The Beyond Bank Access Savings Account is ideal for individuals who require easy access to funds and want their money to earn interest as well. This account does not charge any ongoing account keeping fees. Account holders receive fee allowances that can help them save in the form of transaction fees.
What are the features of the Beyond Bank Access Savings Account?
- Minimum balance. There is no minimum monthly balance requirement with this account.
- Account keeping fees. You don’t have to pay any ongoing monthly account keeping fees to maintain this account.
- Interest. The bank calculates interest on an everyday basis. The interest is credited to your account at the end of May and November.
- Visa debit card. You get a Visa debit card that you can use at ATMs and EFTPOS terminals the world over; anywhere you see the Visa symbol. You can make use of your card to pay bills and make purchases online and over the phone. This card comes with payWave technology, using which you can make contactless payments for purchases less than $100. Verified by Visa provides security in the online world. Visa’s Zero Liability Policy offers that added peace of mind.
- Internet, mobile and phone banking. You can access details about your account using the bank’s Internet, mobile and phone banking systems. Using these platforms to carry out different banking related functions is also possible. For example, the mobile banking app lets you add payees and make payments on the move.
- Banking at branches. You can visit any Beyond Bank branch to transact. This includes making cash and cheque deposits and as well withdrawals.
- Other ways to transact. Account holders get access to BPAY, through which they can simplify paying bills. You can use this account to set up direct credits and debits, which lets you move money in and out of your account easily. You can visit Bank@Post outlets to transact. This account also gives you access to a chequebook, if required.
- Fee allowance. This account qualifies for Beyond Bank’s fee allowances, which you can use towards most of the transactions you conduct. The fee allowance depends on two factors. One is how long you’ve been a Beyond Bank customer. The other is your Relationship Portfolio Value, which is the sum total of your account balances with Beyond Bank.
- Transactions included in the fee allowance. Transactions included in the fee allowance include direct debits, rediATM balance enquiries, personal cheque withdrawals, Internet banking transfers and over-the-counter cheque encashment and cash withdrawals.
- Line of credit. This account comes with an optional line of credit, which is subject to approval.
- Student discounts. Full-time students who open this account can qualify for fee-free banking.
- Beyond Bank awarded for best online banking for a customer-owned institution in 2015
- No monthly account keeping fee
- Linked Visa debit card
- 3% international transaction fees apply
- $4.50 overseas ATM withdrawal fee
How do I apply for the Beyond Bank Access Savings Account?
You can apply for the Access Savings Account by visiting any Beyond Bank branch, online or over the phone. Applying online takes little time. Bear in mind you have to meet some eligibility criteria:
- Minimum age. You should be at least 13 years of age.
- Residency requirements. You should be a permanent Australian resident with an Australian residential address. If you’re an overseas resident who lives in Australia, get in touch with a bank representative over the phone or by visiting a branch.
- Depository requirements. There is no minimum balance requirement linked to this account.
In order to complete your application successfully, you’ll have to provide different kinds of information:
- Identification. New Beyond Bank customers have to complete a legally required identity verification process. You can do this using a valid form of ID such as your Australian driver’s license, passport, Medicare card or birth certificate. Full-time students can use their student photo IDs.
- Tax file number. If you don’t want the bank to deduct withholding tax from the interest you earn you should provide your tax file number.
- Other details. These include your name, date of birth, phone number, residential address and email address.
The bank opens the account almost as soon as you complete the ID check. It can take seven to 10 working days for the Visa debit card to get to you.