Automatic Cheque Book Reissuing

The use of cheques has fallen over the past few years as electronic payment methods have accounted for a growing proportion of transactions. This declining trend has been felt by the banking industry as a whole and its anticipated to continue.

It is for this reason, Australian Military Bank will stop automatically reissuing cheque books for those members who do not use them regularly. This will also prevent our members form incurring additional charges when they may not need a cheque book.

However, we will continue to automatically reissue cheque books from our members who we deem to be regular users, as well as businesses and non- personal members as appropriate.

We ask all other members to contact the bank if they wish to have a cheque book reissued.

We appreciate your support and understanding.

Welcome to the January issue of Communiqué

Happy New Year to all our members and your families! I hope that you enjoyed a safe holiday season with loved ones and for those currently serving away from family and friends we thank you for your service.

I would also like to take this opportunity to thank the Defence personnel who risked their health and safety last year for operation Bushfire Assist and continue to do so for operation COVID-19, your efforts have not gone unnoticed.

Congratulations to the Royal Australian Air Force, who will be reaching their centenary this year on the 31st of March. Members, please visit airforce.gov.au/100 to see how you can join in commemorating this historic moment.

Australian Military Bank is committed to enhancing our service offering for our members. At the end of last year we launched mobile wallets, Apple Pay and Google Pay. Mobile wallets are an easy way to pay in store with your phone and wearables. You can quickly checkout using the devices you carry every day. In the first month of Apple Pay, we are proud to report that our members used the feature over 13,000 times.

In other news, the Australian Government has recently announced 10,000 additional First Home Loan Deposit Scheme (FHLDS) places for new homes, known as the FHLDS (New Homes). The Scheme is designed for those that are looking to build or purchase a newly built home who don’t have a 20% deposit to contribute. For more information please visit nhfic.gov.au/what-we-do/fhlds/new-homes.

In this issue, we would like to highlight the success of Mates4Mates’ National Appeal Day which helps veterans and their families to find a way forward from service-related injury. Mates4Mates is part of Australian Military Bank’s ‘cents gifting’ program, which has seen over $221,000 donated to Defence charity partners since 2015.

On behalf of the Bank, I would like to extend my thanks to our members for their partnership over the past unprecedented year, may our bond continue to be fruitful in 2021.

John Brooks 

Chair

 

Read full edition here or read the individual stories below:

• CEO Message New Year
• Digital wallets have arrived
• Member - in focus
• Military Rewards Charity in Profile: Mates4Mates

 

Notice to Members: Changes to Savings Account Interest Rates

Australian Military Bank and RSL Money wishes to advise that effective 1 December 2020, the below interest rates will apply to selected accounts:

Pensioner Access Account

Tier	Old Rate	New Rate	Change
$0-$49,200	0.25%	0.25%	0.00%
$49,201-$250,000	1.00%	0.80%	-0.20%
$250,000+	0.25%	0.25%	0.00%

 

DIY Super Saver Account

Tier	Old Rate	New Rate	Change
All Balances	1.00%	0.80%	-0.20%

 

Online Saver Account

Tier	Old Rate	New Rate	Change
$0-$4,999	0.00%	0.00%	0.00%
$5,000-$500,000	0.10%	0.10%	0.00%
Bonus Rate*	1.00%	0.80%	-0.20%

*The bonus interest rate is applied to the full account balance when a balance between $5,000 and $500,000 is maintained and no withdrawals are made during the month.

 

Star Saver Direct Account

Tier	Old Rate	New Rate	Change
$0 - $1,999	0.01%	0.01%	0.00%
$2,000+	0.25%	0.05%	-0.20%

 

Recruit Salary Saver

Tier	Old Rate	New Rate	Change
All Balances	1.25%	1.05%	-0.20%

 

^{Interest rates are current as at the time of publication and are subject to change. Fees, charges, terms and conditions apply. For full product details please visit our website.}

^{Australian Military Bank Ltd ABN 48 087 649 741 AFSL and Australian Credit Licence Number 237 988. RSL Money is a business name of Australian Military Bank Ltd.}

AMB lowers interest rates by up to 1.00%

Following the announcement by the Reserve Bank of Australia to lower the official cash rate from 0.25% to 0.10%, Australian Military Bank has reviewed its interest rates with consideration to both the market and our members. Australian Military Bank wishes to announce the below changes to interest rates:

• Reduction to new owner occupied construction loans by up to 0.57%
• Reduction to fixed investment loans by up to 1.00%
• Reduction to fixed owner occupied rates of 0.15% (2 and 3 year terms)

Australian Military Bank CEO, Darlene Mattiske-Wood, said "We understand that the past year has been difficult for many Australians. We believe that it is important to support our members as well as the economy during these difficult times therefore we have made the decision to pass on reductions to our fixed and construction interest rates aligning to support for housing development and where we are seeing growing interest from our members. Naturally, this will be balanced with changes to some deposit rates."

These changes will be effective on the 24th of November 2020. 

Changes to Terms and Conditions

Please note that the below documents have recently been updated effective 27 October 2020:

• AMB Terms and Conditions of Use
• AMB Low Rate Visa Card Terms and Conditions

The addition to these documents, as below, provides greater clarity on our approach to Anti-Money Laundering and Counter-Terrorism Financing laws and obligations:

ANTI MONEY LAUNDERING/COUNTER-TERRORIST FINANCING AND SANCTIONS

Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, AMB may be required to:

• Collect information about you; and
• Disclose information relating to you or your account to Australian and overseas and others; and
• Stop, prohibit, delay, block or freeze transactions; and
• Close your account or deal with it in a way required by AML/CTF laws; and
• Take other actions required by AML/CTF laws.

You must provide AMB with all information reasonably needed, and to comply with AML/CTF laws, sanctions, regulations, requests, directives and policies of Australian regulators as well as the AMB’s policies associated with enforcing these laws.

AMB, nor any associate, will be liable for any loss (whether direct or consequential and including without limitation loss of profit or interest) or damage suffered by any party, arising out of any action taken or any delay or failure by us, or any of our associates, in performing any of its duties or other obligations, caused in whole or in part by any steps taken as set out under this section headed “Anti-Money Laundering/Terrorist Financing and Sanctions.”

Australian Military Bank Notice of Annual General Meeting 2020

Members are invited to the 61st Australian Military Bank Annual General Meeting (AGM) to be held on Wednesday 28 October at 5.00pm (AEDT).