Customs Bank Edvest Redifund Plus

Customs Bank Edvest Redifund Plus

Maximum Variable Rate

0.75

Standard Variable Rate

0.50

The Edvest Redifund Plus offers a member bonus on top of the weekly money market interest rate.

  • Earn a return higher than the money market interest rate
  • Special exemptions on selected fees and charges
  • Free internet and phone banking

Product details

A fully featured savings account to fund your retirement lifestyle, the Edvest Redifund Plus offers Customs Bank’s highest return on your deposit of more than $5,000. Get a 0.25% p.a. bonus on top of the weekly money market rate as well as extras like free financial planning and reduced transaction fees.

Product Name
Customs Bank Edvest Redifund Plus
Maximum Variable Rate
0.75% p.a.
Standard Variable Rate
0.50% p.a.
Bonus Variable Rate
0.25% p.a.
Introductory / Bonus Offer Conditions
0.25% bonus rate on market linked rate. A minimum of $5,000 to be maintained at all times.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$0
Internet Banking
Yes
Phone Banking
Yes
Minimum Age Requirement
45

What are the features of the Customs Bank Edvest Redifund Plus account?

  • Interest rate. The Edvest Redifund Plus account rewards you with Customs Bank highest rate of interest. Interest is calculated daily and paid to the account every quarter on the 31/03, 30/06, 30/09 and the 31/12.
  • Minimum balance. You’re required to keep at least $5,000 in the Edvest Redifund Plus savings account at all times. If your account balance drops below this amount, funds in the account will accrue interest at 0.50% p.a.
  • Account access. This account does not include Visa or Redicard access. Manage the Edvest Redifund Plus through the Customs Bank internet and telephone banking facilities.
  • Deposits. Arrange direct credit transfers from another account so you can deposit funds in the Edvest Redifund Plus automatically.
  • Withdrawals. Make one off or periodical electronic transfers such as BPAY payments to other accounts to withdraw your money from the Customs Bank Edvest Redifund Plus. Withdrawals can also be made using Customs Bank Redidial telephone banking as well as internet banking.
  • Limits. The minimum amount you can deposit and withdraw is $500 each transaction. You can’t withdraw funds for 7 days after you make a deposit to the Edvest Redifund Plus.
  • Extras. Edvest members receive a complimentary financial planning consultation, discounts on Customs Bank insurance products and invitations to events on the Customs Bank social calendar. Edvest members also get access to Customs Bank Edvest term deposit products.
  • Reduced fees program. Edvest members qualify for reduced transaction fees such as free over the counter cash withdrawals. The Customs Bank Edvest Redifund Plus account also contributes to the Customs Bank reduced fee waiver program. Just maintain the Edvest Redifund Plus minimum balance and you’re eligible for reduced fees like free EFTPOS and rediATM transactions if you hold a Redicard or Visa card issued with another Customs Bank product.
  • Eligibility. You must be over the age of 45 to become a Customs Bank Edvest member and apply for the Customs Bank Edvest Redifund Plus account.
  • Joint applications. You can jointly apply for this account in two names.

Pros

  • Earn a return higher than the money market interest rate
  • Special exemptions on selected fees and charges
  • Free internet and phone banking

Cons

  • Only available for select members

How do I apply for the the Customs Bank Edvest Redifund Plus account?

Click ‘apply’ to start the application process for the Customs Bank Edvest Redifund Plus account. You’ll be directed to a secure online enquiry form.

  • The online enquiry form

Fill in this form and you’ll get a call from a Customs Bank representative with the next steps about joining Customs Bank and becoming an Edvest member. The online enquiry form asks you to enter the following details: your name, email address, phone number and the best time to be contacted about your application.

  • Customer owned banking

Before you can apply for the Edvest Redifund, you need to become a member of Customs Bank. Customs Bank are a division of Police Bank and a customer owned banking institution. Each customer is also a member, Customs Bank is governed by members who benefit from better rates and lower fees when the institution returns a profit.

  • Identification

You need to verify your identity with Customs Bank to become a member. You’ll need to provide one form of primary photographic identification or a combination of non-photographic forms of identification. Primary identification can be your passport or a valid Australian driver's licence, secondary identification can be your Centrelink card or Medicare card.

  • Tax File Number

You will also be asked to provide your Tax File Number (TFN) to Customs Bank so you can be taxed at the correct rate. If you don’t provide your TFN, any interest earning will be taxed at the marginal tax rate, which is the highest personal income tax rate.

Once you submit the online enquiry for the Customs Bank Edvest Redifund Plus account, you’ll be contacted within one business day to discuss the next steps of your application.

 

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