Greater Bank Access Review & Information

Product details

Greater Bank Access Account is an everyday banking account. It lets your money earn interest if your account balance crosses a given threshold. You get access to your money in different ways, which include a Visa debit card or access card. This account does not charge any ongoing account keeping fees.

Product Name: Greater Bank Access Account

Monthly Account Fee: $0

Debit Card Access: Visa

ATM Withdrawal Fee: $0.50

Interest Rate p.a.: 0.10%

Details: No monthly fee but some transaction fees do apply. Access to Greater Bank network.

Fee Free Deposit p.m.: $0

Overseas ATM Withdrawal Fee: $4

Phone Banking: Yes

Fees: $0

Internet Banking: Yes

What are the features of Greater Bank Access Account?

Minimum account opening balance. You can open this account with as little as $1.
Visa debit card or access card. Account holders get to choose between a Visa debit card and an access card. You can use your Visa debit card in Australia and overseas, at ATMs and EFTPOS terminals alike. You can use your Visa card details to make purchases and pay bills online and over the phone. You can use the access card at over 3,500 ATMs across Australia as well as at EFTPOS terminals.
Internet and phone banking. Internet, online and mobile banking is free for all account holders. You can use these platforms to view your account’s balance and its transaction history. You can use them to carry out different banking functions as well.
Other ways to access funds. If required, you can visit a Greater Bank branch to transact. You can use your account to set up direct debits. You get access to BPAY, through which you can simplify how you pay your bills. This account also gives you access to EasyPay and a third party payment service.
Interest. The money in your account stands to earn variable interest in a tiered manner. As of now, if the balance in your account is from $5,000 to $99,999 it earns 0.05% p.a. If the balance is $100,000 or more it earns 0.10% p.a. Greater Bank calculates interest on your account daily and pays it once every six months.
Monthly fees. You don’t have to pay any ongoing monthly account keeping fees to maintain this account.
Other fees. Other fees you may have to pay include over the counter cash withdrawal fees, ATM withdrawal fees, over the counter BPAY transaction fees, overseas ATM fees and currency conversion fees.
Fee allowance and rebate. You get a fee allowance of $3 per month. You also get a fee rebate of $3 for every $1,000 that credits in your account. However, the rebate depends on the account’s minimum monthly balance every month.
SMS and email alerts. You can choose to receive SMS and email alerts for different kinds of account related information such as periodical account balances, deposits, withdrawals, direct debits and direct credits. You’ll have to pay an SMS alert fee for every text alert you receive.

Pros

No monthly account keeping fees
Linked Visa debit card
Free internet, mobile and phone banking

Cons

Transaction fees may apply

How do I apply for Greater Bank Access Account?

Existing Greater Bank customers can apply via Internet Banking. New customers can apply by visiting any Greater Bank branch or they can submit online applications. Applying requires that you meet these eligibility criteria:

Minimum age. You are over 16 years of age.
Residency requirements. You are a permanent resident of Australia.
Depository requirements. This account comes with a minimum opening balance requirement of $1.

Completing the application successfully requires that you provide different kinds of information, which includes:

Identification. New Greater Bank customers have to complete a legally mandated identity verification process. You can verify your identity online using a valid form of ID such as your Australian driver’s license, passport or Medicare card.
Tax file number. You don’t have to provide your tax file number (TFN). If you don’t, Greater Bank may deduct withholding tax from the interest your money earns. If you don’t have your TFN at the time of application you can provide it later.
Other information. The application requires your name, date of birth, home address, email address and phone number. If you’re submitting a joint application, both applicants must provide the required information.

Once you’re done you receive Internet banking access details via SMS and email. You can then log in and start banking. You may have to wait seven to 10 business days to receive your Visa debit card or access card.