6.6

Finder Score

Standard

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Maximum variable rate: 0.01% p.a.
Base interest rate: 0.01% p.a.
Minimum deposit: $0

Summary

Protect yourself from unexpected fees with a multi-purpose account that safeguards your savings.

Border Bank Safeguard is a specialised savings account that allows you at call access while ensuring you’re never subjected to exception fees. Setting up bill payments and RediCard use is available, yet your account will never be overdrawn. This is ideal if you are trying to work your finances in a budget.

Pros

$0 account keeping fee
Avoid hefty fees

Details

Key details

Product Name	Border Bank Safeguard Account
Maximum Variable Rate	0.01% p.a.
Standard Variable Rate	0.01% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Account keeping fees

You will not be charged any monthly or yearly account keeping fees when using the Safeguard account.

Reduced fees program

You can qualify for fee rebates and free ATM and EFTPOS transactions by maintaining a combined monthly balance of $5,000 in your Border Bank accounts.

Account access

The money in your Safeguard account can be accessed by any one of these methods; RediCard, online banking, phone banking through Redidial, periodic payment, electronic transfer, BPAY and Bank@Post. You are also able to add to the balance using direct credit.

Restrictions

Direct debit and member cheques are not available, and this account is never permitted to become overdrawn.

Debit card

The Safeguard account is linked to a RediCard, allowing you to make any ATM and EFTPOS transactions wherever that card is readily accepted.

Interest rates

Once your monthly balance exceeds you will begin earning interest on the account. This rate will increase slightly when your balance grows past and once again at .

Interest payments

Interest is calculated on your daily balance and will be paid into the account twice a year, once on 31 June and the second time on 31 December.

Border Bank membership

You must be a member of the mutual bank before you are able to apply for any of their products. Membership is limited to employees of the Australian Customs and Border Protection Agency, their family members and friends.

How to apply

Eligibility

Existing members of Border Bank will find it easy to apply for the Safeguard through their online banking platform. If you are not already a member you can apply online for a membership and your new account. Before beginning, check the following eligibility requirements to ensure that your application will be accepted:

Minimum age. You must be 18 years or older in order to have the Safeguard account opened in your name.
Residency requirements. Border Bank requires that all account holders be Australian residents with a residential address.

Depository requirements. There is no minimum opening balance requirement with this account.

Documentation needed

In addition to meeting the eligibility requirements, you will also find that it is useful to have the following documentation next to you as you begin to fill out the application:

Tax file number. It is not obligatory to provide your tax file number (TFN) or your exemption code, but if you choose not to, Border Bank is required to apply withholding tax to any interest earnings at the highest marginal rate.
Identification. Border Bank is required to verify your identity with a government photo identification document such as your driver's licence, passport or Medicare card.

What happens after I submit my application?

After having submitted your application a representative from Border Bank will contact you with your membership and new account details. Your RediCard will be mailed to your address soon after so that you may begin making your daily financial transactions through your new account.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Border Bank Safeguard Account information page
2. Border Bank Safeguard Account TMD

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Alison Finder

Editorial Manager, Money

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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

Border Bank Safeguard

Pros

Key features

Account keeping fees

Reduced fees program

Account access

Restrictions

Debit card

Interest rates

Interest payments

Border Bank membership

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Sources

Sources

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