With close to 50 years as an Australian Mutual Bank, G&C primarily serves members in New South Wales (NSW) and Victoria (VIC). Yet with online banking systems in place they can offer their products and services to Australians from coast to coast.
Money Magazine’s Best of the Best award winner – 2014 winner for Best Term Deposit Long-Term Non-Bank category
Smart InvestorBlue Ribbon award winner – 2011 for short and long term deposits.
Who is G&C Mutual Bank?
G&C has created numerous banking accounts to suit the needs of all of their members. You will find an easy to use transaction account to manage your day to day money, and a line of savings products with different features for meeting different goals. Accessibility is not an issue with fee free transactions using the G&C Mutual, Westpac, St.George, BankSA and Bank of Melbourne ATM networks, and a comprehensive online banking system.
What is internet banking like for G&C Mutual Bank?
G&C Mutual Bank has upgraded their online banking service, adding features to make banking over the internet easier and more secure. They use an SMS one time password confirmation system for confirmation of certain transactions along with encryption and login authentication to help keep your accounts safe.
With their secure online banking system you are able to make a number of your day to day transactions whenever you need to and wherever you are.
Notable features include:
View your account balances and transaction history
Activate your Visa debit or credit card
Open new accounts
Set or change your pin number
View and print your statements and transactions
Transfer funds between your accounts and other G&C Mutual Bank accounts
Use electronic funds transfer (EFT) to move money to another financial institution
Use BPAY to view and pay your bills
Access your home loan redraw facility
View and make changes to your term deposit maturity instructions
What transaction accounts are offered by G&C Mutual Bank?
Access Account. An account designed to meet your everyday banking needs, you have access to your money online or over the phone, or you can link a Visa debit card for cash withdrawals and making EFTPOS purchases.
What high interest savings accounts are offered by G&C Mutual Bank?
Bonus Saver. Earn an ongoing bonus interest on top of the base rate every month you are able to make the required deposit amount with no withdrawals. There are no minimum balance requirements to meet, and you will pay no monthly fees for this account.
Inetsaver. This is an online account only, with access limited to your computer, mobile device or over the phone. Designed to earn high interest on high balances, the rates are tiered to pay you more the more you have saved.
Reward Me Saver. The Reward Me Saver provides you with the high interest rates of an investment account, and the access features of your everyday account. You can also avoid any transaction fees by maintaining a minimum balance requirement.
Christmas Account. Set up a direct credit to this account in January and you’ll have what you need for your Christmas shopping come December. Interest is calculated on the daily balance and deposited monthly, allowing you to add even more gifts under the tree with the money earned from compound interest.
Pension Plus Account. This functions as a transaction account and interest earned on your balance.
Cash Management. This at call account pays you a higher rate of interest for your larger balances, rewarding you when you reach financial milestones in your savings goals. Just let G&C Mutual Bank when you need your money seven days ahead of time, and it will be made available to you without paying any account keeping fees.
What term deposits are offered by G&C Mutual Bank?
Both individuals and self-managed super funds can take advantage of the higher fixed rates of the G&C Mutual Bank term deposit. The minimum deposit amount is $1,000 and you can choose to lock your money in from one month to up to five years. Interest payment frequency can be monthly, annually or at maturity, but lower rates are offered when you receive payments more often.
What are the pros and cons of banking with G&C Mutual Bank?
Pros
Membership. Although you do have to be a member to apply for any G&C Mutual Bank product, a membership application can be filled out online, and you will not be asked to pay any fees.
Mobile banking. G&C Mutual Bank also has an app available to enhance your online banking experience and make it accessible even when you are on the move.
Term deposit. With a $1,000 minimum balance requirement more members have the opportunity to earn the higher rates that a term deposit offers.
ATM access. G&C Mutual Bank is able to offer you access to your cash Australia wide by partnering with some of the nation’s largest ATM networks.
Cons
Balance requirements. With a number of the savings accounts offered there is a balance requirement to meet in order to receive higher interest rates.
Transaction fees. While you can avoid monthly account keeping fees, there are transaction fees charged for some of your banking needs.
While you are able to apply for membership online, and enquire about the various savings accounts available, with most you will have to call or make a stop at one of the mutual banks nine service centers. You will need to have with you your photo identification in order to complete an application. Eligibility requirements such as age and minimum opening deposit will vary depending on the account, but all applicants must be an Australian resident with an Australian residential address.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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