Commit to making a monthly deposit and no withdrawals and you can earn a higher interest rate for your deposits than what you find with your typical savings account. The Beyond Bank Bonus Saver Account gives you the flexibility you need to cover any unexpected expense, converting back to the bonus rate the next month you meet the terms.
What are the features of the Beyond Bank Bonus Saver Account?
A bonus savings account gives you the opportunity to turn a larger profit on your funds by meeting certain terms. When you are comparing these types of accounts between different Australian financial institutions look at the following features to help you choose the one that suits that saving style:
- Monthly service fee. There are no monthly fees charged to the Bonus Saver Account.
- Transaction fees. You are allowed two free withdrawals and transfers each month before you are charged a $3 fee for each one. All direct credit deposits are free, regardless of how many you make each month.
- Interest rates. There is a nominal base interest rate for this account that is applied to your daily balance.
- Bonus interest. Bonus interest is tiered, meaning you are paid at a higher rate when your balance exceeds $5,000 and then again if it is higher than $20,000.
- Bonus interest terms. In order to be eligible for bonus interest you need to deposit at least $20 a month and only make one withdrawal. If you do not meet the terms one month, you can still earn the bonus interest the following month.
- Interest payments. Interest is calculated on your daily balance and paid into the account each month.
- Accessibility. Accessing your account can be done through internet or mobile banking, SMS or telephone banking, Beyond Bank branches, and at Bank@Post.
- Mobile banking. Beyond Bank offers a mobile app that allows you to access your Bonus Saver Account from an iPhone or Android operated device. With this app you are able to view your transactions and manage your account even when on the go.
- No monthly account keeping fee
- Two free withdrawals per month
- Access online banking
- Must be an Australian resident
How do you apply for the Beyond Bank Bonus Saver Account?
If the Bonus Saver Account has the features you need to help put your savings into high gear, you can visit a Beyond Bank branch or their website to begin your application. You will be asked if you meet certain eligibility requirements as you fill in the application that include:
- Minimum age. In order to be able to complete your application online you must be at least 18 years of age.
- Residency requirements. You must be an Australian resident with an Australian residential address to apply for this account. Overseas residents are also welcome to apply but will need to call Beyond Bank for further instructions.
- Depository requirements. Beyond Bank makes no stipulation for an opening deposit amount, but you will need to deposit at least 20 in the first month if you want to be eligible for the bonus interest.
Having the following documentation nearby when completing the application will help in ensuring that all of the necessary information is provided:
- Tax file number. In order to avoid having withholding tax deducted from your interest earnings you should provide Beyond Bank with your tax file number (TFN) or exemption code.
- Identification. If you are new to Beyond Bank your identity will need to be verified using a valid photo identification document such as your driver’s licence or passport. A full time student is also able to use their student ID so long as it contains a photo.
If you are not already an existing member of Beyond Bank, you may need to visit a branch to complete the identification process in order to become a member and gain access to the Bonus Saver Account and other financial products the mutual bank has to offer. Once completed, you will be issued the details of your new savings account, allowing you to begin deposits and earning your bonus interest.