The account pays up to 2.95% gross/AER interest and includes an Australian dollar Visa debit card. The minimum balance is A$5,000 and there are no fees if the minimum balance is maintained. The account has no requirement to earn a minimum level of income.
The addition of the Australian dollar variant means that the Optimum account is available in four currencies; US dollar, euro and sterling. The Optimum account provides a range of international payment options and foreign exchange facilities. Account holders can manage their finances via post, fax, telephone banking and on the internet.
John Coyle, chief executive of Standard Bank Isle of Man, said demand from expats for banking facilities in Australian dollars was increasing. “Coupled with our new Visa debit card we expect this product to be very well received by our clients in Asia and South Africa, in addition to those individuals with family in Australia who visit the country regularly and want the convenience of banking facilities in the local currency.
He said Australia now was one of the world’s leading economies buoyed by the continued demand for commodities, especially from China, which had helped the Australian economy rebound strongly, growing 1.2% in 2009 and 3.3% in 2010.