Bank Australia is a member-owned financial institution provide you with banking products and services that are very similar to the big banks. The Everyday Transaction account offers a flexible and low-cost bank account – a simple solution to your everyday needs. To avoid the monthly fee, you'll need to deposit at least 2000 per month.
You can also avoid the monthly fee if you support Bank Australia with combined loans, savings and investments over $50,000 or you're under 25 years of age.
What are the features of the Bank Australia Everyday Access Account?
What you find with the Everyday Access Account are features that are in line with what the larger Australian banks and credit unions offer with their transaction accounts. Compare the different accounts available to you with Bank Australia to see which account is best suited for your spending style.
Earn up to 0.10% interest on your everyday funds
It's rare to see a bank account award interest. You can earn a bit of interest on your day-to-day funds while you're not using it.
$0 Monthly account keeping fees if you deposit at least $2,000
There is a $5 monthly account keeping fee charged to your account that is waived when you make external deposits of $2,000 or more. This fee is also waived for account holders under the age of 25 or those who have a combined total of at least $50,000 in loans, savings and investments with Bank Australia.
Can I still spend the $2,000 after I've deposited it?
Yes – after you've deposited the amount for the month, you can spend it and still take advantage of the waived monthly fee.
Unlimited electronic transactions
You are allowed unlimited free transactions with internet and phone banking, mobile banking and Visa debit card or rediCard.
Linked Visa debit card with access to the rediATM network
You can choose to have your Visa debit card linked to your account, which will then allow you to make direct withdrawals at any rediATM in Australia fee-free. You can also use the Visa debit card to make purchases at any EFTPOS terminal where Visa is accepted. The money is drawn straight out of your transaction account.
With a Visa debit card you are also permitted to make cash withdrawals and deposits at any Australian Post that offers Bank@Post.
Overseas ATM withdrawals using the card
You can use your rediCARD or Visa debit card to make overseas withdrawals at ATMs or banks, but will be charged plus a 3% for the transaction.
Currency conversion fees
For any transaction that requires a conversion of a foreign currency to the Australian dollar you will be charged 3.00% of the Australian dollar amount.
Australia's first 100% customer owned bank
Bank Australia believes that their profits should go back to it's members and the community, create positive social and environmental outcomes. It's an online bank and therefore, does not have any branches.
- Link Visa debit card with access to 3,000 rediATMs
- 24/7 fraud monitoring
- Earn some interest on your everyday funds
- Strict requirements apply if you want the fee waived
- Small ATM network
- No branches to visist
How do I apply for the Bank Australia Everyday Access Account?
If the features of the Bank Australia Everyday Access Account meet your spending style, and you are already a member of the credit union, you can use your internet banking platform to apply online. If you are not yet a member of Bank Australia you can click on “Go to Site” to fill out an online application form.
Eligibility to apply online
Do this after first verifying that you are able to meet the eligibility requirements set forth by Bank Australia:
- Minimum age. Only individuals aged 18 or older are able to complete the online application.
- Residency requirements. In order to become a member of Bank Australia and open an account with them you must be an Australian resident with a residential address in the country.
- Depository requirements. You will not be required to make a minimum deposit when opening this account, but you will need to deposit at least $2,000 in the first month to avoid any fees if you do not meet the other requirements for fee free banking.
Documents you'll need to provide online
You are also going to want to have the following documentation handy in order to complete the application accurately:
- Tax file number. Providing your tax file number (TFN) is not mandatory, yet it will help to ensure that your withholding taxes are correct on any of your interest earning accounts.
- Identification. In order to be eligible for the Everyday Access Account you will need to verify your identity first using details from your passport, driver’s licence or Medicare card.
What happens after I apply?
When filling out your application for membership, you will also be asked which account or accounts you are interested in. This allows you to save time by submitting both applications simultaneously. Once accepted, you will be given the details of your membership and new transaction account, and your Visa debit card will be sent to the address you provided via Australian post.