Greater Bank Little Bucks Account
Open a bank account that encourages children to save early on in life.
Greater Bank Little Bucks Account is a passbook account meant for children less than 18 years of age. This account offers in a tiered manner. It does not attract any ongoing account keeping fees. You don’t have to pay any transaction fees. Access to funds in the account comes in different ways.
As of 2019, this product is only available to existing customers. It is no longer available to new customers. For existing customer, variable interest rates still apply.
Minimum opening balance
This account comes with a minimum account opening balance requirement of $1.
Internet and phone banking
If you wish to check your account's balance or go through its transaction history you can use Greater Bank's online, phone and mobile banking systems for free. These platforms also let you perform different banking related functions.
Accessing funds in other ways
Account holders can visit Greater Bank branches to deposit and withdraw money. Setting up direct debits allows you to transfer funds to other bank accounts easily. You get free access to BPAY, using which you can pay your bills. You also get to use EasyPay and a third party payment service.
The Little Bucks Account offers interest in a tiered manner. If the balance in your account is from $1 to you'll earn 0.01% p.a.interest. If the balance exceeds $1,000 you earn 0.01% p.a. Calculation of interest happens every day and it is credited to your account bi-annually.
Account keeping fees
There is no monthly account keeping associated with this account. You don't have to pay any transaction fees, so you can make deposits and withdrawals as per your liking.
You may have to pay fees in some scenarios. These can include bank transfer fees, Cemtex fees, direct debit dishonour fees, foreign currency deposit fees and Easypay notification fees.
After turning 18
Once the account holder turns 18 years of age the account converts to an Access Savings Account. The fee structure would change at this point.
Little Bucks moneybox
As an account holder you'll receive a Little Bucks money box that you can use to save money at home. Every now and again you can deposit this money into your account.
SMS and email alerts
Keeping track of activity in your account is easy if you sign up for email and SMS alerts. These alerts can notify you of your account balance as per your desired frequency. You can also receive alerts notifying you of direct credits and debits, or all deposits and withdrawals. Receiving SMS alerts requires that you pay a per message fee.
How to apply
To open a Little Bucks Account you have to visit a Greater Bank branch, or you can initiate the process over the phone. To find out where the closest Greater Bank branch is, visit Greater Bank website. Make sure you meet the required eligibility criteria before applying:
- Maximum age. You can apply for this account if you are less than 18 years old. The bank, through its discretionary powers, may refuse to open the account if it feels than an applicant does not understand the account's terms and conditions.
- Residency requirements. You should be an Australian resident with an Australian residential address.
- Depository requirements. You can open this account with as little as $1.
- Opening as a trust account. You may, as a trustee, open a Little Bucks account in the form of a trust account, provided the beneficiary is less than 18 years old.
Completing the application successfully requires that you provide different kinds of information:
- Identification. As a new Greater Bank customer you have to complete a legally mandated identity check. You can complete this process using different acceptable forms of photographic and non-photographic identification documents.
- Tax file number. Greater Bank may deduct withholding tax from the interest you earn if you don't submit your tax file number. You can provide this any time after opening the account as well.
- Other information. The application requires personal details such as your name and date of birth, as well as your contact details.
What happens after I submit my application?
The account opens as soon as you go through all the required formalities and complete the identity verification process.