Product details
The BankVIC Easyinvest S7 account offers competitive interest rates and charges $0 maintenance fees. It offers unlimited deposits and withdrawals. When opening this savings account, you will have access to your money via mobile banking and unlimited free PayAlone (the BankVic mobile email feature). There is $0 minimum deposit or balance required, so it is easy to get started and the interest received is calculated daily and paid monthly. The Easyinvest S7 account is a savings account that offers similar benefits of a bank account.
- Product Name
- BankVic Easyinvest S7
- Maximum Variable Rate
- 0.85% p.a.
- Standard Variable Rate
- 0.85% p.a.
- Bonus Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the BankVic Easyinvest S7?
Standard interest rate of 0.85% p.a.
Interest will be paid on the last day of each month. The Easyinvest S7 account is subject to a variable interest rate and competitive market related interest rates. You will earn 0.85% per annum on balances up to $5,000,000 and 0.01% per annum on balances exceeding that.
How do I earn the bonus interest?
Any applicant with a balance below $5,000,000 will qualify for the maximum rate of interest on this account. There are no conditions which need to be satisfied in order to earn this interest. The interest rate is variable, which means it could change according to the movements of the RBA cash rate.
Deposit in a branch or online
Your initial deposit can be made at a BankVic branch, via internet banking or Rapid Response. If the initial deposit is made via cheque the cheque should be cleared before deposit is approved.
Accessing your account
The Easyinvest S7 account access includes online banking and Rapid Response telephone banking.
Linked Visa debit card
A Visa debit card will be provided when your application has been approved.
Limits to your cash withdrawals
Deposits generally can’t be withdrawn prior to maturity. However, an application can be done according to unique needs to make a premature withdrawal. Fees will apply and are subject to change.
Pros
- No minimum balance or deposit
- No account keeping, management or annual fees
- Unlimited deposits and withdrawals
What you’ll need to know before applying
Here’s a few things to keep in mind before and while applying:
Eligibility to apply online
- Membership. Applicants are required to be members of the BankVic banking service.
- Minimum age. Account holders under the age of 18 are considered a minor, it may also be required to have a parent and/or guardian to sign the application on their behalf. In the case of a minor becoming a member of BankVic they are to Join the Little Copper Club before attaining the privileges joined with having a BankVic account. As soon as the member turns 18 years old they will then be eligible to apply for their own account.
- Residency requirements. Residential proof and details will be required.
- Depository requirements. You may deposit any amount into your account and withdraw amounts which are available.
When applying, have the following information ready:
- Tax File Number. Your Tax File number will be asked for but not required, however, withholding your tax File Number will grant a deduction within your account.
- Identification. When applying for the Easyinvest S7 account, identification will be needed that could include your personal identification number. Account holders are identified by signature, personal identification number, and/or telephone banking password.
