The Customs Bank Market Linked savings account can reward balances over $5,000 with an interest rate in line with money market rates. The money market is where large institutions trade cash. Access money market rates through a money market account and you get one of the best deals around on your cash investment.
What are the features of the Customs Bank Market Linked account?
- Market linked savings account. The Market linked account has an interest rate tied to money market rates. Compared to savings accounts and other interest bearing accounts, a market linked savings account gives you a better return on your investment.
- Interest. The Market Linked account offers one of Customs Bank’s highest rates of interest. Only the Customs Bank Edvest savings account and term deposits can offer you a better return. Interest is calculated on your account balance every day and paid into your account twice a year on the 30/06 and the 31/12.
- Minimum balance. This account has a minimum balance requirement of $5,000. As long as you keep your balance above $5,000, you’re free to withdraw your money whenever you want.
- Account access. The Market Linked does not offer rediCARD or debit card access and there is no direct debit facility available from this account. You can set up a direct credit to this account so you can make regular deposits from another transaction or savings account.
- Internet banking. Register for internet or telephone banking so you can make electronic transfers to other accounts in Australia. You can transfer funds to another account using BPAY provided the merchant accepts BPAY payments.
- Minimum deposit and withdrawal amount. The minimum deposit and withdrawal amount is $500. You can withdraw your funds for at least 7 days after you’ve made a deposit to the Customs Bank Market Linked account. Your funds are available any time if you maintain an account balance of more than $5,000.
- Joint account. The Market Linked account is open to single and joint applications. If you open a joint account, you can choose the ‘operational status’ your account. Select from one only requiring one signatory to sign for transactions, any number of signatories if more than two people are listed as primary account holders or both signatories if there are two primary account holders.
- Earn interest at money market rates
- Withdrawal money after just seven days
- Free internet and phone banking
- Minimum investment amount required
How do I apply for the Customs Bank Market Linked account?
Visit Customs Bank website to start a secure online application for the Market Linked account. If you’re a Customs Bank member, you can enter your Customs Bank membership number to skip the first steps of the application where you’re asked to provide your contact information. If the Market Linked account is your first Customs Bank product, you’ll need to become a member of the customer owned bank before you can open the account.
Enter your name, date of birth, residential address, email, your preferred contact number and the best time to be contacted by a Customs Bank representative. Select the Market Linked account (S15) from the list of Customs Bank products and agree to the term and conditions.
You’ll be contacted shortly after with the next steps about becoming a member of Customs Bank. Customs Bank are a customer owned financial institution, every customer is a member and the members all get a say in how the institution is governed. For this right, you’re asked to provide a guarantee of $10 in the event Customs Bank ceases to operate.
To open this account and become a member of Customs Bank, you’re required to verify your identity. This can be done by providing acceptable forms of identification.
Give one form of primary photographic identification or a combination of two forms of non-photographic identification. Primary I.D can be your valid state or territory driver’s licence, an Australian passport or state or territory proof of age card. Secondary forms of identification can include a Centrelink card or a Medicare card.