As a customer-owned institution, Beyond Bank has various savings account options that cater to different needs and financial goals. The bank offers relatively competitive rates and unique features. 

Beyond Bank highlights customer convenience, ensuring depositors can easily access their savings via its website or mobile app, phone banking, and nationwide branches. Savers can withdraw their funds fee-free not only at Beyond Bank but also at any of the major banks' (Commonwealth Bank, ANZ, Westpac) ATMs  – that’s over 10,000 ATMs located across the country.

What are the savings account options available at Beyond Bank?

Here are the key details of the bank’s savings account products. 

monEsaver Interest Savings Account

A no-frills savings account ideal for those who value convenience, it offers easy online access with unlimited fee-free online transfers; over-the-counter and staff-assisted withdrawals are charged $4 each. 

It doesn’t feature an introductory rate and doesn’t require any eligibility criteria to earn added interest – the rate you see is the rate you get, the bank says.

Purple Bonus Saver Account

This savings account is ideal for customers saving for big-ticket purchases or special events. It features a bonus interest rate structure that incentivises account holders who regularly deposit and don’t touch the money in their accounts. 

To unlock the bonus interest rate, the customer must deposit at least $50 each month and refrain from making any withdrawals in the same month. 

Community Reward Account

Beyond Bank makes it possible to support a cause by simply saving money through this unique account. The bank donates a percentage of the account holder’s annual average balance to their nominated charity or community group at no cost to the customer.

Important to note however that among the other savings accounts of Beyond Bank, the Community Reward Account comes with the lowest interest rate. 

What are the fees charged to customers?

Beyond Bank savings accounts do not have monthly account-keeping fees. However, other charges may apply to select transactions. 

Here’s a quick overview of fees charged to customers.

These fees are correct at the time of writing and are subject to change.

Who can open a savings account with Beyond Bank?

Beyond Bank savings accounts are available to all customers for all purposes. However, the Purple Bonus Saver is limited to personal use only.

Opening an account typically requires standard identification documents like a driver’s licence or passport. Customers are also recommended to provide their tax file number (TFN) to ensure the right marginal tax rate is charged on their interest incomes. 

Anyone who opens a savings account with Beyond Bank will automatically become a member and part-owner of the bank. They will also get exclusive access to the Beyond Finance Manager, a digital tool for tracking savings goals. 

For specific details and additional requirements, it’s best to contact Beyond Bank or visit its website.