhere your mobile phone is.
- View the balance in all of your savings, loan and term deposit accounts
- Download transaction information into a personal finance manager such as Quicken
- Open certain accounts such as a term deposit or Christmas Club
- Access your statements for the previous 18 months of your term deposit, savings and loan accounts
- Pay bills at any time using BPAY
- Receive bills using BPAY View
- Receive notifications when a new bill has been added to BPAY View
- A display of all current bills requiring payment
- Transfer funds between yours or accounts held by other members
- Transfer funds to accounts held by other banks
- Create, change and cancel regular or future payments to be made from an account
- Create a list of payees that you deal with regularly in order to make quick transfers and BPAY payments
- View your interest earnings for the current and prior years
- View the withholding tax against your accounts
- View a list of your most recent transactions
- Customise your welcome page and the way in which your accounts are displayed
- Change and update your personal information
BankVic mobile banking
BanKVic offers mobile banking for Apple, Android, Windows Phone and Blackberry users. This means you can access their banking services on your smartphone or tablet. Features available may vary between platforms, however some of the things the BankVic app will allow you to do on your smartphone or tablet include:
- Make and schedule payments including via BPAY or transfer to another account
- View your account balance
- View your transaction history
- Transfer funds between your BankVic accounts
- Manage your contact details
What about the mobile app?Image Source: App Store
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What transaction accounts are offered by BankVic?
- Anywhere S11. Make a monthly minimum deposit of $1,000 and you are given access through your linked Visa debit card to your money at any ATM in Australia free of charge. You are also permitted EFTPOS and internet purchases and a limited number of free overseas cash withdrawals.
- Ezepac S20/S21. This is a two linked accounts, where one provides you the access of an everyday account and the other the earning benefit of a savings account. You are given multiple ways of getting to your money without paying fees, and bonus interest when you are able to make no withdrawals from your savings in a month.
- Multipack S1. With the Multipack you are not required to maintain a minimum balance, and you will not be charged any account keeping fees. You will get a number of free ATM and EFTPOS transactions each month at select Australian ATMs.
What high interest savings accounts are offered by BankVic?
- Bonus Saver S8. This high interest savings account will reward you with bonus interest every month that you deposit at least $100 without making any withdrawals.
- Easyinvest S7. An at call online savings account that pays a higher rate of interest on your balance while giving you the benefit of easy access through transfers.
- SMSF Saver S40. Manage the cash portion of SMSF investment with a high interest savings account that gives you the flexibility of an at-call account. This lets you move your money quickly if an investment opportunity comes along that you don’t want to miss out on.
- Little Copper Club S3. Especially for members under 18 years of age, this savings account encourages children to save by providing a higher rate of interest, but still allows you daily access to the money.
- Christmas Club S4. Get a head start on your Christmas expenses with an account that locks your money away all year long, and rewards you with interest when it’s finally time to start using it to cover your Christmas shopping.
- Superfuture RSA. Specifically designed to provide you with a retirement income, this account provides you with superannuation and account based income streams that are capital guaranteed. The reward for you is an account balance that is fully protected from negative returns.
- Investment S2. Higher rates of interest and day to day flexibility make this account ideal if you have a short term savings goal that you are trying to meet.
- Deeming S10. Individuals receiving a Centrelink pension get the benefit of a transaction account that also earns interest at rates set by the Australian government.
What term deposits are offered by BankVic?
- Term deposit. With a minimum invest of $5,000 you get to increase your savings with a higher fixed rate of interest, locked into a term that you choose to meet your needs. This can be between three months and five years, with longer terms giving you a higher return on your investment.
- Online Term Deposit. Open a term deposit online for anywhere from three months to two years with as little as $2,000. You will still get the benefit of higher interest at a fixed rate and annual interest payments.
- 12 Months Regular Income. Structured like a term deposit with your funds locked in at a fixed rate, you will receive regular fortnightly, monthly, quarterly or annual interest payments to help supplement your income.
- 50+ Investment Account. Investments of at least $50,000 will receive a higher rate of interest for a term period that can be anywhere from one to five years.
- Superfuture RSA Term Deposit. The fixed rate security you get with a term deposit combined with the tax advantages you get when investing into your retirement account.
What are the pros and cons of banking with BankVic?
- High interest investment options. BankVic allows you to plan for the future with a number of accounts that can build your savings through higher interest rates.
- Flexible accounts. Savings accounts are designed to meet the various needs of BankVic members.
- Low fees. Savings products are all offered without any account keeping fees, and you are provided with multiple options for free transactions.
- Mobile banking. The BankVic mobile app gives you the ease of banking whenever you need to, wherever you are for no additional charge.
Limited membership. Membership into BankVic is limited to a particular employment sector and their family and friends.
- Minimum balance requirements. With a number of the accounts you are required to maintain a minimum balance or meet deposit terms in order to receive the full benefits of the account.
How do I apply for a BankVic account?
Before you are able to apply for any account with BankVic, you will first need to apply for membership. This can be done online provided that you are an Australian resident who is at least 18 years of age. Once your application for membership is approved, you will be able to apply for certain accounts through your online banking platform. For other accounts you will need to visit or call a branch to begin your application.