Bank Australia makes it simple to save with an account that you control right from your computer. Earn a competitive interest rate on your balance when you can, and transfer money to your everyday account when you need. Plus you get the added bonus of higher rates when you are able to squirrel away more of your funds.
What are the features of the Bank Australia Online Saver Account?
With online savings accounts, you can save money on fees and earn more on interest as these accounts don’t require a lot of overhead to maintain. In order to ensure that you are getting the best deal for your dollars, compare the features of the Bank Australia Online Saver Account against other Australian financial institutions before making your final choice:
- Membership. Bank Australia is an Australian mutual bank, requiring that you first become a member before you are able to apply for any of their accounts.
- Monthly account keeping fees. You are not going to find any monthly account keeping fees deducted from this account.
- Accessing your money. With this account you transfer your money to an everyday account over the internet or with mobile banking in order to access it. You can also make counter transactions at a branch and use BPAY for electronic debits.
- Transaction fees. Banking online is free, but you will be charged $2.50 for any teller assisted service.
- Interest rates. The interest rate is nominal at first, but once your balance moves past $5,000 your balance will be augmented by a competitive rate. The rate increases again for those who have $150,000 or more in the account.
- Interest calculation. The interest on the account is calculated at the end of each day and credited towards the balance each month. This allows you to earn even more in compound interest.
- Transaction limit. There is a daily transaction limit of $50,000 when you are making transfers between Bank Australia accounts and $10,000 if you are making to transfers to other banks.
- Mobile app. The Bank Australia mobile app is available for free from the Apple Store for iPhones or the Google Play Store for android mobile phones. With this app you are able to do your banking from anywhere.
- Nominated account. You will need to also have one of the following transaction accounts with Bank Australia in order to link your savings account and make transfers online; Everyday Access, Pension Access or a mortgage offset account.
- $0 monthly account keeping fee
- Need more than $5,000 in the account for maximum rate.
How do I apply for the Bank Australia Online Saver Account?
Existing Bank Australia members can apply for the Online Saver Account through internet banking. If you are not yet a Bank Australia member you can click on “Go to Site” now to complete an application for membership and your Online Saver Account at the same time. Before you begin that application, make sure that you are able to meet the following eligibility requirements:
- Minimum age. There are no age requirements stipulated for the account, but in order to apply for membership online you will need to be at least 18 years old.
- Residency requirements. You will need to be an Australian resident or citizen in order for your application to be accepted.
- Depository requirements. There is no requirement for making an opening deposit when you apply for the Online Saver Account.
The following documentation will help you in filling out your online application correctly:
- Tax file number. Your tax file number (TFN) or TFN exemption code is needed so that Bank Australia can apply the correct withholding tax to your interest earnings. This is not obligatory, but if you do not provide the TFN they are required to withhold tax at the highest marginal rate.
- Identification. In order to be able to verify your identity electronically, Bank Australia will need information from your passport, driver’s licence or Medicare card. If this is not possible you may need to visit a branch in order to complete your request for membership.
- Account number. You will need the account information for your transaction account with Bank Australia in order for it to be linked to your savings.
Once you have submitted your application and it has been checked for accuracy, Bank Australia will contact you with your membership and account details. You can then begin transferring your money into your new savings account.