The Rapid Saver Statement account is a high-interest personal savings product that offers customers free access to their money through internet, telephone and mobile banking. You pay no account-keeping fees and get six free everyday transactions per month along with free automatic transfers, BPay and Visa debit card purchases. Depending on how you manage your account, you can earn credit interest on your balance as well as additional free transactions per month.
What are the features of the Rapid Saver Statement account?
Here are some of the features of the Rapid Saver Statement account:
Thanks to free online, telephone and mobile banking, you can access your money anytime, anywhere. Besides Newcastle Permanent ATMs, you can also access your account through 3,000 Westpac Group ATMs throughout Australia.
If you make at least one deposit and no withdrawals during a month, interest is credited to your account on the last day of that month.
No account-keeping fees
You are not charged any account-keeping fees.
Visa debit and cash card
You can access your account with a Visa debit or cash card. The Visa debit card allows for online purchases, overseas transactions and payments via Visa payWave, while the cash card can only be used for ATM withdrawals and EFTPOS in Australia.
You get six free transactions per month. No fees are charged for BPay transactions or Visa debit purchases. Depending on your balance and whether you have transfers set up between your savings account and certain home loan products, you can qualify for up to 24 additional free transactions.
Limits apply to the amount you can withdraw per day, including maximum per-day limits of $1,000 for cash withdrawals, $10,000 for Visa debit card purchases and $3,000 for cash card purchases.
While certain transactions are free, others imply a fee. You will be charged for an overdrawn account, dishonoured payments, international transfers, replacing a card and special clearance on cheques.
- No account keeping fees
- Access of your money via internet and phone banking free of charge
- $0 minimum ongoing balance
- Limited free transactions
What you’ll need to know before applying
When you start the application process, you will receive a six-digit security code via SMS, which you’ll be asked to enter as verification. You have the option to apply for a joint account. The following outlines what's included in the application criteria.
You must be at least 18 years old to apply for this account.
You must be a permanent Australian resident.
You’ll be asked to include the following as part of your application:
- Email address and an Australian telephone number
- Tax file number, although this is optional
- Consent to have your identity verified
The application process takes about five minutes. You can save and then retrieve your online application form at a later stage. Once completed and submitted, you’ll receive an email with your account details.