Account keeping fee: $0
ATM withdrawal fee: $0.7
Overseas ATM withdrawal fee: $5
Overseas transaction fee of transaction value: 2.5%

Summary

This account offers a range of different ways to pay, however transaction fees do apply.

This is an everyday transaction account designed for your day-to-day spending and banking. It offers several different ways to pay including internet, phone and mobile banking as well as BPAY, Google Pay, Samsung Pay and instant payments via Osko.

While there's no account keeping fee, this account does charge more transaction fees than most standard transaction accounts including EFTPOS transaction fees and ATM withdrawal fees, even with IMB ATMs.

Pros

$0 account keeping fee per month

Cons

IMB ATM withdrawal fee applies
Overseas ATM fees and international transaction fees apply
EFTPOS transaction fees apply
Monthly fee applies to have a Visa Debit card

Details

Key details

Product Name	IMB Everyday Account
Monthly account fee	$0
Card access	Visa
Own network ATM fee	$0.70
International ATM Fee	$5
International transaction fee	2.5%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay, Samsung Pay, Garmin Pay

Eligibility

Minimum Age	18
Joint account availability	Yes
Minimum opening deposit	$1
Residency status	Permanent Australian residents with an Australian address

Key features

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No monthly account keeping fees

This account is free from any monthly account fees.

Transaction fees

Transaction fees do apply with this account. The most common fees you'll likely face are EFTPOS transaction fees and ATM withdrawal fees when using IMB ATMs.

You are given a transaction fee allowance based on the length of time you have been a member and the average monthly balance in your transaction account. However, based on the amount of transactions you make each month, you're still likely to incur fees even with the allowance deducted.

IMB Visa debit card

With your linked Visa debit card you can make EFTPOS purchases, shop online, and over the phone. The Visa debit card can also be used to make cash withdrawals. You are charged $1.60 per month to have the Visa Debit card a feature of your Everyday Account (this card is optional).

Daily card limits

There is a daily spending limit of $10,000 when making purchases with your Visa debit card. This limit does not apply to cash withdrawals.

ATM access

You can make withdrawals from IMB ATMs for $0.70 per transaction. When using an ATM outside IMB's network, the ATM operator may charge its own fee.

International ATM use

You are charged $5 each time you use an ATM overseas.

International purchase charge

For purchases that originate from an international company made with your Visa Debit card you are charged the greater of $5 or 2.5% of the purchase value.

Account access

You are able to access your account for free using internet, phone and mobile banking. This includes using BPAY to pay your monthly expenses.

Mobile banking app

IMB does have its own app which can be downloaded for free. This app gives you the same access to your Everyday Account as you get when logged into internet banking.

Branch access

Over the counter transactions and a cheque book facility are not available until you have met the face to face identification requirements for the account.

How to apply

Eligibility

You can start your application online. There is no need to become a member first, as activating your account assumes membership into the credit union. There are other eligibility criteria to take into consideration before you can begin your online application:

Minimum age. You must be at least 13 to open this account, and at least 18 to add a Visa Debit card.
Residency requirements. You must be a permanent Australian resident.

Documentation needed

Tax file number. Although it is not mandatory, your tax file number (TFN) and/or exemption code makes it possible for IMB to withhold the correct tax on any of your interest earnings.
Identification. It is recommended that you have either your Australian passport, driver's licence or your Medicare card to help in identifying you online.

What happens after I submit my application?

Once all of your information has been verified, your new Everyday Account will be established and your Visa debit card sent to your home address through Australian post.

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1. IMB Everyday Account information page
2. IMB Everyday Account TMD

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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

IMB Everyday Account

Pros

Cons

Key features

No monthly account keeping fees

Transaction fees

IMB Visa debit card

Daily card limits

ATM access

International ATM use

International purchase charge

Account access

Mobile banking app

Branch access

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other transaction accounts

Finder Score for bank accounts

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