In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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Arab Bank Online Savings Account

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Arab Bank Online Savings Account

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Maximum variable rate
1.30% p.a.
Base interest rate
0.5%p.a.

Summary

This account can be used as a day-to-day transaction account while also offering a small level of interest on your balance.

Without the requirement of a linked account, the Arab Bank Online Savings Account gives you total access to your money while also offering interest. You can make purchases, take out cash from an ATM, or bank online all while earning interest and all from one account.

Pros

  • No minimum balance
  • Access funds 24/7 via Visa debit card, internet banking and ATMs
  • No ongoing fees
  • No conditions to meet for interest

Cons

  • Interest rate is low
  • No physical branches
  • Fees for international purchases apply

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question

Details

Key details

Product Name Arab Bank Online Savings Account
Maximum Variable Rate 1.30% p.a.
Standard Variable Rate 0.50% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $1
Minimum Age 18

Key features

Interest payment

The interest on this account is tiered. Interest starts at 0.5% for balances $0 - $9,999 and increases to 1.3% for balances $500,000 and over.

There are no ongoing monthly conditions to meet to earn interest.

Interest calculation

Interest is calculated on your balance every day and paid into the account once a month.

How to apply

Eligibility

Arab Bank has set up a secure online application center that you can access by visiting their website after reviewing the following eligibility requirements:

  • Minimum age. You must be at least 18 years of age to open an Arab Bank Online Savings Account.
  • Residency requirements. All account holders must Australian residents or citizens with a verifiable address in Australia.

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ING Savings Accelerator ($150,000 - $500,000)
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 Ideal for higher balances, savers can earn up to 5.4% for the first 4 months and up to 4.7% thereafter. There are no conditions and $0 account-keeping fees.
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Maximum Variable Rate p.a.
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Government Guarantee
Monthly Max Rate Conditions
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Newcastle Permanent Smart Saver Account - Under 25s
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Suncorp Bank Growth Saver Account
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
0.35%
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ING Savings Maximiser
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
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  • Deposit $1,000
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Macquarie Savings Account
Macquarie Bank logo
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
5.00%
Intro/Ongoing
4 months
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Monthly Max Rate Conditions
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First Option Bank Savings+Bonus Account
First Option Bank logo
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
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Monthly Max Rate Conditions
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Westpac Life (18-29 year olds only)
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Maximum Variable Rate p.a.
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Standard Variable Rate p.a.
1.85%
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Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
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BCU Bonus Saver
BCU logo
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
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St.George Incentive Saver
St.George Bank logo
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
1.85%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Grow balance $50 ($0.01 if under 21)
  • Balance up to $249,999.99
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 Extra 0.10% p.a. for 3 months for new customers who apply online, with balances under $250,000.
Rabobank PremiumSaver
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Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
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Monthly Max Rate Conditions
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Sources
  1. Arab Bank Online Savings Account information page
  2. Arab Bank Online Savings Account TMD

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Alison Finder

Editor

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Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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