Compare Maleny Credit Union savings accounts

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Through a range of banking products, Maleny Credit Union is able to meet its members financial needs.

Community based in Maleny, the Maleny Credit Union has been in operation since 1984 and through the use of internet banking has been able to grow to provide all Australians with their products and services. Committed to long-term sustainability, Maleny Credit Union is an active partner with other organisations to help raise community awareness.

Rates last updated December 16th, 2018
$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
HSBC Serious Saver
3.10%
1.40%
1.70%
$0
$0 / $0
Introductory rate of 3.10% p.a. for 4 months, reverting to a rate of 1.40% p.a. Available on balances below $1,000,000.
Bank of Queensland Fast Track Saver Account
2.80%
0.50%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an BOQ Day2Day Plus Account and deposit $1,000+ into the Day2Day account each month from an external account. Available on balances up to $250,000.
Bankwest Hero Saver
2.60%
0.01%
2.59%
$0
$0 / $0
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
ING Savings Maximiser
2.80%
1.00%
1.80%
$0
$0 / $0
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
4.00%
0.50%
3.50%
$0
$0 / $0
Only available to those aged 14-24. Ongoing, variable 4.00% p.a. when you link to an BOQ Day2Day Plus Account and deposit $200+ into the Day2Day account each month from an external account. Interest rate only applies for balances up to $10,000. Balances between $10,001 and $250,000 will earn an interest rate of up to 2.80% p.a. when deposit conditions are met.
AMP Saver Account
2.55%
2.10%
0.45%
$0
$0 / $0
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
HSBC Flexi Saver Account
2.50%
1.25%
1.25%
$0
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
AMP SuperEdge Saver Account
2.05%
2.05%
0.00%
$0
$0 / $0
Link to your SMSF. Ongoing, variable 2.05% p.a. when you link to AMP SuperEdge Cash Account or a different transaction account for your SMSF in another bank. Available on the entire balance.
MyState Bank Bonus Saver Account
2.60%
0.80%
1.80%
$0
$0 / $0
Ongoing, variable 2.60% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
AMP Bett3r Account
2.25%
1.50%
0.75%
$5
$0 / $0
With AMP's bundled Bett3r account, get three linked Pay, Spend and Save accounts. Earn a competitive, ongoing rate of up to 2.25% on your Save account balance when you deposit $2,000 into the Pay account each month from a source that is not another AMP Bank account.

Please note: The 2.25% maximum variable rate is earned only on your Save account balance. To calculate interest earned, enter your initial and monthly deposit amounts for the Save account only, not including any money that’ll be in your Spend or Pay account.

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Who is Maleny Bank?

In terms of financial banking solutions, Maleny Bank offers its members a number of options. Savings accounts are structured to allow you to achieve higher rates under certain terms, or have full access to the account. In some cases you may even choose to forego interest at all and use the account as an everyday banking account without any transaction fees.

What’s internet banking like for Maleny Credit Union?

Through the use of their internet banking service, Maleny Credit Union (MCU) is able to provide their banking products to members all over Australia. Register for the service when you become a member of MCU and you will be given a unique password in order to access your account.

What transaction accounts are offered by Maleny Credit Union?

  • Cash Management Account. With a minimum balance of $20,000 you can earn a competitive interest rate and still have at call access to your money. This includes branch transactions as well as internet banking availability.
  • Everyday Savings Account. With this account there is no minimum balance requirement, and you choose your access methods. This can include a cheque book, internet banking, Visa debit card and an overdraft facility if you are eligible.
  • Deeming Account. An everyday account for pensioners, the Deeming Account allows you to earn interest on your deposits while still getting the benefits of total access. You can bank online to make direct payments, and even access your cash with a linked Visa debit card.
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What high interest savings accounts are offered by Maleny Credit Union?

  • 52 Week Money Challenge. Many of the savings accounts provided by MCU are available for children of all ages, but the 52 Week Money Challenge is a special product that teaches children how quickly money can grow. This is done by encouraging them to put a certain amount in the account each week for one year.
  • Christmas Club Account. With a special account that only allows for deposits until November, you can save the money you need to play Santa in December. The interest rate is variable, calculated daily and paid to the account each month.
  • Professional Investor Account. For members with larger amounts of money ready to invest, this account locks it in for a period of one year at a higher interest rate. Interest is calculated daily and will be paid into the account or another nominated account quarterly.
  • Serious Saver Account. You can earn interest at a higher rate each month so long as you don’t make any withdrawals, or use as a fee free transaction account by voluntarily foregoing any interest earnings.
  • E-Saver Account. With accessibility limited to online banking, you still have the advantage of an at call account, but with higher interest rates. You are not required to maintain a minimum balance, but you will need to link this account to another in order to maintain access.
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What term deposits are offered by Maleny Credit Union?

When you choose to invest $5,000 or more into a term deposit with MCU you are given the option of terms ranging from three months to two years with interest paid at maturity. If you are investing more than $20,000 this can become an income boosting account by choosing to have interest payments made to you with more frequency.

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What are the pros and cons of banking with Maleny Credit Union?

Pros

  • Transaction fees. MCU provides you with ways in which you can bank your savings and access it without having to pay any extra fees.
  • Bonus rates. For those interested in augmenting their savings through interest payments, MCU offers a number of ways to earn higher rates.
  • Spare Change Program. At the end of each month any cents in your everyday account are automatically deducted and donated to a charitable trust.
  • Children’s banking. MCU takes an active role in teaching kids about saving with an incentive account that allows them to see the benefit first hand.

Cons

  • Membership. While there are no limitations on who can apply for membership, you will need to pay a $10 fee for your share before being able to open any of the accounts offered by MCU.
  • Branch access. Even though you are able to bank freely through the internet, branch access to MCU is regionally limited.
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How do I apply for a Maleny Credit Union account?

You can only apply for an account with MCU after having obtaining membership to the credit union. To do this you can fill out an application online so long as you have the correct forms of identification to provide. Once your membership application has been accepted you will be able to apply for accounts through the online banking system.

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