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Bank Australia Overdraft

Green Company
Alison Banney
Alison Banney
Last updated:  

Take advantage of added financial protection by linking an overdraft facility to your everyday banking account.

With the Bank Australia Overdraft you will never have to worry about running out of funds. This facility links to your transaction account and allows you to still make purchases, withdraw cash, or pay bills even when you are out of funds. You will be charged interest on the money that you use, but that could be the better alternative to a declined transaction when you need it.

$2

Account keeping fee

$0

ATM withdrawal fee

3%

Overseas transaction fee

of transaction value

Details

Product NameBank Australia Overdraft Account
Monthly account fee$2
Card accessVisa
ATM Withdrawal Fee$0
International transaction fee3%
Monthly deposit required to waive account feeN/A

Expert review

Alison Banney

Review by

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

You have the option of adding this overdraft facility to your Bank Australia Everyday Access transaction account if you feel like you might need a bit of extra cash from time to time. With the overdraft attached, you can continue to spend even if the balance of your Everyday Access account goes below $0. This feature could be particularly handy if you get paid irregularly (for example you do shift work or you’re a freelancer) to help manage cash flow.

It’s a form of credit, so you do need to pay interest on the money you loan from the bank in the form of an overdraft. Plus, when you deposit money into the account it’ll reduce your overdraft amount owed first, before topping up your transaction account balance. So make sure you weigh up the cost of paying interest on the overdraft amount versus the inconvenience of being short of cash.

Key features

Account maintenance fee

With an overdraft, you will be charged $2 a year which will automatically be deducted from your account.

How it works

An overdraft is a credit facility that can extend your available balance when your funds have been exhausted. When you deposit money into the attached Everyday Access Account, the balance of your overdraft will be cleared first.

How to apply

The application process for an overdraft differs from applying for a savings account, as you are applying for product that is extending you credit. For that reason, when you start an online application you will be directed to a loan application. If you don't already have a Bank Australia Everyday Access Account, you will need to apply for that transaction product first.

Eligibility

Other eligibility requirements you will have to meet include:

  • Minimum age. As with the linked Everyday Access Account, you must be at least 18 years of age to be considered for the overdraft.
  • Residency requirements. Only Australian residents with a verifiable residential address are permitted by Bank Australia to become a member and apply for any of their products.

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