Compare Customs Bank savings accounts and enjoy a higher rate

Information verified correct on December 6th, 2016

With their new partnership, Customs Bank is able to provide members with financial services that are competitive with Australia’s big four.

Exclusive to those close to Australia’s Customs and Border Protection Service, Customs Bank is a division of Police Bank, providing a wide range of affordable services and products to their members. Fully backed by the Australian Government Guarantee, you can bank with confidence through this member owned financial institution.

Rates last updated December 6th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Customs Bank Easy Access
Everyday transaction account that earns interest.
Visa $0 $0 Maintain a balance of $5,000 or more and you'll receive fee-free ATM and EFTPOS transactions. More
Customs Bank Kid's Dynamo Account
Ongoing, variable 3.00% p.a. when you link to Safeguard Transaction Account and deposit $20+ each month and make no withdrawals. Available on balance $500 or more.
Visa $0 $0 Maintain a monthly combined balance of $5000 in savings, investments or loans and get fee-free ATM and EFTPOS transactions. More
Rates last updated December 6th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Customs Bank Online Supersaver
Ongoing, variable 1.75% p.a.. Available on balance $5,001 or more.
1.75% 1.75% 0.00% $0 $5,001 / $0 More
Customs Bank Kid's Dynamo Account
Ongoing, variable 3.00% p.a. when you link to Safeguard Transaction Account and deposit $20+ each month and make no withdrawals. Available on balance $500 or more.
3.00% 1.25% 1.75% $0 $500 / $0 More
Customs Bank Saving Plus
Ongoing, variable 1.75% p.a.. Available on balance $30,001 or more
1.75% 1.75% 0.00% $0 $30,001 / $0 More
Customs Bank Retirement Plus
Ongoing, variable 1.75% p.a. when you link to a Customs Bank transaction account. Available on the entire balance.
1.75% 1.75% 0.00% $0 $0 / $0 More
Customs Bank Market Linked
Ongoing, variable 0.25% p.a.. Available on the entire balance.
0.25% 0.25% 0.00% $0 $5,000 / $0 More
Customs Bank Edvest Redifund Plus
Ongoing, variable 0.75% p.a. when you maintain a minimum of $5,000. Available on the entire balance.
0.75% 0.50% 0.25% $0 $5,000 / $0 More
Customs Bank Bonus Saver
Ongoing, variable 3.00% p.a. when you link to a transaction account and deposit $100+ each month. Available on balance $10,001 or more.
3.00% 0.50% 2.50% $0 $0 / $0 More
Customs Bank Christmas Club
Ongoing, variable 1.75% p.a.. Available on the entire balance.
1.75% 1.75% 0.00% $0 $0 / $0 More
Customs Bank Budget Manager
Ongoing, variable 0.10% p.a.. Available on the entire balance.
0.10% 0.10% 0.00% $0 $0 / $0 More
Customs Bank Insurance Saver
Ongoing, variable 0.10% p.a.. Available on balance $50,001 or more.
0.10% 0.10% $0 $50,001 / $0 More
Rates last updated December 6th, 2016
$
Monthly Account Fee Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details
Customs Bank Easy Access
Everyday transaction account that earns interest.
Visa $0 $0 Maintain a balance of $5,000 or more and you'll receive fee-free ATM and EFTPOS transactions. More
Customs Bank Kid's Dynamo Account
Ongoing, variable 3.00% p.a. when you link to Safeguard Transaction Account and deposit $20+ each month and make no withdrawals. Available on balance $500 or more.
Visa $0 $0 Maintain a monthly combined balance of $5000 in savings, investments or loans and get fee-free ATM and EFTPOS transactions. More
Rates last updated December 6th, 2016
$
$
months
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned
Customs Bank Online Supersaver
Ongoing, variable 1.75% p.a.. Available on balance $5,001 or more.
1.75% 1.75% 0.00% $0 $5,001 / $0 More
Customs Bank Kid's Dynamo Account
Ongoing, variable 3.00% p.a. when you link to Safeguard Transaction Account and deposit $20+ each month and make no withdrawals. Available on balance $500 or more.
3.00% 1.25% 1.75% $0 $500 / $0 More
Customs Bank Saving Plus
Ongoing, variable 1.75% p.a.. Available on balance $30,001 or more
1.75% 1.75% 0.00% $0 $30,001 / $0 More
Customs Bank Retirement Plus
Ongoing, variable 1.75% p.a. when you link to a Customs Bank transaction account. Available on the entire balance.
1.75% 1.75% 0.00% $0 $0 / $0 More
Customs Bank Market Linked
Ongoing, variable 0.25% p.a.. Available on the entire balance.
0.25% 0.25% 0.00% $0 $5,000 / $0 More
Customs Bank Edvest Redifund Plus
Ongoing, variable 0.75% p.a. when you maintain a minimum of $5,000. Available on the entire balance.
0.75% 0.50% 0.25% $0 $5,000 / $0 More
Customs Bank Bonus Saver
Ongoing, variable 3.00% p.a. when you link to a transaction account and deposit $100+ each month. Available on balance $10,001 or more.
3.00% 0.50% 2.50% $0 $0 / $0 More
Customs Bank Christmas Club
Ongoing, variable 1.75% p.a.. Available on the entire balance.
1.75% 1.75% 0.00% $0 $0 / $0 More
Customs Bank Budget Manager
Ongoing, variable 0.10% p.a.. Available on the entire balance.
0.10% 0.10% 0.00% $0 $0 / $0 More
Customs Bank Insurance Saver
Ongoing, variable 0.10% p.a.. Available on balance $50,001 or more.
0.10% 0.10% $0 $50,001 / $0 More

Who is Customs Bank?

Australian Customs employees, their families and friends are able to take advantage of the variety of accounts Customs Bank offers, who is a partner with Police Bank. This includes investment accounts to help plan your future and savings products that reward you. There are also specialised products available for kids and for grown-ups who have a specific goal to reach. Interest rates and fees are competitive with what you find with larger Australian banks, and your money is secured with the same regulations that they abide by.

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What transaction accounts are offered by Customs Bank?

    • Easy Access. This is an at call transaction account that also earns daily interest. Access methods include internet and phone banking, cheque and your choice of a RediCard or Visa debit card. The Easy Access contributes to the reduced fees program, where you can lower your transaction costs by meeting certain conditions.

What high interest savings accounts are offered by Customs Bank?

      • Online Supersaver. The online savings accounts pays a higher rate of interest while still giving you complete access to your cash through account transfer. You are not required to meet a balance requirement or limit your withdrawals in order to receive the competitive interest rate.
      • Savings Plus. Be inspired to save more with tiered interest rates that increase as your balance grows.
      • Bonus Saver. Meet the minimum deposit requirement and make no withdrawals each month and you qualify for bonus interest on top of your base rate.
      • Retirement Plus. For retirees and pensioners only, this account has a flat rate of interest designed to provide security for your retirement funds.
      • Market Linked. This account requires a minimum balance of $5,000 in order to earn interest at money market rates. Funds are available at call just seven days after your initial investments so long as you are able to maintain that minimum balance.
      • Edvest RediFund Plus. Available only to Edvest members, this account works just like the Market Linked except that you also receive bonus interest on top of the money market rate.
      • Christmas Club Account. Your holiday shopping money accrues all year in this locked saving account that becomes available for withdrawals on 1 November.
      • Budget Manager. Have a fixed amount from your pay deposited into this account to help cover the cost of your monthly expenses.
      • Insurance Saver. With this account money is set aside from your salary to cover the cost of your various insurance premiums when they are due.
      • Dynamo. Customs Bank helps young Australians save with an account that rewards them with bonus interest for making regular deposits.
      • Mortgage Offset. A 100% offset account where the monthly balance is deducted from the balance of your Custom home loan before interest is applied.

What term deposits are offered by Customs Bank?

Customs Bank term deposits are flexible savings products that allow you to choose terms ranging from three months up to five years, with interest payment options that include monthly payments to add to your income. With some you are able to start with deposits as little as $1,000 while others require an investment of $10,000 or more.

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What are the pros and cons of banking with Customs Bank?

Pros

    • Versatility. You can find an account that meets just about any specific savings need.
    • Interest rates. Interest rates for your savings are comparable to what you find with other Australian financial institutions.
    • Bonus interest. You are given incentives like bonus interest to encourage you to save even more.
    • Children’s account. The savings account designed for children is easy to use and offers bonus interest for good savings habits.

Cons

    • Availability. Membership into Customs Bank is limited to those related to the Australian Customs and Border Enforcement Agency.
    • Term deposit. While there are multiple options for the term deposit, many of these require a minimum balance of $10,000.
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How do I apply for a Customs Bank savings account?

In order to apply for a savings account with Customs Bank you must first become a member. Membership applicants must be at least 18 years of old and residents of Australia who are employed with Australian Customs and Border Protection Service or are the friend or family member of someone who is.

Once a member you will able to apply for most accounts online through internet banking, but keep in mind that with some of these accounts there are certain age requirements and restrictions. In most cases your account will be activated once you have submitted the application and made any necessary opening deposits. Even when a member, you should always compare savings accounts between a number of banks in order to make sure that your needs are being met.

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