Our verdict

Enjoy the flexibility of banking online and paying minimal fees.

While this account doesn't have the highest interest rates, it offers convenient online banking access and doesn't have minimum deposits or withdrawals.

With tiered rates you earn more interest the more you put into the account. The base interest rate of 2.3% p.a. is the interest you earn on deposits up to $4,999.

Pros

No monthly account keeping fee
Easy access to your funds
Unlimited transactions between Beyond Bank accounts

Cons

Charged of $4 per transaction for using any method

Details

Key details

Product Name	Beyond Bank monEsaver Internet Savings Account
Maximum Variable Rate	2.85% p.a.
Standard Variable Rate	2.30% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	13

Key features

Monthly account keeping fee

There are no monthly charges for using the monEsaver account.

Transaction fees

Any transaction made electronically plus branch deposits and credits are free. You will be charged $4 per transaction if you make withdrawals or transfers from the account using any method other than your online banking network.

Accessibility

You can check in with your account and access your money using internet, mobile and SMS banking, telephone banking, in a Beyond Bank branch and with Bank@Post.

Interest rates

For balances that are under $5,000, you will receive a nominal interest rate. This increases to a competitive interest for account holders who are able to maintain a balance of over $5,000. If your balance exceeds $200,000 you will once again see an increase the amount of interest that is being applied.

Interest payments

The applicable interest rate will be applied to your daily balance and your account will be credited once a month.

Mobile banking

Beyond Bank has introduced a new app for iPhone and android devices that allows you to access your online banking platform whenever you need to. Through the app you are able to keep up with your savings growth and make electronic transfers into and out of the account.

Linked account

In order to benefit from the monEsaver savings account you will need to open a second account with Beyond Bank that allows for internal transfers between accounts.

How to apply

Eligibility

If you are already a member of Beyond Bank you can complete an application for the monEsaver Account you are able to complete an application through your internet banking account. New customers will either need to call or visit a local branch in order to apply. You can also visit their website and fill out an online enquiry form for a representative to contact you about opening a savings account. First check to ensure that you are eligible for the monEsaver Account:

Minimum age. All applicants must be at least 13 of age in order to be considered for this account.
Residency requirements. Beyond Bank requires applicants to be permanent Australian residents in order to hold an account with the mutual bank.

Depository requirements. In order to receive the higher interest rates with this account you will need to deposit a minimum of $0 and maintain that balance.

Documentation needed

As you make your way through the application you will find it helpful to have the following documentation close by:

Tax file number. Beyond Bank will ask for your tax file number (TFN) or exemption code in order to deduct withholding tax from your interest earnings at the correct rate. It is not obligatory to provide this information, but if you don't they will deduct withholding tax at the highest marginal rate.
Identification. You will be able to verify your identity by providing information that can be found on your driver's licence, passport, Medicare card or student ID.
Account information. The account number for an eligible transaction account with Beyond Bank is necessary in order to be able to make transfers and access your money.

What happens after I submit my application?

After you have submitted your information to Beyond Bank they will review the details and then provide you with your new account number so that you can begin making transfers and earning interest.

Sources

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Alison Finder

Editor

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Beyond Bank monEsaver Account