With Qantas Credit Union, your savings not only earns competitive interest, it could earn you points towards your next trip around the world.
Now one of the largest credit unions in Australia with almost 100,000 members, Qantas Credit Union was created in 1959 by just a small group of employees. Since that time their vision has always been to provide a fair way to bank, which they still strive for today through a number of different banking products.
- Money Magazine’s Best of the Best Awards – 2013 winner of the Best Short Term Deposit Award Non-Bank for their term deposit account.
Who is Qantas Credit Union?
When you compare Qantas Credit Union savings accounts you will notice that you can save without paying any monthly fees, and in most cases without having to maintain a minimum deposit. All are structured to help you save by allowing electronic credits through internet banking, and restricting access to making withdrawals.
No matter where in Australia, or the world, you are you can bank securely using the credit union’s free online banking system. High level security measures have been put into place to protect your accounts including a unique picture identification process put into place each time you make an electronic transfer of funds.
Through this secure system you are able to conduct almost all of your transactions over the internet at any time of the day, wherever in the world you are. Plus you will find that most its features are easy to implement, making it simple for you to manage your money at all times.
Notable features include:
- View and print your current transaction history and account balances
- Transfer funds from your accounts to accounts held with other Australian financial institutions
- Bill paying through BPAY
- Apply for certain products including high interest savings accounts
- Receive your statements electronically
- Register for SMS banking
- Update your personal information and details
- Send secure emails to Qantas Credit Union
What about the mobile app?Image Source: App Store
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What transaction accounts are offered by Qantas Credit Union?
- General Savings Account. This is an at call savings account where you are provided with a Visa debit card and $50 worth of free monthly transactions to use it to make withdrawals and purchases. Online banking is also a feature, giving you the opportunity to pay your bills directly and make electronic transfers.
- At-Call Savings Account. This everyday account gives you full access to your money through a number of facilities while still paying you a competitive rate on your balance without having to meet any terms.
What high interest savings accounts are offered by Qantas Credit Union?
- Qantas Points Saver. Not only do you earn a competitive interest rate on your entire balance, you earn Qantas points for every $1,000 of your average monthly balance. With this account you are also able to access your money and make transfers using online banking.
- Qsaver. The Qsaver gives you all of the same benefits as the Qantas Points Saver except instead of Qantas points you earn a higher interest rate. You will not be required to pay any monthly fees with this account or maintain a minimum balance in order to keep it active.
- Bonus Saver. There is a standard interest rate calculated on your daily balance which can be augmented every month simply by making no withdrawals from the account. This competitive interest rate will be applied to your entire balance every month you meet tha condition.
- Cash Management Account. This complete deposit account provides you with competitive interest rates and easy access to your funds through a variety of methods. When you are able to maintain a balance of at least $10,000 monthly, you will also receive a $50 transaction fee allowance.
What term deposits are offered by Qantas Credit Union?
The term deposit offered by Qantas Credit Union is available for both individuals and SMSF trustees to enhance their savings. The minimum investment required is $10,000 and you are able to choose from terms of five, seven or eleven months at a fixed interest rate. Interest is paid to you at maturity of the terms, after having been calculated on your balance daily.
What are the pros and cons of banking with Qantas Credit Union?
- Qantas Rewards Program. If you are a frequent flyer than you will appreciate being able to earn points towards flights simply by saving your money.
- Fees. No monthly fees are charged on savings accounts, and in many cases you can bank without being charged fees through the monthly allowances provided.
- SMS and mobile banking. Through your smartphone you can receive SMS alerts about chosen account transactions and activity. You can also download the Qantas Credit app and bank online even when you are on the go.
- Security. Qantas Credit Union is obligated to follow the same laws and regulations as larger banks, including guaranteeing your deposits of up to $250,000 with the Australian Government.
- Term deposit. The higher minimum balance requirement and limitations on terms makes the Qantas term deposit less flexible and accessible than what you find at other financial institutions.
- Membership. If you do think that one or more of the savings accounts offered by Qantas Credit Union is right for you, you will need to first become a member before applying for an account.
How do I apply for a Qantas Credit Union account?
Membership into the Qantas Credit Union is limited to those who are Australian citizens or permanent residents. You must also be registered in the telephone book or electoral roll in order for your identity to be verified online along with a current passport or driver’s licence. Once your online membership application is accepted and your number provided to you, you can proceed to apply for the various savings accounts online through internet banking.