The monEsaver Account is online savings account from Beyond Bank that pays a competitive interest rate on balances that exceed a certain amount. This is an account worth looking into if you have a savings goal in mind, but still want easy access to your funds when you need it.
This account has tiered interest, so you earn more or less interest, depending on how much you deposit. The base interest rate of 1.70% p.a. is the interest you earn on deposits of $5,000 or more.
What are the features of the Beyond Bank monEsaver Account?
Australians who are looking to rapidly grow their money through a high interest savings account have a lot of features to consider. Think of your personal saving style and what you need to keep on track while comparing different savings products to help you meet your goals:
- Monthly account keeping fee. There are no monthly charges for using the monEsaver account.
- Transaction fees. Any transaction made electronically plus branch deposits and credits are free. You will be charged $4 per transaction if you make withdrawals or transfers from the account using any method other than your online banking network.
- Accessibility. You can check in with your account and access your money using internet, mobile and SMS banking, telephone banking, in a Beyond Bank branch and with Bank@Post.
- Interest rates. For balances that are under $5,000, you will receive a nominal interest rate. This increases to a competitive interest for account holders who are able to maintain a balance of over $5,000. If your balance exceeds $200,000 you will once again see an increase the amount of interest that is being applied.
- Interest payments. The applicable interest rate will be applied to your daily balance and your account will be credited once a month.
- Mobile banking. Beyond Bank has introduced a new app for iPhone and android devices that allows you to access your online banking platform whenever you need to. Through the app you are able to keep up with your savings growth and make electronic transfers into and out of the account.
- Linked account. In order to benefit from the monEsaver savings account you will need to open a second account with Beyond Bank that allows for internal transfers between accounts.
- No monthly account keeping fee
- Easy access to your funds
- Unlimited transactions between Beyond Bank accounts
- Charged of $4 per transaction for using any method
How do I apply for the Beyond Bank monEsaver Account?
If you are already a member of Beyond Bank you can complete an application for the monEsaver Account you are able to complete an application through your internet banking account. New customers will either need to call or visit a local branch in order to apply. You can also visit their website and fill out an online enquiry form for a representative to contact you about opening a savings account. First check to ensure that you are eligible for the monEsaver Account:
- Minimum age. All applicants must be at least 13 of age in order to be considered for this account.
- Residency requirements. Beyond Bank requires applicants to be permanent Australian residents in order to hold an account with the mutual bank.
- Depository requirements. In order to receive the higher interest rates with this account you will need to deposit a minimum of $0 and maintain that balance.
As you make your way through the application you will find it helpful to have the following documentation close by:
- Tax file number. Beyond Bank will ask for your tax file number (TFN) or exemption code in order to deduct withholding tax from your interest earnings at the correct rate. It is not obligatory to provide this information, but if you don’t they will deduct withholding tax at the highest marginal rate.
- Identification. You will be able to verify your identity by providing information that can be found on your driver’s licence, passport, Medicare card or student ID.
- Account information. The account number for an eligible transaction account with Beyond Bank is necessary in order to be able to make transfers and access your money.
After you have submitted your information to Beyond Bank they will review the details and then provide you with your new account number so that you can begin making transfers and earning interest.