Compare all the banking and savings products Gateway Bank Ltd have to offer so you can save money.
Gateway Bank Ltd began operations in 1955, and it became the C.B.O.A Credit Union Co-operative Ltd in 1959. It took to its current name of Gateway Bank Ltd only in July 1998. This credit union now has assets in excess of $800 million and more than 40,000 members. Membership is open to all Australians.
Who is Gateway Bank Ltd?
Gateway Bank Ltd functions like most other credit unions, where the absence of shareholders results in competitive interest rates and low fees. It lets its members choose from different everyday and savings accounts as per their needs, and they can open term deposits as well. This credit union also offers personal loans, car loans, home loans, personal overdrafts and insurance solutions.Back to top
What’s internet banking like for Gateway Bank Ltd?
You can use Gateway Bank Ltd’s online banking platform to access your account at any time, from any internet enabled computer. The online banking system lets you update your personal information and you can choose to view your statements online. You can find out how much money is there in your account, and you can also view your account’s transaction history.
You can use the online banking system to transfer funds to other Gateway Bank Ltd accounts as well as to accounts with other financial institutions, and you have the option of scheduling transfers. You also get to view and pay your bills using BPAY. If you want to access online banking using your smartphone, you can make use of the Gateway 2go app. If you register for e-Statements, you stop receiving paper statements, which you can resume again at any time.
Notable features include:
- View statements online
- Schedule fund transfers
- Access to BPAY
What about the mobile app?Image Source: App Store
What transaction accounts are provided by Gateway Bank Ltd?
- Everyday Savings Account
This account does not attract any ongoing account keeping fees, and its lets you make unlimited transactions. You can get an optional Visa debit card by paying a monthly fee of $5, which you don’t have to pay if you have a home loan with this credit union. This account allows direct credit and debits, you can pay bills using BPAY and you can access funds in your account via online and phone banking. Account holders stand to earn tiered interest in accordance to their account balance.
What high interest savings accounts are provided by Gateway Bank Ltd?
- eMax Saver Account
This savings account offers a competitive interest rate when your account balance remains over $1,000. You don’t have to pay any account keeping fees and you can make unlimited deposits and withdrawals. Access to money in your account comes via online and phone banking and you can use BPAY to pay bills. You can use this account to set up direct debits and credits.
- Edge Overdraft Account
You stand to earn a competitive interest rate if the balance in your account exceeds $1,000, and you don’t have to pay any account keeping fees. You can make as many deposits and withdrawals as you like. Access to money in your account comes through a Visa debit card as well as online and phone banking. You can use BPAY to pay bills, and you can set up direct credits and debits.
The overdraft facility is optional and subject to approval. The minimum and maximum limits are $1,000 and $20,000, respectively. A loan establishment fee applies.
- Dollaroo Savings Account
This account is for children up to 16 years of age and does not charge any account keeping fees. It offers a competitive interest rate, and account holders can make unlimited deposits and withdrawals.
What term deposits are offered by Gateway Bank Ltd?
- Term Deposits
You can open a Gateway Bank Ltd term deposit with a minimum of $1,000 and the term can vary in between three months and five years. Your money remains locked away for the chosen term, while earning competitive interest. These term deposits don’t attract any ongoing account keeping fees.Back to top
What are the pros and cons of Gateway Bank Ltd accounts?
- No account keeping fees. Gateway Bank Ltd everyday and savings accounts don’t attract any ongoing account keeping fees, which can lead to noticeable long-term savings.
- Unlimited transactions. No matter which everyday or savings accounts you choose, you don’t have to worry about any restrictions on the number of transactions you can make.
- Optional overdraft facility. If you think you may need extra money from time to time, you can consider applying for the overdraft facility that comes with the Edge Overdraft Account. With this facility, you pay interest only on the money you use.
- Limited physical presence. This credit union’s limited physical presence can work as a drawback for people who prefer banking in person.
How do I apply for Gateway Bank Ltd savings accounts?
You can initiate the application process for a Gateway Bank Ltd account online, and to do so now simply click on the ‘Go to Site’ button. Before applying, make sure you meet required eligibility criteria, as listed below:
- You reside in Australia
- You meet any given age requirement
Completing the application requires that you provide the following information:
- Your name, residential address, email address and phone number
- Your date of birth
- Details from an acceptable form of identification document such as a driver’s license or passport
- Your tax file number (not necessary)