Customs Bank Easy Access is an at call account that also earns you interest on your balance. Equipped with a debit card you can make your everyday purchases without carrying cash or make a withdrawal when you need some. Plus you save on transaction fees with Customs Bank reduced fees program.
What are the features of the Customs Bank Easy Access?
When comparing a banking account that offers you at call access and interest payments you should be looking closely at the features to see where you are getting the best value. Take a look at what Customs Bank is offering and see how those features stack up against the other banks:
- Monthly fees. You are not charged any monthly or annual account keeping fees with the Easy Access.
- Reduced fees program. If you maintain a combined monthly balance of at least $0 in your various Customs Bank accounts you will qualify for fee rebates and more ATM and EFTPOS transactions free of charge.
- Accessing your account and your money. You have the option of using any one of these to view your account and make transactions; choice of debit card for ATM and EFTPOS, internet banking, phone banking using Redidial, direct debit, periodical payments, electronic transfers, direct credit, cheque facility, BPAY, and Bank@Post.
- Debit card. You are given the choice of a Visa debit card or RediCard to make ATM and EFTPOS transactions.
- Visa debit card. If you choose to link your account to a Visa debit card you will be able to make purchases as if using a credit card, yet not have to worry about accruing interest fees. Using Visa PayWave you can also make purchases of under $100 without having to swipe, sign or enter your pin at participating merchants.
- Overseas withdrawals. Cash withdrawals made outside of Australia will incur a charge of $3.80 per transaction.
- Interest rates. You begin earning a modest interest rate once your monthly balance is maintained at $500 or more. This rate will grow once your balance reaches $20,000 and again at $50,000.
- Interest payments. The interest rate is calculated on your daily balance and paid into the account on 30 June and 31 December.
- Credit overdraft. If you qualify you can also attach a credit overdraft facility to the account to cover the cost of any transaction that exceeds your account balance.
- Membership. Customs Bank is a member owned financial institution serving the Australian Customs and Border Protection sector. Individuals employed by the agency, their family and friends are eligible to apply for membership.
- Earn interest on your balance
- Linked Visa debit card
- 24/7 access to your funds
- Internet and phone banking
- Need to maintain a high balance for some fee-free transactions
How do I apply for the Customs Bank Easy Access account?
If you are already a member of Customs Bank you can apply for this account through your online banking platform. If not, you can apply online for membership and for an Easy Access Account. You should make sure that you are eligible for this product before you begin:
- Minimum age. You must be at least 18 years of age for Customs Bank to open an Easy Access account in your name.
- Residency requirements. All applicants need to be Australian residents with an Australian residential address.
- Depository requirements. There are no stipulations on how much money you need to initially deposit in order for the account to be activated.
As you make your way through the application you will find it helpful to have the following documentation on hand:
- Tax file number. Providing your tax file number (TFN) or exemption code is not compulsory, but it will help in making sure that Customs Bank is withholding tax on your interest earnings at the correct rate for your financial circumstance.
- Identification. Australian law requires that your identity be verified using information from a photo identification document like your driver’s licence, passport or Medicare card.
Once your application has been submitted you will be contacted by Customs Bank with the details of your new transaction account and the approximate amount of time you can expect to receive your linked debit card in the mail. This will need to be activated by you before you can begin making any withdrawals or purchases.