Adelaide Bank savings and bank accounts
Adelaide Bank offers personal bank accounts, savings account and term deposit accounts to members in the SA community.
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Quick facts about Adelaide Bank
- Adelaide Bank was established in 1994 as an innovative community bank.
- In 2007 it merged with Bendigo Bank, another community bank, to find more ways to benefit its customer shareholders around Australia.
- Together Bendigo and Adelaide Bank form one of Australia's larger banks, giving Adelaide Bank the security of a high-investment security rating in addition to a government deposit guarantee.
Accounts offered by Adelaide Bank
These deposit accounts are available to Adelaide Bank home loan customers only.
MyEveryday Account
This is an everyday account designed to act as both an offset account for your Adelaide Bank home loan, and also an account for day-to-day purchases. It comes with a Visa Debit Card and at-call access to your money.
MySaver Account
This is similar to the everyday account, however your money earns a variable interest rate while it's in the account. Because it earns interest, you don't have everyday access to the money via a debit card. Instead, you can access your savings via online banking.
Money Making term deposit
This account allows you to earn a higher, fixed interest rate on your money by locking it away for a period of time of your choosing. You can choose term lengths as short as 1 month, or as long as 5 years. Generally the longer you lock your money away the better rate you'll earn.
What are the pros and cons of banking with Adelaide Bank?
The main downside of the Adelaide Bank accounts (different from Bendigo and Adelaide Bank accounts) is that they are exclusively for existing home loan customers only. The options are also limited to a single versatile account for each account type, rather than a wide range of different account options, often offered by other providers.
Pros
- Simple account options
- Accessible accounts with low minimum deposits
- Local bank for the SA community, but backed by a larger bank
Cons
- Only available to existing Adelaide Bank home loan customers
- Only one account option for each type
- Deposit rates are lower than what you can earn elsewhere
How do I apply for an Adelaide Bank account?
To open an account, get in contact with Adelaide Bank either over the phone or online. In order to apply, you will need to have a home loan with Adelaide Bank and will therefore generally also need to:
- Be at least 18
- Be a resident of Australia
- Have secured residential address
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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