If you’re thinking about saving money for Christmas, opening a Greater Bank Christmas Club Account can be a good idea. The money in your account earns interest irrespective of the account balance. This account does not attract any ongoing account keeping fees. You can add funds to your account in different ways.
What are the features of Greater Bank Christmas Club Account?
- Minimum account balance. This account comes with a minimum account opening balance requirement of $1. After the account balance transfers to a nominated Greater Bank account at end of the year you get until 30th June of the following year to deposit at least $1 and keep your account open.
- Access to funds. Greater Bank transfers the entire account balance to a nominated account on 1st November every year. You can also access funds in the account at other times, for which you have to pay a fee.
- Making deposits. You can make unlimited deposits for free using online, phone and mobile banking as well as through EasyPay.
- Online banking. You can use Greater Bank's Internet banking platform to deposit funds into your account at any time. However, you cannot use it to withdraw or transfer funds outside the exempted window from 1st November to 31st December every year.
- Phone banking. You can add funds to your account using phone banking at any time.
- Visa or access card. You don’t get a Visa or an access card with this account.
- Account keeping fees. You don’t have to pay any ongoing account keeping fees to maintain your Christmas Club Account.
- Interest. The money in your Christmas Club Account earns variable interest; currently at 0.50% p.a. Greater Bank calculates interest on the daily balance. It pays it out on 31st October and 31st December every year.
- Withdrawal fees. A $5.00 fee applies for each of your withdrawals, with you getting a $5.00 fee allowance for the first withdrawal. You also get a $5.00 fee allowance for any withdrawal you make during November or December.
- Other fees. Other fees that may apply include direct debit dishonour fees, foreign currency deposit fees, information fees, bank transfer fees, Cemtex fees, cheque copy fees and telegraphic transfer fees.
- Statements. You can view online account statements using Greater Bank's Internet banking platform at any time.
- SMS and email alerts. Keeping a track of money moving in and out of your account is easy through SMS and email alerts. You can choose to receive alerts to notify you of all or particular kinds of transactions. You can also receive alerts notifying you of your account balance periodically. You have to pay a per message fee to receive SMS alerts.
- Competitive interest rate on savings
- Interest calculated daily, paid 31 Oct and 31 Dec each year
- No transaction fees
- Balance can only be transferred to your account in November
How do I apply for Greater Bank Christmas Club Account?
You can get started over the phone or you can apply by visiting your nearest Greater Bank branch. To locate the closest branch visit the Greater Bank website. Applying requires that you meet some eligibility criteria, which include:
- Residential requirements. You should be a resident of Australia and should provide an Australian residential address.
- Depository requirements. The minimum amount you can open this account with is $1.
- Other requirements. You have to nominate an acceptable Greater Bank account. The balance in your Christmas Club Account transfers to this account on every 1st November.
As part of the application process you have to provide different kinds of information, which includes:
- Identification. If you’re not an existing Greater Bank customer you’ll have to go through an identity verification process, which is a legal requirement. You can use different kinds of photographic and non-photographic documents to complete this process. Some of these include your Australian driver’s license, passport and Medicare card.
- Tax file number. You don’t have to provide your tax file number (TFN). However, if you do you can be sure that Greater Bank does not deduct withholding tax from the interest you earn. You can provide your TFN at the time of applying or later.
- Other information. The application requires your name, home address, phone number and email address.
Greater Bank opens your account as soon as you complete the required formalities, which includes going through the ID check. You can then begin depositing funds into your account.