A special purpose interest bearing insurance holding account from Customs Bank that acts as a hub for your insurance payments. Set up direct debits from this account so you can always make sure your insurance payments are paid on time.
What are the features of the Custom Bank Insurance Saver account?
- Insurance payments only. The Customs Bank Insurance Saver can only be opened so you can pay your insurance payments. This account works as a place to keep your cash so you can pay your insurance premiums. Funds in the Insurance Saver accrue interest and payments to insurers can be automated.
- Interest. The Custom Bank Insurance Saver rewards you with interest. The interest rate is tiered. Different interest rates apply to different portions of your account balance. Interest is calculated on your daily balance and paid into your account twice a year on the 30/06 and the 31/12.
- Account access. This account is used solely for the purposes of making payments to insurers. There is no debit card or ATM card access and you can not make BPAY payments to other accounts in Australia. You can register for internet and telephone banking; however, these facilities are used to monitor your account balance, view statements and interest earned rather than for making payments.
- Direct credit. Set up a direct credit agreement with your employer or another financial institution to get part of your salary paid to the Custom Bank Insurance Saver. This ensures you always have enough money to pay your insurance premium payments.
- Direct debit. You can set up a direct debit from the Customs Bank Insurance Saver to pay your insurance premiums.
- Direct debit payment order. The order your insurance direct debits are paid are decided by Customs Bank.
- Stopping a direct debit insurance payment. If you have multiple policies with the one insurer, and you request Customs Bank to stop a direct debit payment to that insurer, Customs Bank will cancel all payments to that insurance supplier. If you need to stop a payment for one particular policy, for example you want to cancel your car insurance payments but not your life insurance payments, it’s better to contact the insurer directly to cancel the payment.
- Cancelling a direct debit. You must visit a Customs Bank service centre or contact Customs Bank in writing at least 3 business days before the next payment date to stop a direct debit to an insurer. Cancelling an automated payment to an insurer does not cancel the arrangement between you and the insurer.
- Insufficient funds. If you don’t have enough money in the Insurance Saver to make a payment, Customs Bank will attempt to make the payment for 4 consecutive days from when the payment is due. If there aren’t enough funds in the account after 4 days, the payment authority will be cancelled.
- Ensures insurance payments are paid on time
- Tiered interest rates
- No ATM access
How do I apply for the Customs Bank Insurance Saver ?
You can visit Customs Bank website to start a secure online enquiry form for the Customs Bank Insurance Saver. You must fill out an enquiry form with Customs Bank before you can open the Insurance Saver. This form is passed onto a Customs Bank service centre. A Customs Bank representative will be in touch within a business day to discuss your intent to apply for this account.
Enter your contact information such as your first and last name, your email address, phone number, enter the name of the account ‘Customs Bank Insurance Saver’ in the subject field and where it says ‘message’, type that you’d like to apply for this account.
Before you can open the Insurance Saver you need to be a member of Customs Bank. The membership process requires you to verify your identity.
You’ll need to provide a primary form of photographic identification such as a valid Australian state or territory drivers licence, proof of age card or an Australian passport. You can use a combination of secondary non-photographic forms of identification like your Medicare card or Centrelink card, Customs Bank will inform you of the identification verification requirements during the application for the Insurance Saver.
- Customer owned bank
Customs Bank are a division of Police Bank and a customer owned banking institution. Customs are members and members have a say on how the financial institution is run. When you become a member of Customs Bank, you’re required to provide a guarantee that you’ll pay a small charge of $10 if Customs Bank ceases operation.