While most offset accounts work towards saving you money on a home mortgage, the Car Budget Account offsets the balance of your car loan. By subtracting the balance of your account from what you owe on the loan before interest is applied, you put more towards the principal each month and pay less in interest. This account not only helps to save you money, it provides you with all you need to make your everyday financial transactions.
What are the features of the Beyond Bank Car Budget Account?
When comparing various transactions accounts it is important that you look closely at the features in order to help you determine which one suits your needs, while at the same time giving you the best value for your money:
- Monthly account keeping fee. There is no monthly fee for using this account.
- Transaction fees. While you are allowed a number of transactions that do not incur a fee, deductions will be made each time you make a rediATM withdrawal, EFTPOS purchase, BPAY payments, staff assisted transfers, transfers to an account at a different financial institution online, and Bank@Post deposits and withdrawals.
- Car loan offset. If you hold a car loan with Beyond Bank you can offset up to $2,500 of your account balance against the loan principal before the monthly interest is applied.
- Available transaction methods. You are able to access your account online, at a Beyond Bank branch, over the phone, at Bank@Post locations, and with a linked debit card to make cash withdrawals and EFTPOS purchases.
- Linked debit card. You are given the choice of a Visa debit card with this account that allows you to make purchases wherever Visa is accepted, even online. The card can also be used to access cash from your account through ATMs around the world. Your also have the option of choosing a rediCARD, which can be used for free at thousands of rediATMs across Australia.
- Overseas transactions. With either debit card you are charged $4.50 for every cash withdrawal made outside of Australia.
- Mobile banking. Beyond Bank employs two methods of mobile banking to help with managing your account. SMS alerts can be used to inform you when certain transactions are made on your account, while mobile banking allows you to login to your online banking platform to view recent transactions from anywhere.
- Save money off your car loan
- Budget for your car costs
- Mobile banking app available
- Threshold applies for fee-free transactions
How do I apply for the Beyond Bank Car Budget Account?
If you are an existing customer with Beyond Bank you can use your internet banking platform to open a Car Budget Account. New customers can apply online. Before you proceed you should first make sure that you are eligible for this account:
- Minimum age. With this account you will need to be at least 18 years of age and have an eligible car loan through Beyond Bank.
- Residency requirements. The Car Budget Account is available to Australian residents who are able to provide an Australian residential address. If you are an overseas resident in living in Australia you can call Beyond Bank and get information on how to continue with your application.
- Depository requirements. You will not be asked to make a minimum opening deposit, but you will want to build a balance in order to benefit from the offset on your car loan.
You will find that filling in your application online is easier if you have the following documentation readily available:
- Tax file number. Your tax file number (TFN) or exemption code is used to help determine how much withholding tax to deduct from any interest earnings. It is not mandatory that you provide this information to the financial institution, but it will help making lodging your tax return easier.
- Identification. New Beyond Bank members will need to have their identity verified by using information found on their driver’s licence, passport or Medicare card. In some instances you may need to present yourself in person at a Beyond Bank branch to complete this portion of the application.
After having submitted your application it will be reviewed and then the new account linked to your car loan. The debit card you have chosen will be mailed to the home address you provided and will need to be activated before you can begin using it.