Compare Maleny Credit Union savings accounts

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

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Maleny Credit Union

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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.

Important information

On November 2020, Maleny Credit Union has merged with Queensland Country Bank.
Existing Maleny Credit Union customers will be notified directly about changes to their banking.

$
$
months
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Interest Earned
Westpac Life (18-29 year olds only)
3%
0.2%
2.8%
$0
If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
Westpac Life (18-29 year olds only)
0.4%
0.2%
0.2%
$0
If you’re between 18-29, you can earn a 0.4% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your linked Westpac Choice account, up to a balance of $30,000.
MyState Bank Bonus Saver Account
1.2%
0.1%
1.1%
$0
Ongoing, variable 1.2% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.
MyState Bank Bonus Saver Account
0.1%
0.1%
0%
$0
Ongoing, variable 0.1% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $25,000,000.
Virgin Money Boost Saver (25+ year olds)
1.2%
0.1%
1.1%
$0
Customers aged 25+ can earn an ongoing variable 1.2% p.a. each month you deposit at least $2,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions.
Virgin Money Boost Saver (25+ year olds)
1.2%
0.1%
1.1%
$0
Customers aged 25+ can earn an ongoing variable 1.2% p.a. each month you deposit at least $2,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
3%
0.05%
2.95%
$0
Only available to those aged 14-24. Ongoing, variable 3% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
1.05%
0.05%
1%
$0
Only available to those aged 14-24. Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)
0.05%
0.05%
0%
$0
Only available to those aged 14-24. Ongoing, variable 0.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.
Citibank Online Saver
0.35%
0.35%
0%
$0
Introductory rate of 0.35% p.a. for months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Citibank Online Saver
1.1%
0.35%
0.75%
$0
Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.
Virgin Money Boost Saver (18-24 year olds)
1.2%
0.1%
1.1%
$0
Customers aged 18-24 can earn an ongoing variable 1.2% p.a. each month you deposit at least $1,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions.
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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?

  • 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.
  • Senior Advantage Account. This account is designed for members of 55 or over to meet their day to day banking requirements. This account includes a cheque book, internet banking, Visa debit card and overdraft facilities.
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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.
  • 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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