Heritage Bank Simply Access Account Review & Information

Product details

With Heritage Bank’s Simply Access transaction account, you have the purchase power of Visa to make cash withdrawals using one of Australia’s largest ATM networks. You can also make purchases as if you have cash in hand, using the debit card to make payments straight from your account. With this type of flexibility in banking, it is simple to keep on top of your spending needs.

Product Name: Heritage Bank Simply Access

Monthly Account Fee: $0

Debit Card Access: Visa

ATM Withdrawal Fee: $0

Interest Rate p.a.: 0.02%

Details: No monthly account keeping fee – free internet, phone and mobile banking.

Joint Application: Yes

Fee Free Deposit p.m.: $1,000

Overseas ATM Withdrawal Fee: $5

Overseas Eftpos Fee: $0

Phone Banking: Yes

Fees: $0

Internet Banking: Yes

What are the features of the Heritage Bank Simply Access?

Heritage may be a member owned financial institution, but their transaction account has features that are comparable to larger Australian banks. Compare these to see if this account is able to give you all you need to conduct your day to day transactions with ease:

Credit union membership. Before being able to apply for the Simply Access transaction account, you will need to become a member. This will involve a separate application along with a $1 to pay for your share.
Monthly account keeping fee. You are not required to make a monthly payment for the maintenance of this everyday account.
Online banking. With the Simply Access you are permitted unlimited free access to your account online, including with a mobile phone or other device.
Mobile app. The Heritage Bank app is available for iPhone, iPad, and android ios mobile devices. With this free download you can get instant updates on your balance, recent transactions and even pay your bill.
Visa debit card. You can opt to have a Visa debit card linked to your transaction account and make purchases wherever Visa is normally accepted. This includes shopping online and over the phone.
ATM access. The Westpac group is included with Heritage Bank’s ATM network, allowing you to use ATMs in the Westpac, St. George Bank, Bank of Melbourne and BankSA network.
ATM fee allowance. While using a Heritage Bank ATM is always free, you are only allowed up to ten transactions per month using Westpac group ATMs before being charged $1.75 per transaction. This limit is a combined total of ATM transactions and EFTPOS purchases which are $0.50 per transaction once the threshold has been reached.
Overseas cash withdrawals. You can use your Visa debit card overseas, but this will incur a $5 charge plus additional charges posted by the provider.
Interest rates. This account does provide a modest interest rate which increases on balances over $50,000. That interest is calculated on the daily balance and paid into the account quarterly.
Minimum balance. A minimum of $1 should be in your account at all times.

Pros

$0 account keeping fee per month.
Access account via internet, phone and mobile banking.

Cons

Withdrawal fees on network ATMs.
Overseas transaction fees apply.

How do I apply for the Heritage Bank Simply Access?

If the Heritage Bank Simply Access Account has all you need to stay on top of your spending, you can begin filling out your application online. Remember that you do have to become a member first, which requires a $1 payment for your share. Other eligibility requirements for opening the Simply Access Account include:

Minimum age. Heritage Bank does not set forth a minimum age requirement for this account.
Residency requirements. Permanent residents and citizens are eligible to apply for this account.
Depository requirements. There is a minimum of $1 needed as an opening deposit before your account can be activated.

As you make your way through the application for the Simply Access account, you are also going to need to have the following documentation in order to fill in all of the sections accurately:

Tax file number. With accounts that earn interest, Australian financial institutions are required by law to withhold taxes on what you earn. If you do not provide your tax file number (TFN) or exemption code this will done at the highest marginal rate.
Identification. Photo identification documents such as your Australian driver’s licence or passport will be required in order for Heritage Bank to verify your identity.

As soon as your application is submitted online, Heritage Bank will verify the details and open an account for you. Your Visa debit card will also be prepared and mailed to the residential address that you provided.