With convenient accessibility including a mobile lending team, Illawarra Credit Union makes it easy to manage your money.
Illawarra Credit Union has been growing since 1972, and is now a division of Community Alliance Credit Union Limited, which allows for a larger selection of services and products that are comparable to big banks. Local branches can be found throughout Illawarra, but all Australians can bank with the credit union with the use of online and mobile services and ATM access provided by one of the nation’s largest networks.
Who is Illawarra Credit Union?
Illawarra Credit Union offers banking products to their members that meet the needs at every stage of life. From transaction accounts that pay interest to savings accounts that are geared to meet a specific need, each product is comparable to what you find with larger financial institutions. Banking is made easy if you are outside of the Illawarra region with access to your money through the rediATM network and to your accounts online, from your mobile device, or over the phone.
What is internet banking like for Illawarra Credit Union?
You are provided with multiple means of accessing your accounts around the clock, including through Illawarra Credit Union’s online banking system. Using encryption technology to protect your funds, you can bank with confidence from anywhere in the world.
Setting up internet banking is simple once you have been given your member number and special access code. Once you have registered for the service you can login and begin to make your transactions through the many features they provide you.
Notable features include:
- Accessibility from anywhere at anytime
- Money transfers between accounts
- Money transfers to other financial institutions
- Real time balance updates
- Setting up your regular payments to be made electronically
- The use of BPAY to pay your bills on time
What transaction accounts are offered by Illawarra Credit Union?
- Everyday Lite. For no monthly fees you are able to manage your account and access your money online, at a branch or with a linked Visa debit card. Your balance is also earning interest each day, which is then paid into your account quarterly.
- Everyday. A day to day banking account that can meet all of your financial needs. You can choose between a rediCARD or Visa debit card to make purchases or get cash when you need it, while maintaining control over your transaction fees.
- Everyday Plus. Designed exclusively for Australians receiving a pension, this account provides you with the same access as the standard Everyday Account, except you earn a competitive interest rate on your balance which is paid into your account once a quarter.
What high interest savings accounts are offered by Illawarra Credit Union?
- Wildlife Saver. Not only do children under the age of 14 earn bonus interest on their savings when monthly conditions are met, they get free entry into the Symbio Wildlife Park along with other freebies once inside.
- Saver. With access limited to online and phone transfers, you are rewarded with a competitive rate of interest on your balance, with payments made into the account monthly. There are no deposit requirements to meet and you will not be charged any fees.
- Bonus Saver. You are given all of the benefits that the Saver Account provides, only with a higher interest rate for meeting the monthly deposit requirements. This account provides a way to meet a goal without giving up access to your money.
- Cash Management Account. For those who have a bit more cash to save, but don’t want to make a commitment to a term deposit. Your minimum opening balance requirement is $500, on which you will earn a higher rate of interest which will be paid into your account quarterly.
What term deposits are offered by Illawarra Credit Union?
By restricting access to your money for a set period of time, you can earn a fixed interest rate on your deposits starting at $1,000. Choose between terms that range from one month to three years and how often your interest earnings are paid into a nominated account.
Back to topWhat are the pros and cons of banking with Illawarra Credit Union?
Pros
- Accessibility. With Visa debit card, rediATM and internet access available, you will find it easy to keep on top of your accounts.
- Bonus interest. With a number of the savings accounts offered you have the opportunity to increase your funds with bonus interest.
- Mobile app. Available for android and iPhone, the mobile app from Illawarra Credit Union lets you access your accounts at any time.
- Term deposit. You are given the opportunity to increase your monthly income by choosing to receive your interest earnings with more frequency.
Cons
- Membership. You do need to apply for membership to open any account with the credit union. This entails filling out an online application form and paying $2 for your share.
- Branch availability. Branch banking is limited due to them being localised to one region of Australia.
How do I apply for an Illawarra Credit Union account?
So long as you have already been approved for membership, you are able to apply for any account online. The age requirement and how much money you need as an initial deposit will depend on the account you are interested in, but all applicants must be permanent residents or Australian citizens. Have your photo identification ready and your tax file number (TFN) to avoid deductions on your interest earnings. After submitting your request for an account, you will hear back from the credit union with the details of your new account.
