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.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
Alison Banney is the banking and superannuation editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
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.
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.
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.
You can transfer money easily between BankVic accounts.
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 applyIf 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.
- 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.
- 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.