A fully-featured savings account to fund your retirement lifestyle, the Edvest Redifund Plus offers Border Bank’s highest return on your deposit of more than $5,000. Get a 0.25% p.a. bonus on top of the weekly money market rate as well as extras like free financial planning and reduced transaction fees.
What are the features of the Border Bank Edvest Redifund Plus account?
- Interest rate. The Edvest Redifund Plus account rewards you with Border Bank highest rate of interest. Interest is calculated daily and paid to the account every quarter on the 31/03, 30/06, 30/09 and the 31/12.
- Minimum balance. You’re required to keep at least $5,000 in the Edvest Redifund Plus savings account at all times. If your account balance drops below this amount, funds in the account will accrue interest at 0.50% p.a.
- Account access. This account does not include Visa or Redicard access. Manage the Edvest Redifund Plus through the Border Bank internet and telephone banking facilities.
- Deposits. Arrange direct credit transfers from another account so you can deposit funds in the Edvest Redifund Plus automatically.
- Withdrawals. Make one off or periodical electronic transfers such as BPAY payments to other accounts to withdraw your money from the Border Bank Edvest Redifund Plus. Withdrawals can also be made using Border Bank Redidial telephone banking as well as Internet banking.
- Limits. The minimum amount you can deposit and withdraw is $500 each transaction. You can’t withdraw funds for seven days after you make a deposit to the Edvest Redifund Plus.
- Extras. Edvest members receive a complimentary financial planning consultation, discounts on Border Bank insurance products and invitations to events on the Border Bank social calendar. Edvest members also get access to Border Bank Edvest term deposit products.
- Reduced fees program. Edvest members qualify for reduced transaction fees such as free over the counter cash withdrawals. The Border Bank Edvest Redifund Plus account also contributes to the Border Bank reduced fee waiver program. Just maintain the Edvest Redifund Plus minimum balance and you’re eligible for reduced fees like free EFTPOS and rediATM transactions if you hold a Redicard or Visa card issued with another Border Bank product.
- Eligibility. You must be over the age of 45 to become a Border Bank Edvest member and apply for the Border Bank Edvest Redifund Plus account.
- Joint applications. You can jointly apply for this account in two names.
- Earn a return higher than the money market interest rate
- Special exemptions on selected fees and charges
- Free internet and phone banking
- Need to maintain $5,000 to earn the bonus rate
- Only available for select members
How do I apply for the the Border Bank Edvest Redifund Plus account?
You can start the application process for the Border Bank Edvest Redifund Plus account by visiting Border Bank website.
- The online enquiry form
Fill in this form and you’ll get a call from a Border Bank representative with the next steps about joining Border Bank and becoming an Edvest member. The online enquiry form asks you to enter the following details: your name, email address, phone number and the best time to be contacted about your application.
- Customer owned banking
Before you can apply for the Edvest Redifund, you need to become a member of Border Bank. Border Bank are a division of Police Bank and a customer owned banking institution. Each customer is also a member, Border Bank is governed by members who benefit from better rates and lower fees when the institution returns a profit.
You need to verify your identity with Border Bank to become a member. You’ll need to provide one form of primary photographic identification or a combination of non-photographic forms of identification. Primary identification can be your passport or a valid Australian driver's licence, secondary identification can be your Centrelink card or Medicare card.
- Tax File Number
You will also be asked to provide your Tax File Number (TFN) to Border Bank so you can be taxed at the correct rate. If you don’t provide your TFN, any interest earning will be taxed at the marginal tax rate, which is the highest personal income tax rate.
Once you submit the online enquiry for the Border Bank Edvest Redifund Plus account, you’ll be contacted within one business day to discuss the next steps of your application.