Horizon Bank Savings Accounts

Horizon Bank, formerly Horizon Credit Union, is a provider of savings accounts, everyday banking products, home loans, personal loans, general insurance, and more.

What savings accounts does Horizon Bank offer? 

At the time of writing, Horizon Bank offers four savings accounts: 

  • Reward Saver – Earn bonus interest when you deposit a certain amount every month and make no withdrawals 
  • HorizonDirect – An internet savings account with a ‘premium’ interest rate 
  • Special Purpose Savings – A savings account designed to help you budget, with no ATM access to help account holders avoid the temptation of withdrawing money
  • Christmas Club – Save money for Christmas with account funds only available from 1 November to 31 January

You can view the current interest rates on certain Horizon Bank savings accounts in Canstar’s comparison tables.

Compare Savings Accounts

Do Horizon Bank savings accounts require a linked transaction account?

Horizon Bank does not state whether you are required to have a linked transaction account in order to open or make use of their savings accounts. 

If you are looking to compare transaction accounts, you can use Canstar’s comparison tables to potentially find one that suits your requirements.

Does Horizon Bank charge fees on its savings accounts?

Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing, Horizon Bank does not charge any account keeping fees on its savings accounts. For a full list of fees and charges, see Horizon Bank’s Transaction Fees and Charges brochure.

What does Horizon Bank offer in terms of mobile banking for savings accounts?

Horizon Bank’s mobile banking app is available for download in both the Apple and Google Play app stores. Notable features of Horizon Bank’s mobile banking app include:

  • Real-time access to accounts
  • Easy access to our product information, interest rates and fees
  • Branch and ATM information and locations 

How do I apply for a Horizon Bank savings account?

Before applying for a Horizon Bank savings account, consider comparing it against other savings accounts on the market to ensure it is the right one for you. You can then apply for a Horizon Bank savings account online, provided you have the correct documentation.

For example, to apply for the Horizon Bank you may need to:

  • Be over 18 years old and a resident of Australia
  • Have a valid email and Australian residential address
  • Provide a Tax File Number (TFN)

Horizon Bank also advises that to open a savings account, you will need to become a member of Horizon and pay $2 to become a shareholder. Horizon Bank says there is no minimum deposit required to open a savings account with it. 

About Horizon Bank

Formerly known as Horizon Credit Union, Horizon Bank is a customer-owned banking institution that began in 1964 and became affiliated with the New South Wales Bank League (now Cuscal) in 1965. Interesting fact: the first loan granted by the bank was a sum of $80 to purchase a vacuum cleaner.

In September 2019 Horizon Credit Union began trading under the name Horizon Bank.

Written by: Nina Tovey | Last updated: July 25, 2019