Compare Transcomm Credit Union Savings and Investment Accounts

With Transcomm Credit Union, Australians get simple solutions for all of their financial needs.

Since its inception in 1971, Transcomm Credit Union has provided a range of financial services and products to the residents of Victoria. In 1999 they came under the supervision of the Australian Prudential Regulation Authority, ensuring that your deposits of up to $250,000 are safe with them.

Rates last updated December 17th, 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.
CUA eSaver Boost Account
2.75%
0.25%
2.50%
$0
$1 / $1
Ongoing, variable 2.75% p.a. when you make a total deposit of at least $250 and no withdrawals in a calendar month. Available on balances up to $500,000.
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 Transcomm Credit Union?

Transcomm Credit Union offers products and services that meet its members individual banking needs.

With competitive interest rates and convenient banking methods you are able to save for the future while taking care of your day-to-day needs.

What is Internet banking like for Transcomm Credit Union?

Transcomm Credit Union uses iComm to deliver secure and reliable Internet banking to your home or office computer. After registering for this feature you are able to conduct your own banking transactions any day, any time. You will need to apply for this service, and can download the application form from the credit union’s own website.

What transaction accounts does Transcomm Credit Union offer?

  • Access. A convenient everyday banking account that provides you with features such as a debit card, electronic salary deductions, direct payments and a cheque book.
  • Deeming account. For Australians receiving pensions, you are paid interest on your deposits in accordance with federal regulations while at the same time can access your money to take care of your daily and monthly spending needs.

What high interest savings accounts does Transcomm Credit Union offer?

  • Savings Account. A simple savings product where your cash earns interest daily which is then deposited into the account monthly. Withdrawals are made in person at your local branch or you can request to have them transferred into your Access Account.
  • Christmas Club Account. For a minimum deposit of $10, you can start saving for the holiday season. Arrangements can be made for automatic payroll deductions, and the funds along with interest earnings will be ready for withdrawal on the first day of December.
  • Achiever Target Account. With a minimum opening deposit of $200 you can select how often you are able to make deposits into this account. Withdrawals are limited but the deposits you make will be accepted for the same interest rate and mature on the same date as your initial deposit.

What term deposits are offered by Transcomm Credit Union?

  • Rainy Day Account. A short term term investment account of 90 days, where the interest rate is fixed at a competitive rate. A minimum investment of $10,000 is required to open this account.
  • Income Account. For fixed rate terms of one or two years, you can have the monthly interest earned paid into a separate account, paid to you by cheque or added to the term deposit to earn compound interest.
  • Term Deposit. For two months up to two years you can invest your funds and earn a higher interest rate which is paid to you when the account reaches maturity.
  • 30-Day Notice of Withdrawal Account. For more flexibility, you can choose to be able to provide Transcomm Credit Union with a 30-day notice for when you wish to withdraw the money from this high interest savings account.
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What are the pros and cons of banking with Transcomm Credit Union?

Pros

  • Simplicity. The structure of the Transcomm Credit Union accounts makes them easy to transact with.
  • Versatility. You will find that the high interest savings accounts are designed specifically to meet certain goals.
  • Achiever Target.You have the ability to make transfers between your accounts for easy access to your funds.
  • Electronic banking. Your savings grows even quicker without any fees being deducted from the account.

Cons

  • Membership. You will first need to become a member of the credit union before being able to access any of their products.
  • Availability. Unlike larger banks, the availability of branches is limited to select areas.
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How do I apply for a Transcomm Credit Union account?

In order to become a member of Transcomm Credit Union you must download the application available online, fill it in and mail it to the credit union. The other option is to apply for the account in person.

You will be required to subscribe for five membership shares for $10 plus pay a fee of $1 for joining. Once your membership application has been approved, you can apply for any account by downloading the online form and presenting it to Transcomm Credit Union.

Savings Account Offers

Important Information*
ING Savings Maximiser

Maximum Variable Rate

2.80

Standard Variable Rate

1.00
AMP Saver Account

Maximum Variable Rate

2.55

Standard Variable Rate

2.10
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
HSBC Serious Saver

Maximum Variable Rate

3.10

Standard Variable Rate

1.40

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