Greater Bank Ultimate Access

Last updated: Apr 27, 2020

Deposit your monthly salary into the Ultimate Access and get benefit from fee-free banking.

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.

$2,000

Fee Free Deposit

Account keeping fee

$0.7

ATM withdrawal fee

Overseas ATM withdrawal fee

Details

Product Name	Greater Bank Ultimate Access Account
Monthly account fee	$0
Card access	Visa
ATM Withdrawal Fee	$0.70
Internatonal ATM Fee	$5
International transaction fee	3%
Monthly deposit required to waive account fee	$2,000

Minimum Age	12
Joint account availability	Yes
Minimum opening deposit	$1

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

Expert review

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

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.

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.

Joint account

You are permitted to open this account with one joint account holder.

Minimum account balance

You are required to maintain a minimum balance of at least one dollar in the account in order for it to be kept open. However, if you wish to take advantage of fee free banking your deposits must equal at least $2,000 each month.

Debit card

You can choose between having your transaction account linked to a Visa debit card or to a Greater Bank access card.

Withdrawal limits

You are entitled to make up to $1,500 in withdrawals everyday.

Visa debit card

With Greater Visa debit card you can make point of sale purchases, buy online or pay over the phone. You are also enabled to use it to make cash withdrawals which are deducted directly out of your account.

Visa debit card features

On its own, the Visa debit card also has a range of features including payWave which allows you to make purchases of $100 or less without swiping your card.

ATM access

You can make enquiries and withdrawals at over 3,500 ATMs in Australia.

Electronic transactions

This account allows access through internet and mobile banking. You can also set up direct deposits and debits using BPAY and EasyPay.

How to apply

Eligibility

If this is an account that works with the way you like to spend, you can apply online in just ten minutes. This will take you to the secure application where you are first going to be asked if you are able to meet the following eligibility requirements:

Minimum age. For your application to be considered you will have to be at least 16 years of age.
Residency requirements. In order to apply you must be a permanent resident of Australia.

Depository requirements. The account is activated by you making a minimum deposit of $1.

Documentation needed

As you proceed with the application, you will also come across questions that will require clarification from the following documentation:

Tax file number. Greater Bank will ask for your tax file number (TFN). Although this is not obligatory, by providing it you can ensure that your interest earning accounts are having the correct withholding tax applied to the payments.
Identification. The following forms of identification are deemed acceptable by Greater Bank, driver's licence, passport, international travel document, QLD 18+ card, NSW photo card, VIC proof of age card, or a birth card.

What happens after I submit my application?

With all of the correct information presented your new transaction account will be available to be used immediately. You will have to provide your mobile phone number in order for Greater Bank to confirm the activation of your account with a special authorisation code.

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2 Comments

Sarah
June 6, 2018

Do i get charged exchange rate fees for using an American ATM with the Ultimate Access account?

Reply
- Nikki
  June 6, 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
  
  Reply

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