If you’re looking for a simple, no-frills savings account that provides easy access to your funds, the Circle Alliance Bank General Savings Account is well worth a look. With the flexibility of 24/7 access to your money via Internet and phone banking, the account does not have any minimum balance requirements and is designed to help you put money aside to meet regular expenses.
It pays tiered interest of up to 0.10% p.a. to help your balance grow, while you can also set up direct credits and debits to automatically transfer funds into and out of the account whenever you need.
What are the features of the Circle Alliance Bank General Savings Account?
Funds available at call
The money in your Circle Alliance Bank General Savings Account is available at call, which means you are free to withdraw funds whenever you want.
24/7 Internet and phone banking access
You can manage your account at any time using Circle Alliance Bank’s Internet and phone banking services. This allows you to deposit money into your account, transfer funds into other accounts and check your balance at any convenient time.
$0 minimum opening balance
There is no minimum balance required to open a Circle Alliance Bank General Savings Account.
$0 minimum ongoing balance
You also don’t have to worry about maintaining your account balance above a certain level, which means you are free to spend the money in your account at any time.
Direct credits and debits supported
You can set up direct credits from other accounts to deposit funds into your General Savings Account, such as if you want to set aside a portion of your pay to cover some regular bills. You can also set up direct debits to automatically transfer funds out of the account at whatever frequency you need.
- Funds available at call
- $0 minimum opening and ongoing balance
- 24/7 Internet and phone access
- Interest rate is low for a savings account
- Balances under $500 do not earn any interest
What you’ll need to know before applying
If the flexibility of the Circle Alliance Bank General Savings Account sounds like it could be perfect for you, click on one of the “Find out more” links on this page. This will redirect you to the Circle Alliance Bank website so that you can access the full account details and also download an application form.
To apply for a Circle Alliance Bank General Savings Account, download a savings account application form from the bank’s website. Complete the form with the details below and then submit it at your nearest Circle branch:
- Personal information. Provide your name and your Circle Alliance Bank membership number.
- Tax file number (TFN). You can provide your TFN (or details of a TFN exemption) if you wish, but this is not a mandatory requirement.
- Account details. You can also specify any access facilities you require for your account.
This account, along with all other Circle Alliance Bank accounts, is only available to bank members. To sign up, you will need to purchase a $2 share and download and complete a membership application form from the bank’s website.
You must provide the following details when completing the form:
- Personal information. Provide your name, date of birth and gender.
- Contact information. Enter your contact details so that Circle Alliance Bank can get in touch with you.
- Employment and citizenship information. You will need to provide the name of your employer and details of your occupation, as well as information concerning your Australian citizenship or residency status.
- Proof of ID. Proof of ID, such as a current driver’s licence or passport, is required before you can become a member.
You must be a Circle Alliance Bank member in order to open this account.
The Circle Alliance Bank General Savings Account is worth considering if you’re looking for a no-frills savings account to help make it easier to manage your money. However, before deciding whether this is the ideal account for you, make sure you compare it with several similar accounts from other Australian banking providers.