BankVic Everyday Account

This is an everyday account that facilitates hassle-free banking for no monthly fees and no required minimum balance.

This account is a straight-forward transaction account for everyday use, offering several money-management options and unlimited access to funds via internet, telephone and mobile-phone banking. This account also offers Apple Pay and Google Pay. BankVic’s range of financial products is exclusive to their members, who typically work in the police force and public, emergency and health sectors.

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Alison Banney

Last Updated Dec 30, 2020

Account keeping fee

ATM withdrawal fee

Overseas ATM withdrawal fee

3.65%

Overseas transaction fee

of transaction value

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Details

Product Name	BankVic Everyday Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0
International transaction fee	3.65%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Google Pay, Apple Pay

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A

Pros

No minimum deposit is required when opening this account.
Incurs no management, monthly or annual fees.
$0 overseas ATM withdrawal fee
Unlimited access to funds via internet, telephone and mobile-phone banking.
PayWave and chip enabled Visa debit card

Cons

3.65% Foreign transaction fee.

Review by

Alison Banney

alison.banney@finder.com

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

This is a low-cost everyday account that offers easy access to your balance with no deposit conditions to meet. There’s no account keeping fees to worry about, and you can use all Big Four ATMs for free (this is true for all Australian debit cards).

You can link your account to Apple Pay or Google Pay to make contactless payments with your phone, which is something that not all banks offer just yet. Plus, BankVic is part of the New Payments Platform (NPP) which means you can transfer money instantly using Osko.

Key features

No deposit is required

No minimum deposit is required when opening this account.

Access to funds

Access your funds via telephone, online and mobile-phone. The PayAnyone feature allows customers to transfer money using the recipient's mobile number and/or email address. Of course customers can also use a cheque book or conduct over-the-counter transactions.

Free transactions

Account-holders can process up to 20 free EFTPOS transactions a month and effect up to ten free ATM withdrawals at certain ATMs (Westpac, Bank of Melbourne, St.George or BankSA).

No account keeping fees

This account incurs no management, monthly or annual fees.

Pays some interest

An interest rate of 0.01% p.a. applies to all balances. Interest is calculated daily and paid out in June and December.

Instant transfers

You can transfer money easily between BankVic accounts.

Overdraft available

If approved, account-holders have access to an overdraft facility to meet short-term financial needs. Approved clients have a credit limit of up to $10,000, but only pay interest on the amount used.

BPay and BPay View

These facilities enable customers to make and/or schedule payments online, as well as keep all bills and records of payment in one place.

Apple Pay and Google Pay

You can link your account to Apple Pay and Google Pay to make purchases with your phone, instead of using your debit card.

How to apply

If you're interested in opening this everyday account with BankVic, you have to become a BankVic member first. Eligibility requirements are simple: you have to work in the police force or in one of the public, health or emergency service sectors. Once membership to the bank is accepted, you can apply for one of their financial products.

Eligibility

Minimum age. Besides being a confirmed BankVic member, applicants must be 18 years or older.
Residence. Applicants must prove that they are Australian residents. Read BankVic's privacy statement if you're concerned about what happens with your personal details.

Deposit. An initial deposit is not required when applying for this account.

Documentation needed

Tax File Number. You won't be forced to supply your tax file number. However, if you choose not to, the relevant tax amount will be deducted from the interest earned.
Identification. You'll be asked to supply identification when applying for membership to BankVic, and then again when opening this account. Your Australian passport and driver's licence will be accepted. Your identity is confirmed by signature comparison when conducting certain transactions.
Additional security. You can also apply for a keyword or Rapid Response Access Code for extra security for telephone transactions. An online banking password will secure activity when using a computer or mobile phone.

What happens after I've submitted the application?

Once you've submitted, BankVic will send you a reference number to keep track of your application. If you're applying online and don't have time to finish, you can save a copy of your application to complete later.

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2 Comments

A buyer sent me money how do I check receipt number
July 30, 2018

A buyer bought helmet for $70.
He said he is sending the cash but its been 9days, still $0. How do I check a MULTIPACK NUMBER I RECEIVED ON 20th July 2018

Joel
August 2, 2018

Hi there,

Thanks for leaving a question on finder.

BankVic’s Multipack S1 is an everyday account that facilitates hassle-free banking and is not a money transfer service. You may need to contact your buyer to send you the payment or contact Multipack directly from their website for further questions.

Cheers,
Joel

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BankVic Everyday Account