Compare Catalyst Money savings accounts

Let the savings accounts of Catalyst Money be the "catalyst" that makes your financial dreams a reality.

Catalyst Money is an Australian credit union that has been building on its availability since 1963, with a focus on assisting university employees with their banking needs. Standing behind the “Money for the Thinkers” slogan, Catalyst Money gives its members a number of smart ways to save and invest theirs.

Rates last updated December 16th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
HSBC Serious Saver
3.10%
1.40%
1.70%
$0
$0 / $0
Introductory rate of 3.10% p.a. for 4 months, reverting to a rate of 1.40% p.a. Available on balances below $1,000,000.
Bank of Queensland Fast Track Saver Account
2.80%
0.50%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an BOQ Day2Day Plus Account and deposit $1,000+ into the Day2Day account each month from an external account. Available on balances up to $250,000.
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
ING Savings Maximiser
2.80%
1.00%
1.80%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
4.00%
0.50%
3.50%
$0
$0 / $0
Only available to those aged 14-24. Ongoing, variable 4.00% p.a. when you link to an BOQ Day2Day Plus Account and deposit $200+ into the Day2Day account each month from an external account. Interest rate only applies for balances up to $10,000. Balances between $10,001 and $250,000 will earn an interest rate of up to 2.80% p.a. when deposit conditions are met.
AMP Saver Account
2.55%
2.10%
0.45%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
AMP SuperEdge Saver Account
2.05%
2.05%
0.00%
$0
$0 / $0
Link to your SMSF. Ongoing, variable 2.05% p.a. when you link to AMP SuperEdge Cash Account or a different transaction account for your SMSF in another bank. Available on the entire balance.
MyState Bank Bonus Saver Account
2.60%
0.80%
1.80%
$0
$0 / $0
Ongoing, variable 2.60% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
AMP Bett3r Account
2.25%
1.50%
0.75%
$5
$0 / $0
With AMP's bundled Bett3r account, get three linked Pay, Spend and Save accounts. Earn a competitive, ongoing rate of up to 2.25% on your Save account balance when you deposit $2,000 into the Pay account each month from a source that is not another AMP Bank account.

Please note: The 2.25% maximum variable rate is earned only on your Save account balance. To calculate interest earned, enter your initial and monthly deposit amounts for the Save account only, not including any money that’ll be in your Spend or Pay account.

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Who is Catalyst Money?

Whether you are looking for an easy way to save without losing access to your money, or want the added benefit of higher interest and fixed terms, Catalyst Money has your solution. Their variety of savings products are suited to meet any need, with the same competitive rates and fees that you will find with Australia’s larger banks. This is a financial institution worth taking a look at if you are looker for a smaller alternative to banks, but with the same benefits.

What is internet banking like for Catalyst Money?

No matter where in the world you are, you are always connected to Catalyst Money. Their internet banking service allows for you to bank from anywhere you can connect to the web. This is a secure service that uses the advanced technology of 128-bit encryption to prevent any unauthorised access. You will be given an access code when you become a Catalyst Money member that will allow you to sign up easily for internet banking. Once your account has been created, you can begin taking advantage of the various features they have to offer.

Notable features include:

  • Account access anywhere there is an internet connection, and anywhere
  • Transfer money between your accounts
  • Transfer money to any other financial institution
  • View real time account balances for any of your Catalyst Money accounts
  • Set up recurring payments
  • Pay bills using BPAY

What transaction accounts are offered by Catalyst Money?

  • Everyday Lite. A simple everyday banking account that charges no monthly fees, and allows you to use internet banking to take care of your financial needs. You can also access your money at ATMs using your linked debit card.
  • Everyday. This account is equipped with all of the features you expect from a transaction account, including the option of a Visa debit card. You choose whether to pay your bills online, through BPAY or with a cheque.
  • Everyday Plus. For older Australians, this account allows you to combine your everyday banking needs and your savings goals. This interest earning account calculates your interest daily and pays your earnings into the account quarterly.

What high interest savings accounts are offered by Catalyst Money?

  • Wildlife Saver. An account meant for Australian children under the age of 14, the Wildlife Saver rewards them with monthly bonus interest whenever they meet the saving terms. Access is limited to branch transactions and internet banking, although some restrictions will apply.
  • Saver. The basic Saver Account allows you to save when you can, and spend when you need to. You are paid on a competitive rate of interest on the entire balance, and can enjoy the flexibility of making your transactions online.
  • Bonus Saver. If you need incentive to save, this account provides it by paying you bonus interest every month you increase your account balance. Access is limited to internet banking, making it even easier to keep your savings in the account.
  • Cash Management Account. This account is geared towards those who want to invest, but are not ready to commit to a term deposit. There are no monthly fees with this account, yet you are still able to access your money when needed while still earning a competitive interest rate.

What term deposits are offered by Catalyst Money?

When you invest in a term deposit, your money is locked into a term that you choose for a fixed rate. With Catalyst Money the terms available start at one month and go up to three years, with higher interest rates being paid for the longer terms. The minimum deposit requirement is $1,000 and you get to choose the frequency of the interest payments made to you.

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What are the pros and cons of banking with Catalyst Money?

Pros

  • Bonus interest. Increase your chance to earn with bonus interest on a number of the savings accounts.
  • Accessibility. Catalyst Money’s internet banking platform allows you to have instant access to your account around the clock.
  • Reduced fees. With these savings products your account will not be charged any monthly fees.
  • Flexible term deposit. The term deposit that they provide gives you options that make it easy to structure the account the way you need.

Cons

  • Membership. In order to be able to take advantage of any banking product from Catalyst Money you must first apply for membership and subscribe for a member share in the credit union.
  • Availability. The number of branches is limited, making it difficult for those who prefer to bank in person.

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How do I apply for a Catalyst Money account?

Once you have applied and been approved for membership into Catalyst Money, you will be able to apply for their various bank accounts online. You do have to be an Australian permanent resident or citizen, and in most cases make a minimum opening deposit upon application. Applying should only take about ten minutes, and after submitting the application your account should be made available to you in just a few days.

Savings Account Offers

Important Information*
ING Savings Maximiser

Maximum Variable Rate

2.80

Standard Variable Rate

1.00
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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