The Arab Bank of Australia’s Statement Account is an interest earning savings product with the accessibility of a transaction account. Make purchases and withdrawals using a linked Visa debit card and see all of the activity through an online banking portal. Your deposits of up to $250,000 are always protected through the Australian Government Financial Claims Scheme when you choose Arab Bank Australia to bank with.
Arab Bank Statement Account
![Arab Bank Statement Account](https://www.finder.com.au/global/images/providers/arab-bank-logo-new.png)
- Account keeping fee
- $6
- ATM withdrawal fee
- $0
- Overseas ATM withdrawal fee
- $5
- Overseas transaction fee of transaction value
- 2.5%
Our verdict
Take advantage of multiple access points and competitive interest from a Statement Account with Arab Bank Australia.
This everyday transaction account could be suited to you if you’ve got another product with Arab Bank, for example a loan or a term deposit, so you can see all your finances in one place.
However if you’re simply looking for a convenient everyday account, this account does charge more fees than most others in the market. There’s a $6 monthly account keeping fee which can’t be waived. There’s also a limit of only 12 free transactions a month (maximum of two branch transactions and 10 EFTPOS transactions). The large majority of everyday accounts in the market offer unlimited free electronic transactions.
Arab Bank is part of a large Arab banking network with more than 600 branches worldwide, which is convenient if you travel a lot and regularly visit a branch.
Pros
-
Access via ATM and EFTPOS, Internet and counter service
-
Unlimited ATM transactions at Westpac, St.George, Bank of Melbourne and BankSA ATMs
Cons
-
Up to 12 free transactions per month
Details
Key details
Product Name | Arab Bank Statement Account |
Monthly account fee | $6 |
Card access | Visa |
Own network ATM fee | $0 |
International ATM Fee | $5 |
International transaction fee | 2.5% |
Monthly deposit required to waive account fee | N/A |
Contactless Payments | Apple Pay, Google Pay |
Eligibility
Minimum Age | 18 |
Joint account availability | Yes |
Minimum opening deposit | $1 |
Your reviews
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Alison Finder
Editor
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