Whether you want the convenience of your savings at call, or have long term goals you have to meet, Bendigo Bank may have something to offer.
Originally a building society helping Australians to own their own home, Bendigo Bank has had a presence in Australia’s Victoria for 150 years. Working together with Adelaide in South Australia, Bendigo Bank is now able to provide the full range of banking products to their customers, including a collection of savings accounts.
Who is Bendigo Bank?
Bendigo Bank has added a full line of banking products since its beginning as a building society. Their savings accounts offerings are designed to meet simple needs like on call accounts and savings incentives for kids, to term deposits that enrich the savings of a long term investor.
With features like free online banking and no fees, you’ll have a lot to think about when comparing the savings accounts offered by Bendigo Bank to those found in other financial institutions.
- Bendigo Bank SWIFT code: BENDAU3B
What’s internet banking like for Bendigo Bank?
You can turn to Bendigo Bank’s e-banking facility using a desktop, laptop, tablet, or mobile phone. Mobile banking gives you access to viewing your transaction history and account balance, and you can also use it to view and modify your everyday Pay Anyone limit. The classic e-banking platform, on the other hand, gives you access to full service internet banking, which among other things, enables you to order chequebooks and apply for certain accounts. To provide security, the bank employs various security measures.
- Get optional Security Token that you can use to authorise payments to third parties
- Use the Transaction Download function to extract transaction files from any of your Bendigo Bank accounts registered for e-banking
What about the mobile app?Image Source: App Store
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What transaction accounts are offered by Bendigo Bank?
- Bendigo Ultimate Account. This is a full service transaction account with no monthly fees, and fee rebates on your transactions when you have multiple products with Bendigo Bank. With the Ultimate Account, you are also provided with a debit MasterCard to help make accessing your cash and making purchases easier.
- Bendigo Student Account. Children as young as 12, full time students, apprentices and trainees are all eligible for the student account. There are no monthly fees for your account, plus you get the added benefit of unlimited free transactions online, by phone, at Bendigo ATMs and with BPAY. This account also earns an interest rate on your balance, with the amount tiered depending on how much money you have available.
- Bendigo Mortgage Saver Account. This is a transaction account where you can offset your interest earned against your home loan. This allows you to pay off that loan quicker than anticipated. A debit MasterCard is also issued, allowing you to make cash withdrawals and purchases from your available bank balance.
- Bendigo Retirement Account. Retirees and pensioners can make managing their fixed income easy with an account that allows for your everyday transactions while applying interest to the balance. No monthly fees makes this an even better deal, plus you receive a $7 fee rebate for any transaction fees you may incur.
- Bendigo Shareholder Account. Limited to those who hold shares with Bendigo and Adelaide Bank, this transaction account provides you with a $10 fee rebate to offset any transaction fees. If you also have a Bendigo home loan, there will be no charge for transactions. This is an account that is free from any monthly fees while still providing you with a full service everyday account, complete with debit MasterCard.
What high interest savings accounts are offered by Bendigo Bank?
- Bendigo EasySaver Account. Online banking is free when you choose to save with this at call savings account. There are no monthly fees for the EasySaver Account, while your money is earning interest at a competitive rate for at call product.
- Bendigo PiggySaver Account. This fee free account is designed specifically for children under 12, encouraging them to save with a free money box and annual birthday rewards. The interest rate is competitive in the market, and is calculated daily and deposited monthly into the account.
- Bendigo CommunitySaver Account. A unique way to save, with the CommunitySaver account a portion of your interest earned is donated to a charity. You can choose the percentage donated, as well as the organisation you help from a list provided by Bendigo Bank.
- Bendigo Christmas Club Account. From February until the end of October, lock your holiday spending money into an interest earning savings account. There are no monthly service fees and no way to spoil Christmas by spending your shopping cash without having to pay a fee.
What term deposits are offered by Bendigo Bank?
- Term deposit. With a Bendigo Bank term deposit, you have the option of locking your savings into a high interest savings account at a fixed rate for one month up to five years. The minimum invest is $1,000 and you get to choose whether interest payments are made monthly, annually or at maturity of the account.
- Bendigo Gold Term Deposit. A 12 month savings account, the Gold Term Deposit allows you to make withdrawals of up to 25% of your balance without paying any penalty. $2,000 is the minimum opening balance, and you are permitted to add to that at any time so long the deposit is at least $500.
What are the pros and cons to banking with Bendigo bank?
- Variety. Bendigo Bank gives you multiple options when it comes to meeting savings needs.
- Monthly fees. Savings products from Bendigo Bank are free from any monthly fees.
- Term deposits. In addition to the traditional term deposit, Bendigo offers a short term term deposit that allows for some withdrawals without penalty.
- Children’s account. A high interest savings account customised to encourage young children the benefit of saving their pennies.
- Fees. Rather than provide unlimited access to some accounts, rebates of a certain dollar amount are given to be used towards any eligible fees.
- Limited branch access. Bendigo Bank has less of a physical ATM presence than the big four banks
How do I apply for a Bendigo Bank savings account?
You can apply for a single or joint savings account online with Bendigo Bank. Completing the application is easy, and should only take up to ten minutes. Some points to consider before proceeding to the application include:
- Age requirements. A few of the Bendigo Bank savings accounts are designed to meet the needs of certain age groups. Ensure that you have chosen the right product for yours before continuing with the application.
- Personal details. Bendigo Bank will ask about your personal details as the first part of filling out your application.
- ID verification. Before being issued an account, Bendigo Bank is going to need to verify your identity.
While Bendigo Bank does provide its customers with numerous ways to save, it is always best to compare products between different banks before making a choice. This ensures that your savings is being put to work for you in the best possible way.