ECU Australia lets you choose from different everyday access and savings accounts, and you can open term deposits as well.
The origins of ECU Australia dates back to 1973, when it began operations in the form of the C.R.E.B. Credit Union. Since October 1997, anyone who uses electricity can become an ECU member.
On 1 September 2017 ECU officially merged with Queensland Country Credit Union.
Who is ECU Australia?
ECU Australia offers financial products and services that you’d typically find through a conventional bank. It offers different types of everyday transaction accounts and savings accounts, and you can also consider investing your money in an ECU term deposit. This credit union provides home loans, car loans, personal loans and credit cards. It also offers business banking, insurance and travel related financial solutions.
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What transaction accounts are offered by ECU Australia?
- Access Plus Account
This account offers as many as 35 free transactions per month, making it ideal for individuals who transact a lot. It gives you access to money through branch banking, online banking, phone banking, BPAY and a Visa debit card. It attracts a monthly fee of $6.
- Basic Everyday Access
This account comes with five free non-accruing transactions per month. You can access money in your account through a Visa debit card, branch banking, online banking, phone banking, BPAY, Bank@Post and cheques. It does not charge any monthly fees.
Through this account you get 20 free non-accruing transactions per month, and you have to pay an ongoing monthly fee of $5. Access to funds comes through branch banking, a Visa debit card, phone banking, online banking, Bank@Post, cheques and BPAY.
You can open this account if you’re at least 18 years old and a full-time student, an apprentice or a trainee. You get eight free non-accruing transactions per month and don’t have to pay any account keeping fees. You can access funds in your account using a Visa debit card and other methods.</p>
- Senior Advantage Account
If you hold a senior pension card, opening this account can get your money to earn interest of up to 3.25% p.a. You don’t have to pay any monthly fees, and you can access money in your account as and when you like using various methods.
This account is for children aged less than 18 years. Account holders stand to earn interest, and if the account holder is less than 12 months of age a $20 baby bonus applies. This account links to an access card, it does not charge any monthly fees and it offers eight free non-accruing transactions per month.
- Community Club Account
If you run a community group, a registered charity or an organisation you can consider opening this account. Money in your account can earn interest of up to 1.50% p.a. You don’t have to pay any account keeping fees, and the account offers access to funds in different ways.Back to top
What high interest savings accounts are offered by ECU Australia?
- Bonus Saver Account
Open this account to earn up to 2.35% p.a. interest. If you deposit at least $200 in your account and don’t make any debit transactions in a calendar month, you stand to earn bonus interest. You don’t have to pay any monthly fees and you get easy access to money in your account.
- eSaver Account
You can earn interest of up to 2.35% p.a. through this account, and you can access your money through online and phone banking. This account does not attract any account keeping fees. To earn interest, the balance in your account should exceed $1,000, and then the entire balance earns interest.
- Christmas Saver Account
This account lets you add a little money regularly so you have some extra money when Christmas comes, and you can earn interest of 1.50% p.a. You can set up direct debits from your everyday transaction account, and you can access money in this account on the first business day in December.
- GST Management Account
If you pay GST for your business you can put money aside on an ongoing basis, which can earn up to 0.50% p.a. interest. This account does not attract any monthly fees and it gives account holders access to funds in different ways.
- Mortgage Offset Account
If you have an ECU home loan, you can open this account to reduce how much you pay as interest towards your home loan. This is because the amount in this account deducts from your loan’s outstanding balance before the calculation of interest. You can access funds in this account in different ways, and you don’t have to pay any monthly fees.Back to top
What term deposits are offered by ECU Australia?
- Fixed Term Deposits
You can open an ECU term deposit for one, three, six or 12 months, with as little as $1,000. You have the option of automatically reinvesting the money for another term when the deposit matures. Depending on the amount, you can get interest every month, quarter, six months or on maturity.Back to top
What are the pros and cons of banking with ECU Australia?
- Easy access to funds. ECU gives its customers easy access to money with most of its accounts, which include everyday accounts as well as savings accounts. You can, in all likelihood, use your account for setting up direct debits and credits.
- Visa debit card. When you open an ECU everyday transaction account you get a linked Visa debit card that you use at ATMs and EFTPOS terminals, in Australia and overseas.
- Earn bonus interest. If you open the Bonus Saver Account and meet some basic criteria, you stand to earn bonus interest every month.
- Limited presence. For people who like to bank in person, this credit union’s limited presence in Queensland can serve as a drawback.
How do I apply for a ECU Australia savings account?
You can apply online or by visiting any ECU branch. To apply now, simply click on the ‘Go to Site’ button, but make sure you meet the following eligibility criteria:
- You have an Australian residential address
- You meet account specific age requirements (if any)
- You meet minimum account opening balance requirements (if any)
Opening the account requires that you part with different types of information, which includes the following:
- Your complete name, date of birth and details from an identification document like your passport or driver’s license
- Your mailing address, email address and phone number