The Reward Saver Account is designed to boost your savings growth when you actively contribute to it each month. Tuck away more money, and IMB will add to their competitive rate with an introductory bonus rate for a limited time. This gives you the opportunity to expand your savings balance just for practicing good financial habits.
What are the features of the IMB Reward Saver Account?
Reward savings account can give you the nudge you need to leave your savings to grow. Be sure that you are making careful comparisons of the features with this type of account, and choose one that has terms you will be able to meet:
- Monthly account keeping fees. You are not going to be charged any monthly fees with this account.
- Eligibility. This account is for individuals only, to be used for personal or domestic purposes.
- Accessibility options. You are able to access your savings and make deposits using any of the following; ATM, BPAY, in branch, CashCard, cheque, direct debit, EFTPOS, online, over the phone, with a mobile device and with a Visa debit card.
- Transaction allowance. The fees for transactions are reduced by your personal transaction allowance which is determined by the length of time you have been a member of IMB and the total sum of money you have invested in their various accounts.
- Transaction fees. Certain transactions, such as online transfers and bank cash deposits, are always free. The cost of others will first be offset by your transaction allowance. Once you reach the allowed threshold, transactions such as ATM withdrawals will be charged to your account.
- Interest rates. There is no base rate for the Reward Saver Account. In order to earn any interest you must meet the criteria for the month.
- Reward interest. Each month that you are able to deposit at least $50 into the account and make no withdrawals your account balance will receive a variable rate of interest.
- Bonus interest. New account holders with a balance of $5,000 or more will also get an extra introductory bonus added to their interest rate for the first four months after the account has been activated.
- Interest payments. The interest for the account is calculated daily and will be paid into the account once a month.
- SMS alerts. You can activate a feature where you are alerted with an SMS message when certain activities are detected with your account. There is a $0.25 charge for each message sent to your mobile phone.
- Mobile banking. You can check the status of your account and make transfers anytime using the IMB app on your mobile phone. The app is available for iPhone and android devices.
- No monthly account keeping fee
- Set up an automatic transfer
- Bonus interest only awarded if you meet conditions
- Tiered interest rate system
How do I apply for the IMB Reward Saver Account?
You are not required to be a member of IMB before applying for the Reward Saver Account. Click “Go to Site” and in 10 minutes you will have both the membership and bank account application completed. Check beforehand to make sure that you are eligible for this account:
- Minimum age. You must be at least 13 years of age in order to open this account.
- Residency requirements. Only Australian residents with an Australian residential address in Victoria, Queensland, South Australia or The Australian Capital Territory are able to apply.
- Depository requirements. You only need an opening deposit amount of one dollar to have the account activated. Remember however, in order to receive the introductory interest rate you must have a balance of $5,000 or more.
Having the following documentation next to you will also make it easier as you begin to fill out the online application:
- Tax file number. Although you are not obligated to offer your tax file number (TFN) or exemption codes, it will allow IMB to deduct the correct withholding tax from your interest earnings.
- Identification. The information found on your Australian passport, driver’s licence or Medicare card will allow IMB to verify your identity. Even after the account has been activated, you will not be permitted in branch or cheque transactions until you have completed a face to face identity verification.
After having submitted your application you will receive notice of its status, and any additional information required before the account can be opened. Once it has been opened, start making your savings deposits so that you can qualify for the introductory bonus interest before it runs out.