Beyond Bank lets you choose from different kinds of transaction and savings accounts, along with specialist accounts for kids.
Beyond Bank is amongst Australia’s largest customer owned banks. It has more than 195,000 customers, over $4 billion in assets under management and more than 600 employees. Before becoming a bank, it operated in the form of Community CPS, one of the largest credit unions in the country.
Awards that Beyond Bank has earned
- Asia-Pacific Banking + Finance Awards, 2015. Winner of Mutual Bank of the Year Award
- Money Magazine’s Best of the Best Awards, 2015. Its Low Rate Visa Credit card won the Best Transactor Credit Card (Bank Category)
Who is Beyond Bank?
Beyond Bank offers a considerable variety of transaction accounts and savings accounts that you can choose from as per your requirements. If you have money that you can set aside for some time, you can consider opening a Beyond Bank term deposit. This bank also provides other personal banking solutions as well as business banking, community sector banking and financial planning advice.Back to top
What’s internet banking like for Beyond Bank?
The Beyond Bank online banking system gives you quick and easy access to your account from any internet enabled computer. This online banking system makes use of 128-bit encryption and sophisticated firewalls to keep transmission of data secure. It also employs a two-tier authentication system that makes use of text messages and security tokens.
You can use the online banking system to update personal information, to check your account balances and to go through transaction histories. The online banking platform lets you transfer funds to other Beyond Bank accounts as well as to non Beyond Bank accounts, which include transfers to international bank accounts. You can use the online platform to view e-statements and you can customise transaction alerts through email and text messages.
Notable features include:
- Pay bills through BPAY
- Apply for new accounts and loans
- Activate new cards
What about the mobile app?Image Source: App Store
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What transaction accounts are provided by Beyond Bank?
Access Savings Account
This account does not attract any monthly account keeping fee and lets you earn interest on your savings. There is no minimum monthly balance requirement and you get multiple free transactions per month. Access to funds comes through a Visa debit card, online banking, phone banking, branch banking and Bank@Post locations. You can get a cheque book as well.
Approved customers can get an optional line-of-credit, and full-time students can expect fee-free banking.
This account attracts a monthly account keeping fee of $6.50, which the bank waives if $2,500 or more credit into your account directly every month. You get unlimited fee-free transactions, and the account does not have any minimum monthly balance requirement. Account access comes through a Visa debit card, online and phone banking, branch banking and Bank@Post.
You can consider getting an optional line-of-credit, and full-time students can expect fee free banking.
Car Budget Account
This account is ideal for taking care of car related costs such as registration, insurance and petrol. You can also use it as an offset account linked to your car loan to save in the form of interest. Account holders can expect multiple fee-free transactions, and access to funds in the account comes through a Visa debit card, phone and online banking, branch banking and Bank@Post.Back to top
What high interest savings accounts are offered by Beyond Bank?
Community Reward Account
When you open this account you get to nominate a participating not-for-profit group. Every year, the bank makes a donation to this group in accordance to your average annual balance. The money in this account earns competitive interest, and the account does not attract any monthly account keeping fees. You get access to your money through online banking, phone banking, branch banking and Bank@Post, with four free over-the-counter withdrawals every month.
Bonus Saver Account
This account does not attract any monthly account keeping fees, and it comes with a tiered interest rate system. You can earn bonus interest by depositing at least $20 in your account each month and making only one withdrawal. Access to funds comes via online and phone banking, branch banking and Bank@Post.
Christmas Club Savings Account
You don’t have to pay any monthly account keeping fees to maintain this account. It offers interest payout a little before Christmas, and it provides free transactions from November to January. Access to funds comes via online and phone banking, branch banking and Bank@Post.
This account offers a competitive interest rate for balances in excess of $5,000 and it does not charge any monthly account keeping fees. You get unlimited free transaction between your other Beyond Bank accounts via online banking and phone banking. You can also transact at Beyond Bank branches and Bank@Post outlets.Back to top
What term deposits accounts are offered by Beyond Bank?
High-interest term deposits
You can open a Beyond Bank term deposit with as little as $500 and the term can vary in between three months and five years. You get the option of choosing when you receive interest payments, and you can track the progress of your deposit using online banking.Back to top
What are the pros and cons of banking with Beyond Bank?
- Variety. Beyond Bank offers different types of transaction and savings accounts to suit varied requirements. It provides special accounts for students and it also has an account meant especially for retirees.
- Bonus interest. The Bonus Saver account lets you earn bonus interest every month, provided you meet some basic criteria.
- Mobile banking. You don’t have to limit accessing the bank’s online system to computers. If you want to use your smartphone, you can download the Beyond Bank mobile app for free.
- Branch and ATM network. If you have a Beyond Bank issued debit card, you can use over 3,000 rediATMs nationally for free. The bank also has more than 50 branches.
- Fee waiver conditions. With some accounts, you can get fee waivers only if you meet certain conditions.
How do I apply for Beyond Bank savings accounts?
You can apply by visiting any Beyond Bank branch and you can also apply online. To get started now, simply click on the ‘Go to Site’ button, but only after establishing that you meet the following eligibility criteria:
- You are an Australian resident
- You meet any account specific minimum or maximum age requirement
To complete the application, you’ll have to provide the following details:
- Your name, date of birth and details from an identification document like a driver’s license or passport
- Your residential address, email address and phone number
- Your tax file number (optional)