Our verdict

The Junior Saver Account encourages children to develop positive savings habits by providing an array of features.

If you’re over 12 years old you qualify for a Visa debit card. This account does not attract any ongoing monthly fees.

Pros

No minimum balance to get started
Free Visa debit cards available for kids 12 years and over
Unlimited withdrawals

Cons

6 free rediATM transactions p/m
6 free EFTPOS transactions p/m

Children up to 17 years old can open an Australian Military Bank Junior Saver Account. You don’t need any minimum balance to get started. The money in your account earns interest in a tiered manner. You get access to funds in your account in different ways.

Details

Key details

Product Name	Australian Military Bank Junior Saver Account
Maximum Variable Rate	0.25% p.a.
Standard Variable Rate	0.25% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0

Key features

Minimum balance

This account does not have any minimum account opening or ongoing balance requirement.

Interest

Interest is available on the whole balance. The bank calculates interest on your account's everyday balance. It pays it out quarterly, at the end of March, June, September and December.

Visa debit card

Account holders over 12 years old can get Visa debit cards that they can use to access funds in their accounts globally, at ATMs as well as at EFTPOS terminals. You can make six free rediATM transactions and six free EFTPOS transactions each month. This card does not attract any annual fees.

Internet and phone banking

The bank's Internet and phone banking platforms let you review your account's transaction history at any time. You can use these systems to carry out different baking functions as well.

Branch banking

You can visit any Australian Military bank branch to withdraw cash. Doing so requires that you provide written authorisation along with a suitable form of ID. If you want to withdraw $2,000 or more the bank will require an acceptable form of photo ID. To withdraw large sums, you'll have to provide an advance notice of 24 hours.

Banking at Australia Post

You can turn to Australia Post Bank@Post outlets to make withdrawals as well as to deposit cash and cheques. Making withdrawals at Bank@Post outlets attracts a fee.

Direct debits and credits

The bank simplifies how you can move money in and out of your account by letting you set up direct debits and credits easily. Direct debits attract fees.

Account keeping fees

You don't have to pay any ongoing account keeping fees to maintain this account.

Awards

Upon account opening the bank gives you a gift and a welcome letter encouraging you to partake in its Savings Incentives. When you reach a certain level of savings, the bank sends a special gift as a reward. The bank has broken this program into two age groups. These include 12 years and under and over 12 years.

Statements

You'll receive account statements every quarter. You can request for more frequent statements, for which you'll have to pay applicable fees.

Upon turning 18

When you, as the account holder, turn 18, you are no longer eligible to hold the Junior Saver Account. Your existing account converts to an Australian Military Bank Access Account.

How to apply

Eligibility

You can apply for a Junior Saver Account by visiting any Australian Military Bank branch and you can initiate the process over the phone. To find out the location of your nearest branch, visit the Australian Military Bank website. To apply, you have to meet these eligibility criteria:

Maximum age. You are up to 17 years old.
Residency requirements. You should be an Australian citizen or a permanent resident of Australia.

Depository requirements. There is no minimum account opening balance requirement with this account.
Other requirements. The bank requires a parent or a guardian to operate as a signatory until you turn 18.

Documentation needed

Completing the application requires that you provide different types of information, which includes:

Identification. If you're not an existing Australian Military Bank member you'll have to complete a legally mandated identity verification process. Examples of documents you can use to verify your identity include your Australian passport, driver's license and state or tertiary photo ID card.
Tax file number. If you don't want the bank to deduct withholding tax from the interest your money earns, provide your tax file number.
Other information. This comprises of your name, date of birth, home address, email address and phone number.

What happens after I submit my application?

If you qualify for the Visa debit card it can take seven to 10 working days to get to you, from the date of account opening.

Sources

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Australian Military Bank Junior Saver