If you want to set aside funds into a savings account so they’re ready to call on when required, the Circle Alliance Bank Special Purpose Savings Account could be just what you need. Providing at-call access to your money via Internet and phone banking, the Special Purpose Savings Account is a no-fuss savings account designed to help you easily manage your money.
It also offers tiered interest of up to 0.10% p.a. on your account balance, plus the ability to set up direct debits and credits.
What are the features of the Circle Alliance Bank Special Purpose Savings Account?
Funds available at call
The money in your Circle Alliance Bank Special Purpose Savings Account is available at call, which means you can easily access your funds whenever you need them.
24/7 Internet and phone access
You can access your money at any time through Circle Alliance Bank’s Internet and phone banking services.
$0 minimum opening balance
There is no minimum balance required to open a Circle Alliance Bank Special Purpose Savings Account.
$0 minimum ongoing balance
There is also no requirement to maintain your balance at a certain level, which means you can withdraw funds at any time without having to worry about how much money is left in your account.
Interest calculated daily
Interest earned on your balance is calculated daily and paid to your account on 30 June each year.
Direct debits and credits available
You can set up direct debits from this account to pay any expected expenses, for example, insurance premiums. You can also set up direct debits to the account so that you can regularly top up your balance.
- Tiered interest of up to 0.10% p.a.
- Funds available at call
- $0 minimum opening and ongoing balance
- 24/7 Internet and phone access
What you’ll need to know before applying
If you like the sound of the features offered by Circle Alliance Bank’s Special Purpose Savings Account, click on one of the “Find out more” links on this page. You will be securely redirected to the Circle Alliance Bank website so that you can read more about the account terms and conditions and also download an application form.
You can download a savings account application form from the Circle Alliance Bank website. You’ll need to fill out the form with the details below and then submit it at your nearest Circle branch:
- Personal details. You will need to enter your full name and your Circle Alliance Bank membership number.
- Tax file number (TFN). You will be given the option to provide your TFN or details of any exemption.
- Account details. You will also need to specify any access facilities you would like to have attached to your account, for example phone and Internet banking.
All Circle Alliance Bank accounts are only available to Circle Alliance Bank members, so you will need to apply for membership before you can open an account. The membership application form can be downloaded from the bank’s website, while you will also need to pay $2 to purchase a membership share.
You will need to provide a range of personal and contact details when filling out the membership application form, including:
- Personal information. The bank will ask you to provide your full name, date of birth, gender, and details of your citizenship and residency status.
- Contact information. You will need to provide your phone number, email address and postal address.
- Employment information. The bank will also request the name of your employer and details of your occupation.
- Proof of ID. You will need to provide valid proof of ID, such as a current driver’s licence or passport, before your membership application will be approved. Make sure the name on your ID exactly matches the name you provide on the form.
The only criteria you need to keep in mind when considering a Circle Alliance Bank Special Purpose Savings Account is that you must be a bank member in order to apply.
This account is well worth a look if you want an account that allows you to set aside money to meet future expenses that may arise, but that also offers easy access if you ever need to spend your funds.
However, you should compare a number of similar accounts before deciding whether this is the right product for your financial needs.