SCU is a provider of banking services based in Sydney. You don’t have to live in the harbour city to apply for a savings or investment account from this credit union.
Who is SCU?
SCU are a Sydney based full service mutual bank with products to cater for all types of Australians. SCU savings accounts provide a blend of features that make accessing your money easy while continuing to reward you with a competitive rate of interest.
What is internet banking like for SCU?
Internet banking is an increasingly important feature, SCU lack the branch presence of other banking institutions such as Westpac or Commonwealth Bank.
Register for SCU internet banking when you open a SCU transaction, savings or investment account. Apply over the phone or at a branch to get an access code, which can be used in conjunction with your membership number to login and access your accounts online.
SCU internet banking lets you manage your savings and other accounts from your home.
- Transfer money between your SCU savings and transaction accounts.
- Make payments to other accounts in Australia or overseas.
- Pay bills using BPAY.
- View interest earned and electronic statements.
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What transaction accounts are provided by SCU?
- SCU Access Options account
This SCU Access Options transaction account comes with a Visa Debit Card or rediCARD. Make free ATM withdrawals at rediATMs, over the counter purchases at EFTPOS terminals and shop online. Register for SCU internet banking to make BPAY payments and set up automatic direct credit and direct debit transactions.
What high interest savings accounts are offered by SCU?
- Access Savings Account
This is an interest bearing transaction account. There are no minimum opening balance and no withdrawal restrictions to earn the full rate of interest. Make BPAY payments from this account and get ATM access using the provided rediCARD or Visa Debit Card.
- iNetSaver Account
Get rewarded with one of SCU’s highest rate of interest, the iNetSaver Account rewards you with more interest when you keep a balance over $2,000. This account does not include Debit or rediCARD access, manage your account online. Make an online transfers to a transaction account to withdraw the funds in the iNetSaver.
- Cash Management Account
Deposit a minimum of $5,000 to open the SCU Cash Management Account. This account offers a tiered interest calculation, higher account balances are rewarded with more interest. Funds are available to withdrawal 24 hours after you deposit money into the account.
- Money Market Account
A savings account which rewards you with interest linked to money market rates. The SCU money market investment account has a $5,000 minimum opening deposit. This online access account has no withdrawal restrictions.
- Motivator Savings Account
The SCU Motivator gives you an Incentive to keep saving. Get rewarded with bonus interest when you make deposits and no withdrawals each month. This account does not offer ATM access.
- Christmas Club Savings Account
The Christmas Club is a special savings account just for Christmas, you can withdraw money between the 1st of November and the 31st of January only. This account has no minimum opening balance.
- Super Saver Account
An account for children, the funds in this account can be split into controlled portions to control spending. Account access can also be restricted by the account holder’s guardian.
- BU Account
An account for savers aged 13 - 18 years old, this account offers a flat rate of interest calculated on the whole account balance. There’s no minimum balance requirement to open this account and funds can be withdrawn using the provided rediCARD or Visa Debit Card.
- Pension Aware Accounts
SCU’s savings account for pensioners and retirees. Internet and telephone banking allows you to make BPAY payments and transfer money to other accounts. Use the rediCARD or get the Visa Debit Card to make online purchases as well as cash withdrawals. An overdraft facility can be attached to this account.
What term deposits are offered by SCU?
- Term Deposit Account
Invest in terms from 3 months to 5 years. Lock in your investment for a fixed return and get interest paid when the investment matures. Open a SCU term deposits with $5,000 or more.
What are the pros and cons of banking with SCU?
- Bonus interest. SCU provide you an incentive to save through bonus interest when you make regular deposits and no withdrawals.
- Kid’s accounts. SCU have a great range of savings products specifically tailored to meet the needs of junior savers.
- Limited branch access. SCU offer a suite of tools so you can do your banking online or over the phone; however, there is a limited number of SCU branches if you wish to do your banking in person, especially outside of Sydney.
- Dated online banking. SCU online banking lacks to the fresh and new look and feel of other online banking facilities, such as Commbank for example.
How do I apply for a SCU account?
You must already be a SCU member to apply for a savings or investment account. Australian citizens and permanent residents are eligible to become members. You can become a SCU member online.
You must be over 18 to become a SCU member.
You must be registered on the electoral role or in the telephone book.
Make sure you have your passport, driver's licence or medicard on hand to complete the identification requirements of the SCU membership application.