MOVE Bank Savings Accounts

MOVE Bank is a provider of savings accounts, transaction accounts, credit cards, term deposits, home loans, personal loans and insurance products.

What savings accounts does MOVE Bank offer?

At the time of writing, MOVE Bank offers the following savings accounts:

  • Express Saver – account with no monthly fees, no minimum deposit and access to your funds 24/7 via phone or internet banking. 
  • First Home Saver Club Account – designed for first home savers, this account features no fees, no minimum deposit and the ability to access your funds without penalty. 
  • Everyday Saver – this account comes with a Visa Debit card, PayID capability and 24/7 access to your funds. MOVE Bank will also waive transaction and monthly fees if you hold certain MOVE Bank accounts. 
  • Bonus Saver – an account for shareholding members of MOVE Bank. This account earns bonus interest when you deposit $200 and make no withdrawals in a month. 
  • Christmas Saver – an account designed to help you save for the holiday season. Account balance and interest is transferred to your nominated account on 31 October each year. 

You can view the current interest rates on some of MOVE Bank’s savings accounts in Canstar’s comparison tables.

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Do MOVE Bank savings accounts require a linked transaction account?

MOVE Bank does not specify if its accounts require a linked transaction account. For more information, contact MOVE Bank. 

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

Does MOVE 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, MOVE Bank says it charges no monthly fees on its savings accounts. However, in order to pay no transaction or monthly fees on its Everyday Saver account you will need to meet certain criteria, including holding certain other MOVE Bank products. If you don’t meet the criteria, a transaction account fee of $5 applies. 

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

MOVE Bank has a mobile app that is available through the App Store and Google Play Store. MOVE Bank says you can use the app to do everyday banking activities such as checking your account balances, transferring money and paying your bills. The app also includes a range of tools such as a savings tracker, calculators and ATM locator. 

How do I apply for a MOVE Bank savings account?

Before applying for a MOVE Bank savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you. 

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If you want to open a savings account, MOVE Bank says you will need to become either a shareholding or non-shareholding member of the bank. MOVE Bank says its shareholding members are drawn from those who work in the transport, rail and logistics industries and their families, with membership costing $10. Non-shareholding members do not need to be affiliated with the rail, transport and logistics industries. 

If you are joining MOVE Bank and opening a savings account, MOVE Bank says you will need: 

  • Identification such as your driver’s licence, passport and/or Medicare card
  • To be a permanent resident of Australia 

About MOVE Bank

MOVE Bank was originally established in 1968 as Railways Credit Union for railway workers and their families. More recently, MOVE Bank has expanded to serve the broader transport and logistics industry at a national level. MOVE Bank is 100% customer-owned and currently has approximately 22,000 members with over $600 million in assets under management.

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Written by: Tamika Seeto | Last updated: July 17, 2019