Easy Street: Online savings and easy access accounts
All of your banking needs online makes it easy to manage your money with Easy Street.
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Easy Street is an online financial institution operated by the Community First Credit Union. They offer many of the same products that a bank does, with the flexibility of around the clock access. By being affiliated with an Australian financial institution, you still get the government guarantee on deposits of up to $250,000 when you save with Easy Street.
About Easy Street
Owned and operated by Sydney’s largest community based credit union, you will find it is easy to save through Easy Street. Their no fee savings accounts with options such as bonus interest for small deposits or withdrawals without penalty, provide flexibility in the way you meet your financial goals.
What’s internet banking like for Easy Street?
Easy Street Internet Banking gives customers the ability to view existing balances and they can review their transaction history in great detail. You can see how much interest your deposits are earning, you can transfer money to other financial institutions, from other financial institutions and you can redraw loan payments in advance. About internet banking transfers, daily limits apply. The use of the latest in digital encryption technology keeps all transmitted data secure.
Notable features include:
- Confirm payroll and other direct credits along with their allocations
- Print account transaction details
Awards that Easy Street has earned
- The Best of the Best 2008 Gold Winner. Cheapest non-bank personal loan
What about the mobile app?
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What transaction accounts offered by Easy Street?
- Everyday Access Account. Make unlimited free EFTPOS transactions, BPAY transactions, internal and external online banking transactions, electronic deposits including payroll, direct debits, periodical payments as well as pay anyone transactions. There is a monthly account keeping fee for this account.
What high interest savings accounts are offered by Easy Street?
- Easy Savings Account. You get a competitive interest rate applied to your balance no matter how much you put away each month. There are no fee penalties when you make a withdrawal and no minimum account balance to maintain.
- Bonus Saver Account. Ideal if you are working towards a goal as this account gives you bonus interest as an incentive to deposit $50 monthly and make no withdrawals. This resets every month, allowing you access in an emergency with the chance to make it up the next month.
What are the pros and cons of Easy Street accounts?
Pros
- Fees and penalties. Easy Street allows you to save the way you want, without having to pay extra fees and penalties.
- Bonus interest. The opportunity to meet your goal faster with extra interest applied for being diligent with your savings.
- Phone assistance. Although there is no branch to visit, you can get assistance over the phone six days a week.
- E-statements. You can pull up your e-statement online at any time to see all of your recent transactions and balances.
Cons
- Credit union membership. You must first become a member of Community First Credit Union before you can bank with Easy Street.
- No branches. There are no physical branches to visit if you wish to speak with someone face to face about your accounts.
- No term deposit account. A term deposit is an important product for those seeking a long term savings plan with high interest rates.
How do I apply for Easy Street Savings accounts?
With Easy Street, all applications are accepted online and will take approximately five minutes to fill out by following a few easy steps.
- Become a member. You will have to first provide Easy Street with an account where they can deduct the $2 member share in order for you to become a part of the credit union.
- Identity verification. Your identity will be verified online by using information found on your passport or driver’s licence.
- Opening the account. Easy Street will notify you through email once they have been able to confirm your identity electronically. Once they have done so your new account details will be provided to you in one business day.
Ensure that you have compared the benefits and features of Easy Street savings accounts with other banks before going forward. This will give you a clearer idea of all the options available when meeting your savings plans.
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