Bank Australia Everyday Access Account

Bank Australia Everyday Access Account

Not yet rated

Fee Free Deposit

2,000

Account Keeping Fee

5.00

An account for your day-to-day spending, with fee-free access to more than 3,000 ATMs across Australia.

  • Earn some interest on your everyday funds
  • Linked Visa Debit Card
  • Waived monthly fee if you deposit $2,000 per month

Product details

Bank Australia is a member-owned financial institution providing you with banking products and services that are very similar to the big banks. The Everyday Access Account offers a flexible and low-cost bank account – a simple solution for everyday spending. To avoid the monthly account keeping fee, you'll need to deposit at least $2,000 per month or be under 25 years old.

You can also avoid the monthly fee if you support Bank Australia with combined loans, savings and investments over $50,000.

Product Name
Bank Australia Everyday Access Account
Monthly Account Fee
$5
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Interest Rate p.a.
0.10%
Details
Earn 0.10% p.a. on deposits $100,000 and above. Deposits under $100,000 earn lower interest. No monthly fee if you deposit $2,000 per month, or have a loan or investment of $50,000 with Bank Australia, or are under 25 years of age.
Joint Application
Yes
Fee Free Deposit p.m.
$2,000
Overseas ATM Withdrawal Fee
$3.50
Overseas Eftpos Fee
3%
Phone Banking
Yes
Fees
$5
Internet Banking
Yes

What are the features of the Bank Australia Everyday Access Account?

Compare the different accounts available to you with Bank Australia's Everyday Access Account to see which account is best suited for you.

Earn up to 0.10% interest on balances over $100,000

It's rare to see a transaction 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

Enjoy unlimited free transactions in Australia with EFTPOS internet and phone banking, mobile banking and Visa debit card or rediCard transactions.

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 Dard to make purchases at any EFTPOS terminal where Visa is accepted. The money is drawn straight out of your transaction account.

Bank@Post

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 $3.50 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.

Compare other Bank Australia savings and everyday accounts here

Pros

  • Free linked Visa Debit Card
  • Pay no withdrawal fees at 3000+ rediATMs Australia wide
  • 24/7 fraud monitoring
  • Earn some interest on your everyday funds

Cons

  • Strict requirements apply to have the monthly fee waived
  • ATMs outside the rediATM network may attract a withdrawal fee
  • No branches to visits

How do I apply for the Bank Australia Everyday Access Account?

If you've compared your options and decided this account is right for you, you can apply online in less than 10 minutes.  Make sure you meet the eligibility criteria and have the necessary documents handy.

Eligibility to apply online

  • 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

  • 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.

Back to top Back to top Back to top

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy & Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.
Ask a question
Go to site