Ideal for short term saving goals, the BankVic Investment S2 is an interest earning banking account that still allows you to access your money at-call. You are provided with multiple ways of continuing to invest, while being able to make withdrawals from the account online or at a branch. Plus since BankVic is an accredited Australian financial institution, your deposits of up to $250,000 are protected by the Financial Scheme.
What are the features of the BankVic Investment S2?
When you have a specific savings goal in mind, it helps to compare different accounts to choose one that will best help you achieve it. This is a closer look at the features you find with the BankVic Investment S2:
$0 Monthly account keeping fees
No account keeping or maintenance fees are accrued with the Investment S2.
Competitive interest rates
The interest rates for this account are tiered, raising for balances that reach $5,000, $25,000 and then $50,000. The interest is calculated on the daily balance and then credited into your account on the 30th of June and 31st of December.
$0 Minimum balance
It is not necessary to maintain a minimum balance.
Deposit and withdrawing funds
You are able to deposit funds at any time at a branch, at a Westpac branch using a deposit book, online or over the phone. You may make withdrawals using online transfers, telephone banking or at a branch. BPAY is also a feature of the Investment S2.
BankVic does have a mobile app available for iPhone, Android and Windows mobile devices. This can be used to make transfers, check your balance and find a branch.
BankVic is an Australian mutual bank, exclusive to those who are employed as a; police officer, public servant, health care professional or emergency responder. Family members of these individuals are also welcome to join the mutual bank as are those Australians who live within five kilometres of a BankVic branch.
To be considered for membership you will be required to pay for ten shares valued at $1 each. This cost can be refunded to you if you choose to longer be a member of BankVic. You can compare other BankVIC products and services here.
- No minimum balance or deposit
- No account keeping, management or annual fees
- Unlimited free PayAnyone
- Low interest rate
What you’ll need to know before applying
Existing members of BankVic may download and submit a form online for a new account if interested in opening an Investment S2 account. You also have the option of applying online or at your local branch. If you are not yet a member of BankVic you can access their membership application online.
Eligibility to apply online
Before proceeding, check to make sure that you are able to meet the following eligibility requirements:
- Minimum age. You must be at least 18 years of age in order to submit an application online.
- Residency requirements. Only Australian residents are eligible for the BankVic Investment S2 account.
- Depository requirements. There are no minimum deposit requirements for opening or maintaining the Investment S2 account.
Documentation to apply online
If you are able to meet the eligibility requirements, proceed to the application with the following documentation to ensure you have the necessary information readily available:
- Tax file number. You will be asked to quote your tax file number (TFN) when opening an account although you are not required to provide it. If you do choose not to quote your TFN, BankVic is required to deduct withholding tax on any interest earnings at the highest marginal rate.
- Identification. BankVic asks that you provide information from your driver’s licence or passport in order to verify your identity.
- Transaction account. You must open a transaction account with BankVic when applying for membership and will need this account information and your member ID before opening an Investment S2 account.
What happens after I submit my application?
You will be provided with the account details for your Investment S2 account after your submitted application has been reviewed. Once you have the account information you can begin making deposits toward your savings goal.