The Beyond Bank Everyday Account gives you an inexpensive way to take care of your everyday banking needs by not charging you transaction fees. You can even have the monthly fee waived if you meet the monthly deposit requirement. With multiple access methods that include ATM and internet banking, you can keep on top of your financial needs without losing any of your hard earned funds to the financial institution.
What are the features of the Beyond Bank Everyday Account?
When you compare transaction accounts between various financial institutions in Australia you want to check not only the fees you will be paying from your account, but other features that can make banking easier for you:
- Monthly account keeping fee. There is a $6.50 fee charged to your account monthly by Beyond Bank. This fee is waived each month that you are able to electronically deposit at least $2,500 into the account. The fee is also waived if you are a Community Reward Package Member with Beyond Bank or if you are a full time student in Australia.
- Account access. You can keep up with your account and access your money with internet, mobile and SMS banking, over the phone, at a Beyond Bank branch, at Bank@Post and with ATMs and EFTPOS transactions using a linked debit card.
- Transaction fees. Transactions through your Everyday Account are free with the exception of withdrawals and deposits made at Bank@Post. You are charged $3 for each withdrawal or transfer made using this service, and $3 for deposits after you exhaust your four free per month allowance.
- Line of credit. If approved, you may attach a line of credit to the account that gives you a buffer if your spending needs exceed your available funds.
- Debit card. You have the option of choosing a rediATM debit card or Visa debit card, both of which can be used to make cash withdrawals, EFTPOS purchases and to buy merchandise online.
- Visa debit card. The Visa debit card can be used wherever Visa credit cards are normally accepted, without you incurring any interest on your purchases. It comes with Visa payWave, a feature that allows you to make purchases of under $100 without having to swipe your card or sign a receipt.
- Overseas fees. If you use your linked debit card to make withdrawals while traveling overseas you will be charged $4.50 for each transaction.
- Unlimited, fee-free transactions
- No minimum monthly balance
- Easy access to your money with: ATMs, Internet banking, mobile banking
- You will have to meet the monthly minimum deposit requirement in order to avoid paying the account keeping fee
How do I apply for the Beyond Bank Everyday Account?
The Beyond Bank internet banking service can be used by existing customers to open an Everyday Account. If you are not already a customer, click on “Go to Site” so that you can access the secure application page. Before getting started, read the following requirements to ensure that you are eligible for this account:
- Minimum age. An online applicant must be at least 18 years of age. If you are between 13 and 17 years of age you should call or visit a Beyond Bank branch to receive more instruction on what is needed to complete your application.
- Residency requirements. Beyond Bank account holders are required to be permanent Australian residents with an Australian residential address. Overseas residents living in Australia should contact the financial institution directly if they wish to open an Everyday Account.
- Depository requirements. While there is no initial deposit stipulation made for the Everyday Account, you will have to meet the monthly minimum deposit requirement in order to avoid paying the account keeping fee.
It will help in filling out your application if you have the following documentation nearby:
- Tax file number. You are under no obligation to provide your tax file number (TFN) or exemption code, yet by doing so you can avoid having withholding tax deducted from any interest earnings you receive from this, or another Beyond Bank, account.
- Identification. In order to verify your identity, Beyond Bank will ask for information that can be found on your driver’s licence, passport, student ID or Medicare card. New customers may be asked to visit a branch in order to complete the identification verification process.
After you have submitted your application to Beyond Bank, it will be reviewed and you will be sent your new account number and details on how to get started taking advantage of its features. Your linked debit card will be sent to your address by Australian Post and will have to be activated before you are able to begin making cash withdrawals or purchases.