Community First - Access Account Review & Information

Product details

With the Access Account you have the buying power of a Visa debit card plus you get to choose if you need an overdraft, cheque book or deposit. This lets you personalise your everyday banking account to suit you. Plus, if your balance reaches a certain level, you can start gaining interest earnings.

Product Name: Community First Access Account

Monthly Account Fee: $0

Debit Card Access: Visa

ATM Withdrawal Fee: $2

Interest Rate p.a.: 0.15%

Details: Free online transactions and access to your money through the rediATM network of over 3,000 ATMs.

Joint Application: Yes

Fee Free Deposit p.m.: $0

Overseas ATM Withdrawal Fee: $0

Overseas Eftpos Fee: $0

Phone Banking: Yes

Fees: $0

Internet Banking: Yes

What are the features of the Community First Access Account?

Customer owned credit unions are able to provide Australians with the same banking features as the larger banks do. Look at transaction accounts from a few different banks and compare their features with what Community First offers to see which one is able to give you the most benefit:

Membership. In order to take advantage of the First Access Account you must first become a member of the Community First Credit Union. This step can be completed as a part of applying for the account.
Monthly account keeping fees. Community First does not charge a monthly service fee for this account.
Interest. Once your balance reaches $20,000 and more, you will begin earning a modest interest on your deposit.
Interest calculation. Interest is calculated on the daily balance and deposited into the account tri-annually.
Debit card. You have the choice of a Community First Debit Card or McGrath Visa debit card. With both cards you are able to access your account and make withdrawals at any of the 3,000 rediATMs in Australia.
Visa debit card. The Visa debit card gives you the same flexibility for making purchases and withdrawals as the credit card would, except the funds are withdrawn directly from your account. You can use this card when shopping in a store, online or even over the phone.
Options. To make the account more convenient for your circumstances, you can choose to add an overdraft account, personal cheque book or a personal deposit book.
Deposits. Deposits can be made electronically, at a Community First service centre or over the counter at a NAB branch.

Pros

Interest is computed daily
$0 account keeping fee
Linked Visa debit card

Cons

Fees may apply to transactions

How do I apply for the Community First Access Account?

If you find that the features of the Community First Access Account are in line with your banking needs, you can apply online. There are some eligibility requirements you will need to have to meet first in order for your application to be considered:

Minimum age. Applicants will need to be at least 18 years of age in order to be considered for the Access Account.
Residency requirements. You can apply so long as you are an Australian resident with an Australian residential address in Sydney and the Central Coast Region.
Depository requirements. There are no deposit requirements made by Community First in order to open this account.

If you are not already a member of Community First you will be directed to fill out a membership application first. This will also entail paying a onetime $2 fee to become a shareholder in the credit union. In addition to your new membership number you will also need the following documentation in order to complete the application in its entirety:

Tax file number. Your tax file number (TFN) or exemption code is not mandatory, but it does help in ensuring that your earned interest is having any taxes withheld at the correct rate.
Identification. Your passport, Medicare card or driver’s licence will serve as identifying documents for filling out the application.

While you are applying you will also be asked to choose the type of debit card you wish to have linked to the account as well as whether you need cheque book or passport access. After your application has been submitted and approved you will be notified of the details of the account and your debit card will be mailed to the address you provided.