The name may have changed, but Bank Australia – formerly bankmecu – is still providing valuable savings options to individuals all over Australia.
On 17 August 2015 bankmecu made its final name change to Bank Australia. This encompasses the fact that even though a credit union, this is a financial institution available to any Australian who wishes to become a member. Over 50 separate credit unions have merged to become the first 100% customer owned bank in Australia.
Who is Bank Australia (bankmecu)?
The Members and Education Credit Union (mecu) was founded in 1957, growing over the years by merging with other similar credit unions. Now as the Bank of Australia, they offer membership to all Australians, giving them the opportunity to benefit from high interest savings accounts and other banking products. When making your comparisons of savings accounts across various banks, don’t forget that Bank Australia provides the same security and features that larger financial institutions do.
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What transaction accounts does Bank Australia (bankmecu) offer?
- Everyday Access. With this everyday account, you can bank fee-free if you meet a number of requirements. Account holders are issued a Visa debit card, giving you unlimited transactions at over 3,000 rediATMs around Australia.
- Pension Access. Designed specifically for senior Australians, this account provides a way to manage everyday spending without any monthly fees, transactions fees or balance requirements. Plus you earn a nominal interest rate on your balance, even though you have full access to your funds at ATMs, online and over the phone.
What high interest savings accounts can Bank Australia (bankmecu) provide?
- Online Saver. Being accessible only online, this savings account offers a higher interest rate than Bank of Australia’s other high interest savings accounts. When it is time to make a withdrawal or deposit, you will need to transfer the money from one of the bank’s transaction accounts.
- Christmas Saver. Have the holiday cash you need, by allowing automatic credits into your Christmas saver account throughout the year. There is no balance requirement for your Christmas savings to earn interest while waiting for holiday shopping to begin.
- Bonus Saver. This savings account encourages you to save by providing a bonus rate for making monthly deposits of at least $100, without any withdrawals. The only time you are charged a fee when saving with the bonus saver is with any staff assisted transactions.
- mySaver. Designed for students, this account allows for you to earn a monthly bonus interest rate when meeting the conditions. Only Australians under the age of 25 are eligible for the mySaver account.
What term deposits does Bank Australia (bankmecu) provide?
For those who need an extra incentive to save, Bank Australia offers a term deposit at a competitive interest rate. Choose to invest anywhere from 3 to 36 months, with the rate of interest increasing the longer your terms. With a fixed interest rate and penalties for early withdrawals, this account provides the perfect opportunity to save for a special purchase in the future.Back to top
What are the pros and cons of opening an account with Bank Australia?
- Bonus interest. Savings accounts that offer you bonus interest for good saving habits provide you with more incentive to keep your money inside the account.
- Flexibility. Bank Australia offers accounts that have features to help with everyday spending while still earning interest on your balance.
- Accessibility. Multiple mergers with dozens of credit unions have made it possible for anyone to become a member of Bank Australia and take advantage of their savings products.
- Term deposit. For long term savings, most other banks will offer term deposits for as long as five years, where Bank Australia only allows for three.
- Conditions. With some of the savings accounts offered, you will be required to meet certain conditions in order to qualify for bonus interest.
How do I apply for a Bank Australia (bankmecu) savings account?
If after making your comparisons, you find that Bank Australia can help you meet your savings goals, you can apply for your new account online. Steps to complete the application include:
- Eligibility. Bank Australia will check to make sure that you are an Australian permanent resident at least 18 years of age.
- Choose account. Before starting, you will be asked to choose which account you are applying for. Make sure that you are choosing the savings account that fits well with your saving habits.
- Contact details. As a part of filling out your application you will be asked to provide current contact information.
If opening a joint savings account, you will need to contact the bank directly by phone for extra assistance. Be prepared once you have submitted your application online to have to wait for your identity to be verified before receiving your account details.