Compare Community First savings accounts
With Community First Credit Union you may find solutions to help meet your savings goals.
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If you want savings options that focus on your needs at fair rates and fees, consider what Community First has to offer.
Who is Community First?
Community First Credit Union has been providing its members with an array of banking products for over 50 years. Operating throughout Sydney and the Central Coast Region, this financial institution prefers to reinvest its earnings into their customers rather than take a profit.
- Community First SWIFT code: CUSCAU2SXXX
What’s Internet banking like for Community First?
Credit Union Online Banking gives online account management with 24/7 access and with all the typical features you’d expect. You can conduct a range of transaction securely with no set-up fees or access charges. Note that daily limits apply to online transfers, but you can increase these by asking Community First.
It’s system uses 128 bit Verisign digital encryption technology that securely identifies the site that you’re connecting it. To register for online banking, call Community First or register online.
Notable features include:
- Activating your Visa Debit Card or RediCard
- Changing your internet banking access code
- Personalising your Welcome page and what accounts are displayed.
What about the mobile app?
Image Source: App Store| Login | Accounts | Cards |
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What transaction accounts are offered by Community First?
- Access account. The everyday account offered by Community First comes with either a Visa debit card or Redicard to make accessing your cash easy throughout Australia. Transaction fees will be waived depending on how much you have invested into the credit union with other products such as home loans and savings accounts. This account also earns a small interest rate on balances, depending on how much money you are holding in the account.
- Student Starter account. Australians between the ages of 17 and 24 can have the convenience of a transaction account without having to pay any fees. This account provides access to your funds through Australia’s rediATM network, while at the same time calculating and depositing interest payments into your account. The best of both account worlds, the Student Starter makes is easy for young people to manage their finances.
What high interest savings accounts does Community First offer?
- Bonus Saver account. Community First will pay you bonus interest on your savings if you are able to deposit at least $20 a month without making any withdrawals. This is an account with no monthly maintenance fee and no minimum balance requirement to open.
- Christmas Savings account. By paying a small portion of your salary directly into this account regularly during the year, you are ensuring that once the holiday spirit takes over, you’ll have the cash to enjoy it. This account encourages you to save for Christmas by not providing easy access to the money until 1 November each year.
- Junior Saver account. For children under the age of 18, the junior saver account has no monthly account keeping or transaction fees. Account holders over 12 are provided with a redicard that gives them access to their money through the rediATM network, whether it be to make a deposit or a withdrawal.
- Retirement Savings account. Australian seniors have special financial needs that Community First takes into consideration. An everyday account, retirees and pensioners are also able to earn money monthly through the competitive interest rate being applied to the balance. This is an account that makes managing a fixed income easy by keeping all of your finances in one convenient place.
- Matrimoney Account. A unique way for newlyweds to kick start their joint savings, Matrimoney provides a way for engaged couples to ask for the gift of money that can be used towards starting their life together. Money gifted to the account will be subject to a higher interest rate than normal, allowing your savings to begin to grow before you even say I do. This is a completely free account, and the credit union supplies you with the cards needed to make the request along with your wedding invitations.
- Money market account. If you have at least $5,000 to put away, consider the Money Market account where your balances earn a competitive interest rate, as you enjoy complete access to it for no monthly fee. Once opened, there will be no minimum balance requirements and no limit to the number of transactions you can make through your account.
What term deposits does Community First have?
Starting with a minimum of $5,000, Community First allows you to choose a term deposit in the range of three months to three years. Interest rates are tiered depending on what terms you choose, and can be paid into the account every 28 days, at the end of the term or at set periods throughout it. Keep in mind that with this type of account your money is locked into the terms you choose, and any early withdrawal could result in penalty fees and a loss in interest earned.
Back to topWhat are the pros and cons to banking with Community First?
Pros
- Bonus interest. Watch your savings multiply with a savings account that provides bonus interest when you meet certain requirements.
- Specialised savings products. First community provides solutions to common savings problems by offering accounts that cater to specific circumstances, age groups and needs.
- Accessibility. Community First relies on the rediATM network for their customers, allowing you to access your money from thousands of ATMs across Australia.
Cons
- Availability. Community First banking facilities are only available in specific regions of Australia.
- Membership. You will first have to become a member of Community First Credit Union before you can apply for any of their products.
How do I apply for a Community First account?
You first need to become a member of Community First, which requires that you pay a one time $2 fee. Once your membership application has been processed and your identity verified, you are free to apply for any of the Community First savings products.
- Apply online. Community First allows you to submit applications for savings accounts using a secure online application.
- Age. A number of the savings accounts found with Community First are geared specifically towards a certain age bracket. Make sure that you meet that criteria before continuing with the application.
- Personal details. You will be asked to provide information about your name, date of birth and residence as you begin to fill out your application.
After processing your application, Community First will contact you with your account details. Just ensure that before you begin, you have done careful comparisons of the accounts offered not just within the credit union, but against those provided by other financial institutions as well.
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