Customs Bank Safeguard

Customs Bank Safeguard

Maximum Variable Rate

0.10

Standard Variable Rate

0.10

Protect yourself from unexpected fees with a multi-purpose account that safeguards your savings.

  • No monthly account keeping fee
  • Funds are at call
  • Earn daily interest

Product details

Customs Bank Safeguard is a specialised savings account that allows you at call access while ensuring you’re never subjected to exception fees. Setting up bill payments and RediCard use is available, yet your account will never be overdrawn. This is ideal if you are trying to work your finances in a budget.

Product Name
Customs Bank Safeguard
Maximum Variable Rate
0.10% p.a.
Standard Variable Rate
0.10% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$0
Minimum monthly deposit for bonus interest rate
$0
Internet Banking
Yes
Phone Banking
Yes
Minimum Age Requirement
18
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the Customs Bank Safeguard account?

An interest-earning transaction account can be of great value with the right features. Even though this is an account meant to serve a specific need, you should still be comparing those features with other similar products before deciding which is best for you:

  • Account keeping fees. You will not be charged any monthly or yearly account keeping fees when using the Safeguard account.
  • Reduced fees program. You can qualify for fee rebates and free ATM and EFTPOS transactions by maintaining a combined monthly balance of $5,000 in your Customs Bank accounts.
  • Account access. The money in your Safeguard account can be accessed by any one of these methods; RediCard, online banking, phone banking through Redidial, periodic payment, electronic transfer, BPAY and Bank@Post. You are also able to add to the balance using direct credit.
  • Restrictions. Direct debit and member cheques are not available, and this account is never permitted to become overdrawn.
  • Debit card. The Safeguard account is linked to a RediCard, allowing you to make any ATM and EFTPOS transactions wherever that card is readily accepted.
  • Interest rates. Once your monthly balance exceeds $500 you will begin earning interest on the account. This rate will increase slightly when your balance grows past $20,000 and once again at $50,000.
  • Interest payments. Interest is calculated on your daily balance and will be paid into the account twice a year, once on 31 June and the second time on 31 December.
  • Customs Bank membership. You must be a member of the mutual bank before you are able to apply for any of their products. Membership is limited to employees of the Australian Customs and Border Protection Agency, their family members and friends.

Pros

  • Avoid hefty fees

How do I apply for the Customs Bank Safeguard account?

Existing members of Customs Bank will find it easy to apply for the Safeguard through their online banking platform. If you are not already a member you can click “Go to Site” to start your application for membership and your new account. Before beginning, check the following eligibility requirements to ensure that your application will be accepted:

  • Minimum age. You must be 18 years or older in order to have the Safeguard account opened in your name.
  • Residency requirements. Customs Bank requires that all account holders be Australian residents with a residential address.
  • Depository requirements. There is no minimum opening balance requirement with this account.

In addition to meeting the eligibility requirements, you will also find that it is useful to have the following documentation next to you as you begin to fill out the application:

  • Tax file number. It is not obligatory to provide your tax file number (TFN) or your exemption code, but if you choose not to, Customs Bank is required to apply withholding tax to any interest earnings at the highest marginal rate.
  • Identification. Customs Bank is required to verify your identity with a government photo identification document such as your driver’s licence, passport or Medicare card.

After having submitted your application a representative from Customs Bank will contact you with your membership and new account details. Your RediCard will be mailed to your address soon after so that you may begin making your daily financial transactions through your new account.

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