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2% Cashback on PayWave Transactions under $100 from Australian Military Bank (Visa Debit Card)

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As ING is closing the 2% cashback offer at the end of September, I assume there are a lot of OzBargainers out there that are looking for a similar type of bank account. Here is the closest I could find.

There's a few major caveats though.

  • The deposits into that particular type of account aren't guaranteed by the Australian Government Deposit Guarantee.

  • EFTPOS (not credit or payWave), declined transactions, direct debit, and transfers are not free.
    It may be possible to get free transfers by opening a different type of account at the same time (another one of their accounts has no monthly fee, no bonuses except has no transaction fees), and doing an internal transfer before doing an external transfer - I am yet to speak to them about it.

  • Fees are expensive. There is also no way to avoid having the cents to the nearest dollar scooped up and donated to charity at the end of the month.

  • To get payWave cashback (which is paid at the end of the month rather than at transaction settlement), increase from $1,000 to $1,500 deposit.

  • No ATM rebate, only rediATMs (NAB, BoQ and Cuscal managed ATMs) are free.

As with the old ING Orange Everyday offer, the 2% cashback offer may be withdrawn every month.

Related Stores

australianmilitarybank.com.au
australianmilitarybank.com.au

closed Comments

  • +35 votes

    So many restrictions and fees…

    • +2 votes

      You're not wrong - there are a stack of fees and odd restrictions. However, for some, including myself, this account works. The majority of my banking is day to day transactions made with payWave, so this works well for me.

      • +2 votes

        One heck of a frequent PayWaver you are, mate. It doesn't work for us Inserters. :-)

      •  

        Wait, so what's the annual fee of this card, $18 with an unprotected account/$46 with a protected account? Aside from that you have a million ways to pay penalties for not following their every rule? But if you can follow it, that is your only fee right?

  • +41 votes

    I respect the hustle in finding an ING Everyday alternative - but all of those conditions make the 2% cashback not worthwhile for me. Hoping something better pops up

  •  

    The deposits into that particular type of account aren't guaranteed by the Australian Government Deposit Guarantee.

    Where do you see that?

    I checked the list of ADIs (Authorised Deposit-taking Institutions) on the APRA Website and Australian Military Bank is on it which means the government guarantee applies just like it would be with any other ADI.

    •  

      http://www.australianmilitarybank.com.au/faq/financial-claim...

      They list the other accounts, but not the Military Rewards account.

      • +5 votes

        Strange. I wonder if that's just a typo or maybe this particular account is a new product so they forgot to include it in the list.

        I really don't understand why the government guarantee wouldn't apply to this specific account.

        However, if that is indeed the case and money in that particular account is not government guaranteed than this deal is a 'non-starter' IMHO as the potential risk far outweighs the potential reward of 2% cashback, especially given the fact this is some obscure financial institution and not a 'too big to fail' bank.

        I do, however, think that the guarantee does apply to this product.

        Might follow up on that and see what they say

      • +2 votes

        Received this reply from the Military Bank Facebook page:

        Yes it is covered by the Australian Government Deposit Guarantee. It was an oversight by us to exclude it from the list - thanks for the pick up. This page has since been updated to include Military Rewards. Regards ^BD

        As expected, deposits up to 250K are fully covered in the event this bank goes belly up

  •  

    Hopefully it's because they (ING Direct) would have had Android Pay support finalised by then, and want to use the cashback to get customers to make the transition. :P

    Anyway, the ING cashback is ending on the 30th of September, so there's at least 2 more months to make use of it.

    • +3 votes

      Where does it say that the ING cashback is ending 30/9?
      Although i do notice that this is no longer mentioned on the ING website

      • +3 votes

        It's in the email ING sent out today to customers.

      • +10 votes

        For what it is worth, the contents of today's email are as follow;

        Over the last three years our 2% cash back promotion has helped customers get ahead by putting money back into the pockets of thousands of Orange Everyday customers.

        Keeping cash back however would mean making changes to some of the other services/benefits our customers have access to:
        Free ATMs everywhere in Australia
        No monthly account fees
        Our easy to use mobile banking app
        Our 24/7 customer care service

        To continue to offer these services we've decided to bring the cash back promotion to an end on 30 September 2016.

        Rest assured that as Australia's most recommended bank we still believe your Orange Everyday account will continue to deliver the best value, service and convenience.


        They can drop the free atms, mobile app and 24/7 customer service and I would happily take a 5% paywave cashback in exchange. They are going to lose me and just about every other red blooded Ozbargainer as customers

        • +5 votes

          .. I'm with you on this one ..

        •  

          Mhmm.. yeah i'm a bit annoyed but I save a lot more in the atm withdrawels so not all is lost but it's a huge shame to lose this paywave rebate.

        •  

          Far out, I just created a Joint Account last month so my partner can also use Paywave to get 2% back. GDI!!! :(

        • +4 votes

          No worries: it will probably save me money. The great majority of my Paywave transactions are at Woolies; I could never bother getting a 5% off giftcard because it was only effectively 3%: now I will.

        •  

          First it's interest rate falling twice in 2 weeks to be well under others, now this. Time to close account.

  • +7 votes

    Never know there's a Military Bank……..

    • +3 votes

      They recently renamed from the "Australian Defence Credit Union". I have my car loan through them. Apart from being very paper based they were pretty good to deal with. You know you'll get someone based in Australia when you call, but they can be a bit slow to sort things out.

      •  

        You know you'll get someone based in Australia when you call, but they can be a bit slow

        I know, every call takes 20mins. It's the drawl…

  •  

    It could be ok once all the small print and conditions are clear.

  •  

    https://www.ozbargain.com.au/node/258886

    Why not this? 2.2% return on some cases

  • +2 votes

    "There is also no way to have the cents scooped up and donated to charity at the end of the month."

    Did you mean "There's no way to AVOID" ?

    """Each month, Australian Military Bank will transfer your ‘spare change’ (i.e. the cents on your account balance up to 0.99c) to a Defence related charity selected by you. Australian Military Bank will then match, dollar-for-dollar, the money donated each month and contribute this directly to the specified charities."""

    •  

      I did, thanks for the correction.

    •  

      "spare change?". It's my money you bankers! 100 of these lots make $100.
      Strange rule. No justification for it IMO, without an opt-in.

      •  

        "(i.e. the cents on your account balance up to 0.99c)"
        Not clear…0.99c is less than 1c, so if they take max 1c per month it is not a big deal.
        I suspect it is a mistake though…they probably meant 0.99$???

  • +2 votes

    I take it you don't need to be a member of the military to become a member?

    I'd wait until at least when ING Direct finishes their cashback promo before signing up. AMB may discontinue the cashback when lots sign up and they start paying out too much in cashbacks haha.

    Also not a fan of the automatic charity donations. I'm all for donating to charity but people should be given the choice to donate themselves and not be forced or mandated to. AMB is essentially taking your money, donating it to charities they have nominated, and then claiming a tax deduction on those donations. Better off that you do it yourself and claim the tax deduction.

    •  

      No, we all jumped to ING Direct and dumped ADCU & DEFCREDIT (Now Australian Military Bank and Defence Bank). In the coffee queue all I see is a flash of orange cards not this tripe.

  •  

    ING 2% offer ending for existing customers or new ones?

  • +9 votes

    Not worth the hassle

  • +1 vote

    ING has declared its hand quite early, regarding the 1 September RBA mandated interchange fee changes and how it affects their product. I wouldn't be surprised if this offer expires in September as well.

    RBA has stated the maximum interchange fee can be 0.5% on regular credit/debit cards, and 0.8% on premium products. How does AMB generate a 2% cash back on a fee that's at best 0.8%?

  •  

    What are your alternatives if you plan to move out of ING ?

    MEBank is one of the higher rates (but no cashback)

    •  

      My alternative, as mentioned before in the ING thread, is a combination of MEBank for savings, and Essential card for purchases to get 0.741% (granted not 2% but better than nothing). MEBank requires the weekly paypass, but I am already doing it, it is any amount, so not that hard.

      • +1 vote

        My concern with MEBAnk is that I'm not sure if I can commit using the paypass every week

        •  

          Yes, that is an issue … at first I told myself I would try it. And if it ever become too laborious, I will forget it. So far, fortunately, it has not been an issue. I will use split payments during supermarket shopping (which I have to do regularly anyway), and do the MEbank paypass once a week. The rest is still paid via whatever usual method (up till now has been ING 2% for Coles, but guess that has to change soon!)

        •  

          @bluesky:

          Cashier at the counter gives me a stare every time I try to make multiple payments

        •  

          @atlinus: I see, you go through the cashier. I use self-serve, so no issue.

  •  

    Every Bpay 60 cents
    Every EFTPOS 70 CENTS

    This is the worse deal ever.

    •  

      read carefully
      EFTPOS transactions (when pressing Savings) 70 cents
      Visa Debit card purchases (when pressing Credit or using Paywave) Free

  • +1 vote

    I was mass shattered when i read ING is getting rid of its 2% cash back easily saving me $200-$250 a year.

  •  

    Think that I will apply for this account mid September. It is the best replacement for ING. I have will have no use for an ING account going forward as I rarely use ATMs.

  •  

    Anyone know what kind of backend they use here to run their core host and banking applications?

  •  

    Can any existing user explain to us, from filling the form, to the account open date, how many does are there in between? I am going to apply a card next week, but I may be charged a monthly fee before I even receive the posted debit card!

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