Beyond Bank Community Reward Review, Rates & Information

Product details

The Beyond Bank Community Reward Account is essentially a savings account that lets your money earn competitive interest in a tiered manner. The bank donates a percentage of your account’s average annual balance to a registered charity or community organisation of your choice every year. You get access to funds in your account in different ways. This account does not charge any account keeping fees.

Product Name: Beyond Bank Community Reward Savings Account

Maximum Variable Rate: 1.40% p.a.

Standard Variable Rate: 1.40% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $0

Minimum monthly deposit for bonus interest rate: $0

Internet Banking: Yes

Phone Banking: Yes

What are the features of the Beyond Bank Community Reward Account?

Minimum balance. This account does not have a minimum balance requirement.
Account keeping fees. You don’t have to pay any monthly account keeping fees to use this savings account.
Interest rates. The balance in your account will earn interest in a tiered manner. If the balance is up to $4,999, it earns 1.00% p.a. interest. If it is from $5,000 to $199,999, it earns 1.30% p.a. If the balance in your account exceeds $200,000, you’ll earn 1.40% p.a. The bank calculates interest on your daily balance and pays it monthly.
Internet, mobile and phone banking. You can access account related information and perform different banking related functions using Beyond Bank’s online and phone banking platforms. These include going through transaction history, checking account balances, transferring funds and paying bills. An iPhone and Android phone app lets you bank on the move.
SMS banking. The ‘TEXT ME!’ feature lets you access a range of information through simple text messages.
Banking at branches. Visiting Beyond Bank branches to transact is an option. You can make over-the-counter cash and cheque deposits for free. You get to make four free over-the-counter transfers and cash withdrawals per month, after which you have to pay a $4 fee per transaction. These exclude transfers made using the bank’s Member Contact Centre.
Bank@Post. You can visit Australian Post Bank@Post outlets to transact, in which case you’ll have to pay applicable fees.
Free transactions. Direct credits into your account don’t attract any fees. You can transfer funds between your Beyond Bank accounts using the bank’s online and mobile banking platforms as well as its Account Information Line. Transferring funds to accounts held with other Australian financial institutions using online and phone banking is free. Making BPAY payments using online banking, phone banking or the Account Information Line is also free.
Community rewards. Beyond Bank calculates a percentage of your account’s average annual balance and donates the amount to your nominated organisation. This can be a charity, local sporting club, local community group or school. In case the organisation you wish to make the donation to is not on Beyond Bank’s list, you can get it to register first.

Pros

Give back to the community
Nominate a registered not-for-profit group
No monthly account keeping fee

How do I apply for the Beyond Bank Community Reward Account?

You can apply for the Community Reward Account by visiting any Beyond Bank branch, you can get started over the phone or you can submit an online enquiry. To enquire online or to locate your nearest branch, visit Beyond Bank website. To open this account, you have to meet basic eligibility criteria:

Residency requirements. You are a resident of Australia and have an Australian residential address.
Depository requirements. This account does not require you to maintain a minimum ongoing balance.

Completing the account successfully requires that you submit different kinds of information, which includes:

Identification. If you’re not an existing Beyond Bank customer you’ll have to go through an identity verification process, as required by the law. You can complete this process using an acceptable form of ID such as your Australian driver’s license, passport or Medicare card.
Tax file number. It is not mandatory to provide your tax file number. However, submit it if you don’t want the bank to deduct withholding tax from the interest your money earns.
Other information. The application also requires details such as your name, date of birth, home address, phone number and email address.

The bank opens your account as soon as you complete the required formalities, which includes the legally required ID check.