Greater Bank is a customer-owned Australian financial institution offering its members many of the same banking products, features and benefits that you get with larger banks. This includes the Ultimate Access transaction account, which allows you to bank without the worry of any fees so long as you are able to make a monthly deposit commitment.
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Greater Bank Ultimate Access
- Fee Free Deposit
- $2,000
- Account keeping fee
- $0
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $5
Our verdict
Deposit your monthly salary into the Ultimate Access and get benefit from fee-free banking.
This account is suited to customers who make a large number of transactions and withdrawals each month. By depositing $2000 a month you’ll pay no account keeping fees and get unlimited free transactions including ATMs in Australia, EFTPOS transactions, electronic and BPAY transactions.
If you don’t think you can meet the monthly deposit requirement for this account, you could consider the Greater Bank Access Account instead which has no ongoing deposit conditions. However, it does charge some transaction fees.
Pros
-
$0 monthly account keeping fee
-
Free internet, mobile and phone banking
-
No transaction fees when you are able to deposit at least $2000 a month
Cons
-
Deposit requirement if you want to avoid fees
Details
Key details
| Product Name | Greater Bank Ultimate Access Account |
| Monthly account fee | $0 |
| Card access | Visa |
| Own network ATM fee | $0 |
| International ATM Fee | $5 + 3% |
| International transaction fee | 3% |
| Monthly deposit required to waive account fee | $2,000 |
| Contactless Payments | Apple Pay, Google Pay |
Eligibility
| Minimum Age | 12 |
| Joint account availability | Yes |
| Minimum opening deposit | $1 |
| Residency status | Permanent Australian residents with an Australian address |
Key features
Monthly account keeping fees
You are not responsible for paying any monthly account keeping fees.
Transaction fees
If you are able to deposit at least $2,000 into the account each month you are not going to have to pay any fees for your daily banking transactions. If you have linked this account with a Greater Bank Ultimate Home Loan, the minimum deposit requirement will not apply in order to avoid fees.
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Nikki Angco
June 06, 2018
Hello Sarah!
Thanks for getting in touch with finder.
There is a 3.00% conversion fee for all international transactions. If your Ultimate account meets the required minimum monthly deposit you will not be charged the $5.00 foreign ATM charge.
Hope this clarifies. Feel free to leave a message should you have further questions regarding this.
Thanks,
Nikki
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Sarah
June 05, 2018
Do i get charged exchange rate fees for using an American ATM with the Ultimate Access account?