BankVIC Easyinvest S7

Last updated: Oct 1, 2020

This easy-to-use account lets you earn the market interest rate on your savings.

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.

0.3% p.a.

Maximum variable rate

0.3% p.a.

Base interest rate

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Product Name	BankVic Easyinvest S7
Maximum Variable Rate	0.3% p.a.
Standard Variable Rate	0.30%
Bonus Variable Rate	0.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Pros

No minimum balance or deposit
No account keeping, management or annual fees
Unlimited deposits and withdrawals

Cons

Alison Banney

Alison Banney is the banking and investments editor at Finder. She has written about finance for over seven years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.

Key features

Standard interest rate of 0.3% 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 0.3% 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.

Launch savings calculator

How to apply

Eligibility

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.

Documentation needed

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.

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BankVIC Easyinvest S7