Hume Bank All Purpose Account

Hume Bank All Purpose Account

Maximum Variable Rate

0.01

Account Keeping Fee

0

The advantageous banking features of the All Purpose Account make money management easy for Victoria and NSW residents.

  • Linked Visa debit card
  • No account keeping fees
  • Free internet, mobile and phone banking

Product details

Serving the eastern regions of Victoria (VIC) and New South Wales (NSW), Hume Bank offers its members big bank features with a small town feel. The All Purpose Account takes care of your everyday needs, with no monthly fees and an allowance for your transactions. Plus you can choose a Visa debit card, and have the ability to make purchases all over Australia and the world.

Product Name
Hume Bank All Purpose Account
Monthly Account Fee
$0
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Interest Rate p.a.
0.01%
Details
No monthly fee with free internet, mobile and phone banking.
Joint Application
Yes

What are the features of the Hume Bank All Purpose Account?

Before choosing an account that will be facilitating your everyday financial needs, you should take a close look at a variety to see how they fit in with your lifestyle. Compare these features of Hume Bank’s All Purpose Account against other Australian banks to see how they match up:

  • Hume Bank membership. As a mutual bank, you will need to first become a member of Hume in order to open this, or any, of their products. Membership is limited to residents of south eastern NSW and north eastern VIC, and will require that you visit one of their 19 branches in the region.
  • Monthly account keeping fees. Hume Bank charges no account keeping fees to their customers.
  • Transaction allowance. You are allowed a total of 20 transactions within the account each month without accruing any charges.
  • Electronic banking. Internet, mobile and phone banking are free of charges including making direct debits and credits into the account and using BPAY for your bill paying.
  • Other free transactions. In addition to electronic banking, the following are also not included in your transaction allowance; deposits made at a Hume branch, Hume ATM transactions, transfers from one Hume account to another, deposit and cheque books, and a rejected transactions at ATMs in the Westpac group.
  • Withdrawal charges. The following methods of withdrawal will incur a fee once the transaction allowance has been exceeded; branch - $1.50, other bank cheque - $3, member cheque - $0.50, and EFTPOS - $0.30.
  • Visa debit card. For account holders aged 16 and older, a Visa debit card can be linked to the account in place of the Hume Bank cash card. This allows you to make cash withdrawals as well as online, over the phone and in person purchases.
  • ATM access. There are 45 Hume ATMs in the region where cash withdrawals and account enquiries can be made free of charge. Your card also enables transactions with ATMs in the Westpac group which includes Westpac, BankSA, St.George and Bank of Melbourne. These transactions will be included in your monthly allowance.

Pros

  • $0 service account keeping fee.
  • Access your account anytime via online, mobile and phone banking.
  • Free transactions per month.

Cons

  • Transaction fees will be applied once the limit for free transactions is exceeded.

How do I apply for the Hume Bank All Purpose Account?

If you like the features that the All Purpose Account has to offer, you will need to visit one of Hume Bank’s 19 branches in order to first apply for membership and then open your transaction account. Before making that trip, check the following eligibility requirements first:

  • Minimum age. There is no minimum age requirement to become a member of Hume Bank.
  • Residency requirements. Residents of the eastern regions of Victoria (VIC) and New South Wales (NSW) are able to become members of Hume Bank.
  • Depository requirements. Hume Bank does not stipulate any opening balance requirement.

It is also recommended that you bring the following documentation along with you to apply for membership to Hume Bank:

  • Tax file number. With this account you are earning a nominal interest on your balance. In order to avoid having tax withheld on that balance at the highest marginal rate you should provide Hume Bank with your tax file number (TFN) or exemption code.
  • Identification. In order to verify your identity, as well as your residency requirement, you will need to bring your Australian driver’s licence containing your current residential address. If you do not have a driver’s licence you will need to use one other primary form of identification such as a passport along with a secondary document like your current utility bill. For applicants under 18 who cannot meet that requirement can use a letter from their school or birth certificate.

Once you have become a member, you will be instructed on the next steps necessary to open your account and receive your Visa debit card.

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