Our verdict

New Australian Defence Force recruits can benefit by opening this everyday banking account that offers interest too.

This account is for new Defence Force recruits only, and is designed to give new recruits a bit of a financial helping hand. It’s a transaction account that also pays 1.05% interest on your balance for the first four months. Earning interest on a transaction account that offers 24/7 access to your money with a linked Visa Debit Card is really rare.

Note that there is a $0 monthly account fee, but this is waived if you deposit a month.

If you’re not a new recruit, you can take a look at the Military Rewards Accountinstead. This doesn’t pay any interest, but you do earn 1% cashback on tap and go purchases under $100, up to the value of $25 a month.

Pros

24 hour access to funds through Internet Banking
Linked Visa debit card
No monthly account fee if you meet deposit requirements

Cons

Only available for members

You qualify for the Australian Defence Bank Recruit Salary Saver Account if you apply for it within four months of marching in as a new Australian Defence Force (ADF) recruit. This account lets your money earn competitive interest. It gives you access to your money in different ways. By meeting a simple depository criterion you don’t have to pay any monthly account keeping fees.

Details

Key details

Product Name	Australian Military Bank Recruit Salary Saver Account
Monthly account fee	$0
Card access	Visa
Own network ATM fee	$0
International ATM Fee	International ATM fee $4.50
International transaction fee	2.95%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay, Samsung Pay, Garmin Pay

Eligibility

Minimum Age	12
Joint account availability	No
Minimum opening deposit	N/A
Residency status	Permanent Australian residents with an Australian address

Key features

Interest

The money in your Recruit Salary Saver Account earns 1.05% p.a. interest. The bank calculates interest on your everyday balance and pays it monthly.

Visa debit card

This account comes with a linked Visa debit card that you can use to transact the world over, at ATMs and EFTPOS terminals alike. All you have to do is look for the Visa logo. You can use your card to make fee-free withdrawals from rediATMs across Australia. You can also use your card details to pay bills and make purchases online and over the phone.

Visa payWave

This debit card comes with Visa payWave technology that allows you to make contactless payments for purchases less than $100.

Online and phone banking

You can use the bank's Internet and phone banking platforms, or turn to its mobile banking app. These platforms let you view transaction history and account statements. You can also use them to carry out different banking functions.

BPAY access

As a Recruit Salary Saver account holder you can view and pay your bills using BPAY.

Account keeping fees

This account attracts a monthly account keeping fee of $0. The bank waives this fee if you deposit $1,500 or more per month in your account. The Visa debit card does not attract any annual fees.

Fee-free transactions

You don't have to pay any fees for Internet, mobile and phone banking transactions. You can make unlimited EFTPOS transactions within Australia for free. BPAY transactions are free as well.

Minimum balance

There is no minimum balance requirement to open or maintain this account.

Account statements

The bank sends account statements once every quarter. You can get statements more frequently or request for copies. However, a fee applies. You can opt to get eStatements, for which you don't have to pay any fees.

SMS alerts

If you choose to receive SMS alerts you'll have to pay a per-message fee. You can choose from different options for getting SMS alerts using the bank's online banking platform.

Financial Claims Scheme

The money in your Australian Military Bank deposit accounts, up to a total of $250,000, receives protection through the government's Financial Claims Scheme.

How to apply

Eligibility

When you apply for this everyday banking account you agree to become a member of the Australian Military Bank. Applying is easy and you can do so online, over the phone or by visiting any Australian Military Bank branch. To apply you have to meet these eligibility criteria:

- Minimum age. You should be at least 12 years of age.
- Residency requirements. You should be an Australian citizen or a permanent resident of this country.

- - Depository requirements. There is no account opening or ongoing minimum balance requirement with this account.
  - Other requirements. You should have joined the ADF no more than four months before applying.

Documentation needed

In order to complete the application successfully, you'll have to submit information that includes:

- - Identification. To complete the identification verification process online keep your Australian driver's license or Medicare card handy.
  - Tax file number. If you don't want the bank to deduct withholding tax from the interest you earn you should provide your tax file number.
  - Other information. The application requires your name, date of birth, residential address, phone number and email address.

If, for any reason, you cannot complete your online application in one go, you can save it and get back to it later. You can track the status of your application using the reference number you get when you submit it.

Sources

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Australian Military Bank Recruit Salary Saver Account

Pros

Cons

Key features

Interest

Visa debit card

Visa payWave

Online and phone banking

BPAY access

Account keeping fees

Fee-free transactions

Minimum balance

Account statements

SMS alerts

Financial Claims Scheme

How to apply

Eligibility

Documentation needed

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