The Everyday Account is designed to make your day to day financial transactions simple. With a Visa debit card from Rural Bank you can take care of all your shopping needs and withdraw cash when you need it. How you bank is up to you through any number of the options that Rural Bank provides.
What are the features of the Rural Bank Everyday Account?
Rural Bank is a mutual financial institution, providing banking services that specialises in the agriculture industry, but is still open to membership for all Australians. When looking over the features of their Everyday Account, compare them with what you will get with transaction accounts from other Australian banks:
- Monthly service fee. Your account is charged $6 a month for its maintenance, although that fee is waived when you are able to keep a balance of at least $2,000. If not, the fee will be deducted from your account on the first day of the following month. You may also apply to have this fee waived if you are under 18 years of age or over the age of 60.
- Free transactions. You won’t be charged any transaction fees for banking with the following methods; Visa purchases, internal transfers using the internet, phone or periodic payments, branch deposits, direct credits, BPAY, direct debits, Pay Anyone transfers, EFTPOS and non-staff assisted cheque withdrawals.
- Visa debit card. The Everyday Account from Rural Bank is linked to a Visa debit card, allowing you to shop wherever Visa is normally accepted, without accruing any debt. This includes online, over the phone and at point of sale terminals.
- Bank@Post. You are allowed up to four free deposits or withdrawals using Bank@Post before being charge a $2.20 fee for each transaction.
- ATM access. Rural Bank is owned by the Bendigo and Adelaide Bank Group, giving you complete access to their ATM network free of charge. This group includes Rural Bank, Bendigo Bank and Suncorp Bank. Using an ATM outside of this network will incur additional provider fees.
- ATMs overseas. You will be charged a $4 fee when using an ATM outside of Australia. There could also be other charges stemming from the provider bank.
- Foreign transactions. For any transaction or cash advance made in a foreign currency, you will be charged 2% of the Australian dollar amount.
- Interest. You can also earn a modest interest on your balance which is at a variable rate, calculated daily and paid monthly into your account.
- Minimum opening account balance of $1.
- Joint application available.
- There is a monthly account keeping fee applies.
How do I apply for the Rural Bank Everyday Account?
If you wish to find out more about this account or to apply, you can make a request for a call or email to speak with a member of the customer service team by visiting their website. Some of the eligibility requirements that they are going to first confirm are:
- Minimum age. Rural Bank makes no mention of any minimum age requirement for this account. If you do not meet the requirement however, they do have other accounts geared specifically for younger and older Australians.
- Residency requirements. Only Australian residents with an Australian residential address may apply.
- Depository requirements. A minimum opening balance of one dollar is required before the account can be activated.
In addition, you will be asked to bring with you some documentation to help confirm your eligibility and make filling in the application easier:
- Tax file number. Your tax file number (TFN) or exemption codes are used with interest earning accounts to ensure that Rural Bank is withholding the correct amount of taxes on your earnings.
- Identification. All Australian financial institutions are required by law to first verify your identity before issuing you an account. This can be done using your driver’s licence or passport.
The customer service team of Rural Bank will assist you in completing your application and activating your new transaction account. Once established, you can begin to make your day to day transactions with ease.