Born of the merger of two South Australian credit unions, Credit Union SA is a customer-owned financial institution with a membership of around 50,000 people. Since all profits are ploughed back into the organisation, Credit Union SA prioritises personal service, low fees and contributions to community projects.
What is Credit Union SA?
Credit Union SA offers a range of financial products to help members achieve their financial goals and do more with their money. Besides supporting a variety of community and education projects, Credit Union SA takes a special interest in teachers. New and existing members who work in education benefit from the Education Community Banking Benefits package, designed specifically for education workers and their partners, which provides exclusive deals and offers across a range of Credit Union SA products.
We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
):
What is Internet banking like for Credit Union SA?
Members can access and manage their accounts 24/7 through online banking and the Credit Union SA mobile app. Your information and money are safe and all transactions are 100% secure. Once you complete and submit the New Accounts and Access Services form, you will be sent a default password to set up your online account.
With Credit Union SA internet banking, you can:
Pay bills
Access the BPAY facility (only through the VIP Security application)
Transfer money
Members have the option to boost online security with the VIP (VeriSign Identity Protection) application. Available as a free download, VIP Security generates temporary codes to conduct restricted transactions and functions. VIP Security also allows you to increase daily limits for external transfers and make BPAY payments through your internet banking profile.
What about the mobile app?
Image Source: App Store
Login
Menu
Account Balance
What transaction accounts are offered by Credit Union SA?
Credit Union SA members can choose between the following transaction accounts:
Access Account. This is a convenient transaction account for everyday purchases that has no account keeping fees and unlimited free transactions. This account offers Android Pay, Apple Pay and Samsung Pay.
55+ Account. This transaction account is designed for members aged 55 years and older. the account offers tiered interest rates, meaning the higher your balance the more interest you'll earn. Account holders pay no monthly, transaction or withdrawal fees, and can access money from a wide network of rediATMS across the country.
Home Loan Offset Account. Besides functioning as an everyday account, this product helps reduce your interest on an outstanding home loan amount. If you have $180,000 left on your home loan and $30,000 in the offset account, you will only be charged interest on $150,000. This translates into considerable savings over the course of the loan period.
What high interest savings accounts are offered by Credit Union SA?
Netsave Account. Account-holders benefit from high interest rates irrespective of their account balance or the number of withdrawals per month. You have the option to set up regular direct deposits and conduct free internet, phone and mobile transfers to other Credit Union SA accounts. Interest is calculated daily and paid monthly.
What term deposits are offered by Credit Union SA?
Term Investment Account. This account allows members to build wealth on deposits starting at $1,000, with a minimum terms ranging from one month to five years. Interest can be paid into a savings account or reinvested. The interest rate is fixed, and for terms of between one and five years, interest can be paid out fortnightly, monthly, quarterly or yearly.
What are the pros and cons of banking with Credit Union SA?
The pros
Here are some of the advantages of banking with Credit Union SA:
Owned by its members. Credit Union SA is owned by its members instead of shareholders. All profits are poured back into the institution to keep fees and rates low.
Internet banking. Members have access to a safe, sophisticated internet and mobile banking system to conduct transactions independently. The VIP Security application provides an additional layer of security.
Varied portfolio of products. Much like a traditional bank, Credit Union SA offers a full range of banking products, from savings accounts and home loans to insurance and financial planning.
Low fees. Members pay low - sometimes zero - transaction and monthly fees. Depending on the account type, fees are waived for students and seniors.
Advantages for teachers. Special benefits and packages apply to members who work in education, such as the Education Community Banking Benefits package.
Savings for children and young adults. This account pays bonus interest at the end of the month when there’s been at least one deposit and no withdrawals.
The cons
Some disadvantages include:
Limited branch network. Branches are located only in South Australia, so if you're located in another state you're unable to visit a branch should you need to.
How do I apply for a Credit Union SA account?
The first step is becoming a member. Fill in the online membership via the Credit Union SA website to become a member and open an account at the same time. You’ll be asked to supply proof of your identification including the details from your passport or drivers licence. Applicants must be 12 years or older and must have an Australian residential address. The next steps include:
Highlighting credits and debits
Transferring account details
Closing old accounts
If you'd like more help with your application, you can visit one of the South Australia branches.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio
Alison's expertise
Alison has written 628 Finder guides across topics including:
Hi Keith,
You can open a term deposit by completing the online application form on the bank’s website.
Thanks,
Alison
ConJuly 11, 2017
we looking for buy a house(the first house). What we doing for a low interest rate.
DanielleJuly 13, 2017
Hi Con,
Thanks for your question.
Regarding your question, you may benefit from reading our guide about first home buyer tips. Alternatively, we also have a list of cheap home loans, which offers lower interest rate.
Aside from checking our pages, you may also talk to a mortgage broker. A mortgage broker is a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.
With the rise of online and mobile banking, the use of cheque books for payment has declined. But there are still benefits to depositing that slip of paper.
A travel debit card is just a regular Australian debit card with less international fees an charges, making it a great option to use overseas. See a range of debit cards suited for travel in this guide.
The best bank account will help you manage your everyday spending with low fees and easy access to your money. Check out our Top Picks curated by experts.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How can I open a term deposit
Hi Keith,
You can open a term deposit by completing the online application form on the bank’s website.
Thanks,
Alison
we looking for buy a house(the first house). What we doing for a low interest rate.
Hi Con,
Thanks for your question.
Regarding your question, you may benefit from reading our guide about first home buyer tips. Alternatively, we also have a list of cheap home loans, which offers lower interest rate.
Aside from checking our pages, you may also talk to a mortgage broker. A mortgage broker is a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.
I hope this helps.
Cheers,
Danielle