Greater Bank is a customer-owned Australian financial institution offering its members many of the same banking products, features and benefits that you get with larger banks. This includes the Ultimate Access transaction account, which allows you to bank without the worry of any fees so long as you are able to make a monthly deposit commitment.
Greater Bank Ultimate Access
- Fee Free Deposit
- Account keeping fee
- ATM withdrawal fee
- Overseas ATM withdrawal fee
This account is suited to customers who make a large number of transactions and withdrawals each month. By depositing $2000 a month you’ll pay no account keeping fees and get unlimited free transactions including ATMs in Australia, EFTPOS transactions, electronic and BPAY transactions.
If you don’t think you can meet the monthly deposit requirement for this account, you could consider the Greater Bank Access Account instead which has no ongoing deposit conditions. However, it does charge some transaction fees.
$0 monthly account keeping fee
Free internet, mobile and phone banking
No transaction fees when you are able to deposit at least $2000 a month
Deposit requirement if you want to avoid fees
|Greater Bank Ultimate Access Account
|Monthly account fee
|Own network ATM fee
|International ATM Fee
|$5 + 3%
|International transaction fee
|Monthly deposit required to waive account fee
|Apple Pay, Google Pay
|Joint account availability
|Minimum opening deposit
|Permanent Australian residents with an Australian address
Monthly account keeping fees
You are not responsible for paying any monthly account keeping fees.
If you are able to deposit at least $2,000 into the account each month you are not going to have to pay any fees for your daily banking transactions. If you have linked this account with a Greater Bank Ultimate Home Loan, the minimum deposit requirement will not apply in order to avoid fees.
You are permitted to open this account with one joint account holder.
Minimum account balance
You are required to maintain a minimum balance of at least one dollar in the account in order for it to be kept open. However, if you wish to take advantage of fee free banking your deposits must equal at least $2,000 each month.
You can choose between having your transaction account linked to a Visa debit card or to a Greater Bank access card.
You are entitled to make up to $1,500 in withdrawals everyday.
Visa debit card
With Greater Visa debit card you can make point of sale purchases, buy online or pay over the phone. You are also enabled to use it to make cash withdrawals which are deducted directly out of your account.
Visa debit card features
On its own, the Visa debit card also has a range of features including payWave which allows you to make purchases of $100 or less without swiping your card.
You can make enquiries and withdrawals at over 3,500 ATMs in Australia.
This account allows access through internet and mobile banking. You can also set up direct deposits and debits using BPAY and EasyPay.
How to apply
If this is an account that works with the way you like to spend, you can apply online in just ten minutes. This will take you to the secure application where you are first going to be asked if you are able to meet the following eligibility requirements:
- Minimum age. For your application to be considered you will have to be at least 16 years of age.
- Residency requirements. In order to apply you must be a permanent resident of Australia.
- Depository requirements. The account is activated by you making a minimum deposit of $1.
As you proceed with the application, you will also come across questions that will require clarification from the following documentation:
- Tax file number. Greater Bank will ask for your tax file number (TFN). Although this is not obligatory, by providing it you can ensure that your interest earning accounts are having the correct withholding tax applied to the payments.
- Identification. The following forms of identification are deemed acceptable by Greater Bank, driver's licence, passport, international travel document, QLD 18+ card, NSW photo card, VIC proof of age card, or a birth card.
What happens after I submit my application?
With all of the correct information presented your new transaction account will be available to be used immediately. You will have to provide your mobile phone number in order for Greater Bank to confirm the activation of your account with a special authorisation code.
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June 05, 2018
Do i get charged exchange rate fees for using an American ATM with the Ultimate Access account?
June 06, 2018
Thanks for getting in touch with finder.
There is a 3.00% conversion fee for all international transactions. If your Ultimate account meets the required minimum monthly deposit you will not be charged the $5.00 foreign ATM charge.
Hope this clarifies. Feel free to leave a message should you have further questions regarding this.
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