Beyond Bank Community Reward Account

Interest rates

The balance in your account will earn interest in a tiered manner. If the balance is from $5,000 to $199,999, it earns 2.4% p.a. If the balance in your account exceeds $200,000, you'll earn 2.65% p.a. The bank calculates interest on your daily balance and pays it monthly.

Internet, mobile and phone banking

You can access account related information and perform different banking related functions using Beyond Bank's online and phone banking platforms. These include going through transaction history, checking account balances, transferring funds and paying bills. An iPhone and Android phone app lets you bank on the move.

Banking at branches

Visiting Beyond Bank branches to transact is an option. You can make over-the-counter cash and cheque deposits for free. You get to make two free over-the-counter transfers and cash withdrawals per month, after which you have to pay a $2.50 fee per transaction. These exclude transfers made using the bank's Member Contact Centre.

Bank@Post

You can visit Australian Post Bank@Post outlets to transact, in which case you'll have to pay applicable fees.

Free transactions

Direct credits into your account don't attract any fees. You can transfer funds between your Beyond Bank accounts using the bank's online and mobile banking platforms as well as its Account Information Line. Transferring funds to accounts held with other Australian financial institutions using online and phone banking is free. Making BPAY payments using online banking, phone banking or the Account Information Line is also free.

Community rewards

Beyond Bank calculates a percentage of your account's average annual balance and donates the amount to your nominated organisation. This can be a charity, local sporting club, local community group or school. In case the organisation you wish to make the donation to is not on Beyond Bank's list, you can get it to register first.

Documentation needed

Completing the account successfully requires that you submit different kinds of information, which includes:

• Identification. If you're not an existing Beyond Bank customer you'll have to go through an identity verification process, as required by the law. You can complete this process using an acceptable form of ID such as your Australian driver's license, passport or Medicare card.
• Tax file number. It is not mandatory to provide your tax file number. However, submit it if you don't want the bank to deduct withholding tax from the interest your money earns.
• Other information. The application also requires details such as your name, date of birth, home address, phone number and email address.

What happens after I submit my application?

The bank opens your account as soon as you complete the required formalities, which includes the legally required ID check.