MoveBank

MoveBank, Australian member-owned banking

MoveBank is an Australian financial institution that presents itself as a member-owned bank. Its offering is organised around transaction and savings accounts, term deposits, loans, insurance and digital banking services. The institution states that since 1968 it has been dedicated to providing its members with highly competitive financial products and exceptional service.

Savings products and transaction accounts

MoveBank's range includes several savings accounts with different levels of remuneration and conditions. The Growth Saver offers a maximum rate of 5.65% p.a. and a base rate of 0.10% p.a., with bonus interest on balances up to $25,000 if $200 is deposited and no withdrawals are made in the month. The Bonus Saver reaches a maximum rate of 5.35% p.a. and a base rate of 0.10% p.a., with bonus interest on balances up to $250,000 under the same deposit and no-withdrawal conditions. The Online Saver offers a base rate of 4.80% p.a. with fewer conditions and greater flexibility. All are described as fee-free products.

The Everyday Transaction Account is designed for daily spending, with no monthly fees, offset facility available and access to digital wallets.

Home, personal and car loans

In the loans section, MoveBank offers variable home loan products for owner-occupiers and investors. The Everyday Variable Home Loan (Owner-occupied) has a rate of 6.09% p.a. for an LVR below 80% and a comparison rate of 6.15% p.a., with no ongoing monthly or annual fees, unlimited free redraw and flexible repayment options. The investment version has a rate of 6.24% p.a. for an LVR below 80% and a comparison rate of 6.30% p.a., with the same no-fee and redraw conditions. A New Car Loan (Fixed Rate) is also offered with a rate of 6.09% p.a. and a comparison rate of 6.36% p.a., with no monthly fees or early repayment penalties, available for vehicles up to three years old. The institution also mentions a personal loan and a car buying service.

Insurance and financial protection

MoveBank's insurance offering covers home and contents, car, travel, landlord and other vehicle policies, such as caravans, boats, motorcycles and trailers. These products are presented as a way to protect what matters against the unexpected.

Digital banking and service channels

MoveBank provides its members with internet and mobile banking services, with an app that integrates personal finances in one place. The app allows the use of Apple Pay and Google Pay for payments without needing to carry a physical wallet. For enquiries, current members have a live chat service available 24 hours a day, 7 days a week, both in the app and in online banking. The institution also maintains a fraud team available 24/7 and warns about impersonation attempts to obtain passwords, one-time passwords or remote access to devices.

Educational resources and tools

MoveBank's website includes a tools and resources section with financial calculators, information on interest rates and fees, FAQs, tutorials, forms and documents, as well as a blog with articles on financial literacy. Published content covers topics such as the impact of interest rates on everyday banking decisions, the effect of inflation on personal finances and the balance between borrowing and saving in different economic contexts.

Identification and regulation

MoveBank Ltd operates under ABN 91 087 651 090 and holds Australian financial services and credit licence number 234 536. The institution has BSB 724 100. Its offering is part of the Australian financial system and is subject to the institution's standard credit assessment and eligibility criteria.