Founded in Geelong in 1974, Geelong Bank originally served the financial needs of Ford Motor Company employees. Through a number of mergers they expanded over the next 15 years, and by 1990 had begun offering savings products to all Australians regardless of employment. Although locally based, customers from all over the country are able to bank with Geelong Bank using features such as internet and phone banking.
Awards that Geelong Bank has earned
- Money Magazine Best of the Best Winner – Best Savings Account Regular Deposits for a Non-Bank in 2015 for the Achieve Super Account
- Money Magazine Best of the Best Winner – Best DIY Super Savings Account for a Non-Bank in 2010, 2011 and 2015 for the Superfund Maximiser Account
Who is Geelong Bank?
Through a number of available services like online banking and ATMs, Geelong Bank provides their members with a wide variety of savings accounts that are designed to meet any need. Invest your pocket change to help make Christmas buying easier, or make start maximising your superfund in a high interest investment account. All of the advantages to big banking are here, making this an alternative worth taking a closer look at.
What is internet banking like for Geelong Bank?
Using the advanced VIP Online Security Token, Geelong Bank is able to provide account holders with an extra level of security when using their online service. This allows you to bank with confidence from anywhere, accessing your accounts and conducting transactions. The service has also been expanded onto an app, making it possible for you to do your banking from your mobile phone device.
To access the internet banking service you will need to apply online. Once your application is accepted you will be issued an access code that will allow you to register and begin taking advantage of the many features offered.
Notable features include:
- View and print you current account balances and transaction history
- Transfer money between your accounts
- Pay your bills using BPAY
- Make payments to individuals or businesses
- View your interest earned on savings accounts
- View interest charged on loan products
- Change your passwords
What about the mobile app?
Image Source: App StoreLogin Page | Payments | Locate Us |
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What transaction accounts are offered by Geelong Bank?
- Total Access Account. With an available overdraft facility and convenient 24 hour access, you are able to make all of your transactions securely. This account includes a full range of payment options including BPAY and cheque book.
- Redi-Access Account. Arrange for direct credit of your salary and you will be able to easily access your money using a linked RediCARD at ATMs and EFTPOS. Internet banking is also available, allowing you to use the BPAY facility to pay your bills.
- At Call Passbook Account. For those who prefer branch banking this account provides you with a record of all of your deposit and withdrawal transactions. You are still able to take advantage of internet banking features such as BPAY by registering for the service.
What high interest savings accounts are offered by Geelong Bank?
- Online Saver Account. A competitive interest rate is earned on every dollar in your account yet your money is always available to you when you need through internet and phone banking.
- iSaver Account. An online savings account that pays you bonus interest on top of the base rate when you meet a monthly deposit requirement. Your funds are always available to you through internet and phone banking by making transfers to an elected account.
- Seniors Savers Account. Geelong Bank members over the age of 18, senior card holders or pensioners can all benefit from this interest earning account that allows you to access your money through a number of facilities including internet banking.
- Young Achiever Account. Designed for younger Australians, this savings account provides rewards and bonus interest rates for meeting certain goals. Kids pay no fees for banking which can be done at your local branch, online or over the phone.
- Superfund Maximiser Account. This is a specially designed savings account meant for DIY and self-managed super funds. You are guaranteed a return on your investment, yet are still able to move your money around at will using phone and internet banking.
- Early Bird Christmas Club Account. Get a head start on your holiday spending with a savings account that limits your access from January up until November. Interest is earned on the daily balance and will be paid into the account at the end of the term.
What term deposits are offered by Geelong Bank?
- Regular Income Investment Accounts. Set up at fixed term for a fixed rate of interest, you can opt to have interest paid to a separate account each month. The minimum deposit is $5,000 and terms range from three months to one year.
- Term Deposits. With an investment of $500 locked in at a fixed term, you will earn a higher fixed rate of interest. Terms are between three months and one year, and the interest will be paid to you when the account reaches maturity.
What are the pros and cons of banking with Geelong Bank?
Pros
Cons
How do I apply for a Geelong Bank account?
You have the option of downloading an application and mailing it into a branch, or filling out the application online. Membership is an eligibility requirement, as is being a resident of Australia with a residential address, and in some cases you will also need to meet an age requirement. Have with you identifying information found on your passport or driver’s licence. If you do not wish to have withholding tax deducted from interest earnings, you should also have your tax file number (TFN) or exemption code as well. Once your application has been submitted you will be given a special reference code, and Geelong Bank will make every effort to let you know the status of your application within 48 hours.
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