Compare transaction accounts, savings accounts and term deposits from Regional Australia Bank to find the right account to help you reach your savings goals.
Regional Australia Bank is a customer-owned bank that has been helping to look after the financial needs of regional Australians for almost 50 years. The bank was founded in country NSW and is headquartered in Armidale. Its aim is to provide value for its members through competitive products and friendly customer service.
The bank offers a range of transaction accounts, savings accounts and term deposits to help customers build towards a secure financial future. Deposits of up to $250,000 with Regional Australia Bank are guaranteed by the Australian Government.
Who is Regional Australia Bank?
Focused on providing a competitive alternative to the Big Four banks, Regional Australia Bank offers a wide range of personalised financial solutions to meet the needs of its members. Its suite of bank accounts includes online savings accounts, reward saver accounts and term deposits. These provide easy access to your funds and can be linked to an everyday transaction account from Regional Australia Bank to allow you to quickly and conveniently move funds between your accounts.
What is Internet banking like with Regional Australia Bank?
You can enjoy easy access to your Regional Australia Bank account through the bank’s Internet banking portal. This allows you to check your balance, monitor your transaction history, pay bills and transfer funds between accounts. You can set up Internet banking with Regional Australia Bank over the phone or by visiting your local branch.
The bank also offers a mobile banking app so that you can manage your accounts on the go. Available on Apple and Android devices, the app also includes savings tools, calculators and financial news.
What about the mobile app?Image Source: App Store
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What transaction accounts are offered by Regional Australia Bank?
Regional Australia Bank Community Partnership Account
The Community Partnership Account features minimal fees and comes with a Visa debit card. You can access the funds in your account via a range of electronic and over-the-counter methods and tiered interest is paid based on your account balance. In addition, every year that you are part of the Community Partnership Program, Regional Australia Bank makes a donation equal to 1% of your account’s average annual balance to a community group of your choice.
Regional Australia Bank eFree Account
The eFree Account allows you to access your funds either by using your Visa debit card or online and it does not charge any monthly fees. Unlimited electronic transactions are allowed and you can create up to nine sub-accounts to help you budget. Account holders under 25 can also take advantage of the fact that their account is part of Regional Australia Bank’s Community Partnership Program.
Regional Australia Bank Youth Account
A full-access account for Regional Australia Bank members under 18, the Youth Account provides your choice of access methods, unlimited electronic transactions and no monthly fees. A Visa debit card is included for members over 14, Internet and mobile banking are supported and the account is part of the Community Partnership Program.
Regional Australia Bank Freedom Retirement Account
Designed for Australians who receive a pension or who are over 55 years of age and no longer working full-time, the Freedom Retirement Account offers access to your funds via branch withdrawals, debit cards and online and phone banking. It also pays competitive tiered interest based on the size of your balance, but an ongoing monthly fee does apply.
Regional Australia Bank Access Savings Account
This is Regional Australia Bank’s basic transaction account. This account allows you to access your funds online, over the phone, in branch and via ATM withdrawals. It offers a Visa debit card and an access card, while the option to add an overdraft is also included. Although a monthly fee does apply, this is waived when the combined balance of your account exceeds $5,000 for the entire month and/or no withdrawals are made.
What high interest savings accounts are offered by Regional Australia Bank?
Regional Australia Bank Internet Maximiser Account
The Internet Maximiser Account allows you to earn a competitive interest rate on your savings balance while also providing instant access to your funds. Interest is paid on a tiered basis and there is no minimum balance requirement. The monthly fee is waived each month that the combined balance of all your accounts and loans with Regional Australia Bank is over $5,000, or you don't withdraw funds, or you're under 18.
Regional Australia Bank Savings Booster Account
The Savings Booster Account is a bonus saver account that rewards you with bonus interest every month that you deposit at least $100 and do not make any withdrawals. You can also enjoy 24/7 account access in-branch and via Internet, mobile and phone banking and there is no minimum balance requirement.
What term deposits are offered by Regional Australia Bank?
Regional Australia Bank Term Savings Account
A term deposit allows you to earn a fixed interest rate on your account balance for a set period of time. However, you are unable to withdraw your funds before the end of the term without incurring costly penalties.
Regional Australia Bank offers the Term Savings Accounts for terms ranging from 1 month to 2 years. A minimum deposit of $1,000 is required and there are no monthly service fees.
What are the pros and cons of banking with Regional Australia Bank?
- Plenty of choice. Whether you want the security of a term deposit, the convenience of instant access to your funds or the potential to maximise your interest-earning power, Regional Australia Bank offers an account to suit.
- Easy access. Thanks to Internet, mobile and phone banking options, it’s quick and easy to manage the funds in your Regional Australia Bank account.
- Owned by customers. As Regional Australia Bank is owned by its customers, any profits it earns are not distributed to company shareholders but instead are put towards providing better banking products for its customers.
- Based in regional NSW. Regional Australia Bank’s branch network is based in regional NSW, so it may not be a convenient choice if you live in other parts of Australia.
How do I apply for a Regional Australia Bank account?
If you’d like to apply for an account with Regional Australia Bank, you can find out more by phoning the bank’s customer help line or submitting an online enquiry. To fill out an enquiry form you will need to provide:
- Your name
- Your contact details
- Your preferred contact time and method
- How Regional Australia Bank can help you
Once the form has been submitted, a bank representative will contact you as soon as possible to discuss your account needs. Alternatively, you can visit your nearest Regional Australia Bank branch to enquire about opening an account.
If you’re looking for a competitive savings or transaction account from a bank that offers an alternative to the Big Four, Regional Australia Bank’s accounts are well worth considering. Compare them with other account products to help find the right account to help you achieve your financial goals.