Border Bank savings and bank accounts
Border Bank is a member-owned bank offering a range of deposit accounts to customers.
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Servicing the wider Department of Home Affairs community, Border Bank is a division of Police Bank, providing a wide range of affordable services and products to their members. Fully backed by the Australian Government Guarantee, you can bank with confidence through this member owned financial institution.
Border Bank savings and bank accounts
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Quick facts about Border Bank
- This bank was originally for Australian Border employees, their families and friends.
- This is a member-owned bank, so customers need to become members before opening an account.
- Border Bank is a partner of Police Bank.
- Border Bank is included in the Australian Government's Financial Claims Scheme, so your deposit up to$250,000 is secure.
What transaction accounts are offered by Border Bank?
- Easy Access. This is an at call transaction account that also earns daily interest. Access methods include internet and phone banking, cheque and your choice of a RediCard or Visa debit card. The Easy Access contributes to the reduced fees program, where you can lower your transaction costs by meeting certain conditions.
What savings accounts are offered by Border Bank?
- Savings Plus. Be inspired to save more with tiered interest rates that increase as your balance grows.
- Bonus Saver. Meet the minimum deposit requirement and make no withdrawals each month and you qualify for bonus interest on top of your base rate.
- Retirement Plus. For retirees and pensioners only, this account has a flat rate of interest designed to provide security for your retirement funds.
- Dynamo Kids Account. Border Bank helps young Australians save with an account that rewards them with bonus interest for making regular deposits.
- Mortgage Offset. A 100% offset account where the monthly balance is deducted from the balance of your Custom home loan before interest is applied.
What term deposits are offered by Border Bank?
Border Bank term deposits allow you to choose terms ranging from three months up to five years, with interest payment options that include monthly payments to add to your income. With some you are able to start with deposits from $10,000 while others require an investment of or more.
Pros and cons of banking with Border Bank
Pros
- Versatility. You can find an account that meets just about any specific savings need.
- Interest rates. Interest rates for your savings are comparable to what you find with other Australian financial institutions.
- Bonus interest. You are given incentives like to encourage you to save even more.
- Children’s account. The savings account designed for children is easy to use and offers bonus interest for good savings habits.
Cons
- Availability. Border Bank has less branches and ATM compared to the bigger banks.
- Term deposit. These require a minimum balance of $10,000.
How do I apply for a Border Bank savings account?
In order to apply for a savings account with Border Bank you must first become a member. Membership applicants must be at least 18 years old and residents of Australia. There's no membership fee to join.
Once a member you will able to apply for most accounts online through internet banking, but keep in mind that with some of these accounts there are certain age requirements and restrictions. In most cases your account will be activated once you have submitted the application and made any necessary opening deposits.
If you haven't found what you're looking for yet, you can compare a wide range of additional savings accounts and bank accounts from other providers with Finder.
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More resources on Finder
More guides on Finder
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Border Bank Safeguard
Never pay excessive surcharges again with an account that ensures you are never spending outside of your means.
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Border Bank Easy Access
Border Bank’s Easy Access is a low-cost way of taking care of your everyday banking needs while earning interest at the same time.
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Border Bank Bonus Saver
The Border Bank Bonus Saver is a no-fee savings account that gives you an interest boost when you keep your savings balance growing.
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Border Bank Retirement Plus
The Border Bank Retirement Plus is a simple retirement savings account with no conditions to earn the full rate of interest.
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Border Bank Dynamo Kids Savings Account
It’s never too early to learn about saving for a goal. Get a rewarding rate of interest when you deposit just $20 and make no withdrawals each month.
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Border Bank Savings Plus
The Border Bank Savings Plus rewards you with more interest as you increase your savings account balance. A tiered interest rate can help you reach your savings goals.
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