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).

Welcome to the October issue of Communiqué

Our 61st Annual General Meeting (AGM) will provide members with the opportunity to hear about our progress and plans regarding Australian Military Bank. The health and wellbeing of our members is paramount, so like many other organisations our 2020 AGM will be held virtually.

On behalf of the Bank, I would like to extend my thanks to the over three thousand Defence Force personnel who have been deployed as part of Operation COVID-19 Assist, in roles that range from strategic management through to community support.

At the start of 2019, we implemented the Voice of the Member (VoM) program to gain insight from our members on the service they experience. I am pleased to announce that this quarter our measure for delivering positive experiences based on member feedback has shown an improvement of over 50% compared to June 2020. Thank you to all our members who have participated in this program, we appreciate your feedback.

In this issue, we showcase how RSL DefenceCare is always there helping Australian veterans and their families in times of injury, illness, or crisis. RSL DefenceCare is part of Australian Military Bank’s ‘cents gifting’ program, which has seen over $210,000 donated to Defence charity partners since 2015. This program is available with the Bank’s Military Reward Account, which sees us match our members contributions to select charities through a monthly ‘round-up’ feature.

With Remembrance Day next month, we will be standing up for a moments silence on the eleventh hour of the eleventh day of the eleventh month to honour the fallen Australian Defence Force personnel. We commemorate their sacrifices and bravery protecting our great nation, we will always remember them.

Finally, on behalf of the Board, I would like to extend my gratitude to all our members for their ongoing business with Australian Military Bank.

John Brooks 

Chairman

Read full edition here or read the individual stories below:

• CEO Message October 2020
• Your Bank during COVID-19
• Military Rewards Charity in Profile: RSL DefenceCare
• Supporting the Defence Community

Notice to Members: Changes to Savings Account Interest Rates

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

Online Saver

Tier	Old Rate	New Rate	Change
$0-$4,999	0.00%	0.00%	0.00%
$5,000-$500,000	0.25%	0.10%	-0.15%
Bonus Rate*	1.00%	1.00%	0.00%

*Bonus rate applies when maintaining a balance between $5,000-$500,000 and not making any withdrawals during the month. 

Pensioner Access Account (Australian Military Bank and RSL Money)

Tier	Old Rate	New Rate	Change
$0-$49,200	0.25%	0.25%	0.00%
$49,201-$250,000	1.25%	1.00%	-0.25%
$250,000+	0.25%	0.25%	0.00%

DIY Super Saver

Tier	Old Rate	New Rate	Change
All Balances	1.25%	1.00%	-0.25%

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 the relevant product pages.

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.

Australian Military Banks’ Personal Loan product wins Finder Award

We are honoured to have won the Finder Award for the best Personal Loans in the Risk-Based category! Over 5,000 products have been analysed over the past 12 months, to reveal the best products in the market. Our Personal Loan product has been recognised for its outstanding features and the great value it provides our members.

We are also pleased to have been recognised as a finalist in the Best Transaction Account category, for our Military Rewards Account. Our Military Rewards Account is not only making a difference for the Defence Community, through its cents gifting program, it has also been acknowledged for rewarding our members with a 1% cashback* on Visa payWave purchases.

For more information on the Finder Awards, please visit: https://www.finder.com.au/finderawards.

To learn more about or apply for our award winning  Personal Loans or open a Military Rewards Account, please visit the following pages:

• australianmilitarybank.com.au/personal-loans
• australianmilitarybank.com.au/MRA

* 1% cashback on Visa payWave purchases under $100 when you deposit at least $2,000 each month (capped at $25 per month).

Legacy Week 30 Aug – 5 Sep

Our Military Rewards Account charity partner, Legacy, provides services to Australian families suffering after the injury or death of a spouse or parent, during or after their Defence Force service.

This Legacy Week, you can show your support by purchasing a badge at one of our branches or online at legacyshop.com.au. The Legacy badge symbolises our nation’s greatest values of mateship, compassion and fairness. Alternatively, if you would like to donate, please visit legacyweek.com.au.