FAQs Accounts
Accounts
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What are the interest rates on Credit Union SA savings accounts?
At Credit Union SA we're not driven by the need to generate excessive profits in order to return dividends to shareholders like major banks.
As a result, we're able to channel the profits we generate back to our members, in the form of, among other benefits, low fees and great interest rates.
As interest rates are regularly reviewed, check out the most up to date rates or find out more about our savings accounts.
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What are the interest rates on Credit Union SA term investments?
Interest rates regularly change. Access the most up-to-date rates and you can use our calculator to work out the interest you’ll receive tailored to your individual investment circumstances.
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What is the best account to put my money into?
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How do I open an account with or switch my current account to Credit Union SA?
If you're keen to say goodbye to big-profit banks and join the Credit Union SA community, we'd be delighted to welcome you aboard.
And you'll be happy to hear that joining is easy to do.
Our requirements are that you
- Complete our online Membership Application form
- Can adequately verify your identity.
To apply for membership
- Complete our online Membership Application form
- Drop into your nearest Credit Union SA branch;
- Arrange an appointment with one of our Mobile Managers; or
- Call us on 8202 7777 to have the form posted out to you.
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Are there any fees on savings accounts?
Our savings accounts are designed to encourage and reward members for maintaining a regular savings program, at the same time discouraging you from regularly accessing your savings.
None of our savings accounts have monthly fees but transaction fees may apply depending on which account you hold and how you transact.
Terms and conditions and interest rate information for accounts no longer on offer is available. For more information about any of these products, you should review our disclosure documents.
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I’m a student - do I get fee free banking?
At Credit Union SA we like to help people where we can, and tailored, fee free* savings accounts for children and students are a perfect example.
Access Account (Students)
Our Access Account for students will serve you well in all forms of transactions. It’s completely free of transaction fees* and there are no monthly fees. Find out more.
*While no transaction fees are charged by us, a fee may be charged by the ATM operator if transactions are performed within and outside of Australia using ATMs that are not part of the rediATM network. The amount of the fee may vary at different ATMs and will be disclosed and charged at the time of the transaction. This is general advice only. Before acquiring any financial product you should consider whether or not it is suitable for you.
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What fees are there on Credit Union SA's Transaction Accounts?
Credit Union SA has a range of transaction accounts for you to choose from giving you the control to select the account type that suits your banking needs best.
The all-in-one Access Account gives you the flexibility to conduct your day-to-day banking whenever and however you want. It’s completely free from transaction fees* and there are no monthly fees.
There are also no fees for card order or reissues, and online banking with this account is available 24/7 with Internet Banking and our Mobile Banking App.
Find out which transaction account is best for you.
*While no transaction fees are charged by us, a fee may be charged by the ATM operator if transactions are performed within and outside of Australia using ATMs that are not part of the rediATM network. The amount of the fee may vary at different ATMs and will be disclosed and charged at the time of the transaction. This is general advice only. Before acquiring any financial product you should consider whether or not it is suitable for you.
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How do I open a Children’s Savings Account on behalf of my child?
The Children's Savings Account is perfect for children under the age of 18 wanting to start regular savings habits. Every month a deposit is made without a withdrawal, bonus interest is paid.
The account can be set up by the child themselves, or by you (on behalf of the child), wishing to regularly set funds aside for the future.
You can apply for a Children's Savings Account through any of the following methods:
- Complete our online contact form
- Download and fill out our application form and return to a branch
- Call our Member Contact Centre on 8202 7777
- visit your local branch.
You should review the Deposit Accounts and Access Services Terms and Conditions to determine if this product is suitable for your personal needs and situation.
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Do you provide any discounts and benefits for older members?
At Credit Union SA we want you to be able to make the most of what you've earned. That’s why we offer a dedicated 55+ Account that offers members aged 55 and up the ability to earn high returns without having to lock funds away, with no monthly account keeping fees or transaction fees.
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What is the minimum amount I can invest?
You can start with as little as $5,000. Investments with terms of three, six or nine months automatically have interest paid at maturity. The interest may be paid to a savings account or reinvested - it’s your choice.
For terms of 12 months or longer, you can have interest paid as regularly as fortnightly to your transaction account.
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What happens to the Children’s Savings Account when my child turns 18?
If an account is opened on behalf of a child, the account operator can choose when to provide access to the child at any time up to the age of 18, at which time the child can automatically claim access themselves.
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What is an Access Code?
As a member of Credit Union SA you have access to a unique Access Code, which will enable us to verify your identity and ensure that it's only you who accesses your funds and personal information.
Using your Access Code you are able to quickly:
- Receive any information about account(s)
- Check your balances and transactions
- Open a new account
- Advise us how you wish us to deal with a maturing term investment
- Change or cancel periodical payments
- Rearrange existing payroll deduction authorities
- Transfer funds between your accounts or to an external account
- Stop payment on a cheque
- Change any personal details.
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How do I apply for a Term Investment?
You can apply for a term investment through any of the following methods:
- Complete our online contact form
- Call our Member Contact Centre on 8202 7777
- Visit your local branch.
You should review the Deposit Accounts and Access Services Terms and Conditions to determine if this product is suitable for your personal needs and situation.
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Am I able to withdraw money before the investment matures?
When you request to withdraw part or all of your term investment funds prior to the contracted maturity date, an administration fee of $20 and an interest adjustment will apply. Find out more.
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How much will I be able to save?
We offer a number of calculators that will help you work out what you'll need to do to achieve your goals- whether it be borrowing money, making repayments, or creating a savings plan.
Visit our calculators to get started.
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Can I add money into my Term Investment before maturity?
No, you are unable to add money to your Term Investment before maturity.
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Do you offer accounts for businesses and not-for-profit organisations and clubs?
Yes we do. The Business Banking facility is an addition to our regular Internet Banking service.
If you would like to find out more about how Credit Union SA can assist with accounts for businesses and not-for-profit organisations and clubs, please call our Member Administration team on 8202 7503.
