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Summary

This Christmas savings account has a list of features to make saving for the holidays a piece of cake.

The Community First Christmas Cracker Account rewards you with 5% p.a. on your deposit. There are no conditions to earn this rate, but you’re penalised if you withdraw your money before November. Community First’s budget planner and savings tools can help you save for your Christmas goal so you’re financially prepared for the holiday season.

Pros

Avoid Christmas debt and save for the festive season
Set up a regular savings plan
Earn interest

Cons

Can only access during certain periods of the year

Details

Key details

Product Name	Community First Bank Christmas Saver Account
Maximum Variable Rate	5.00% p.a.
Standard Variable Rate	5.00% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Interest rate

Earn a variable rate of interest on your deposit: 5% p.a. Interest is calculated on the minimum monthly account balance and paid to your account on the last day of October. Unlike other savings accounts, there are no conditions like minimum account balances or monthly deposits to get the full rate of interest.

Fees

The Community First Bank Christmas Cracker saving account is free to open and there is no monthly account maintenance fee. An early withdrawal fee applies if you want to access your money outside the withdrawal period.

Withdrawal period

Access your money between the 1st of November and the 31st of January. You can withdraw the funds from this account outside this period if you provide 7 days notice. Community First can charge a fee for this request and reserve the right to close your account.

Account access

You can make withdrawals from this account during the withdrawal period in person by requesting an over the counter payment. You can carry out an instant electronic transfer to another Community First account or make a BPAY payment to an account with another financial institution. This account does not offer ATM access.

Withdrawal limits

There are limits to the amount of money you can withdraw using internet banking or over the counter. You can withdraw up to $2,000 per day over the counter at a Community First branch. Give 24 hours notice to the Community First branch if you want to withdraw more than this, Community First may issue a cheque for over the counter withdrawals of more than $2,000. There's a limit of $2,500 for internet banking withdrawals. You can opt for a higher internet banking withdrawal limit when you apply for the Community First Christmas Cracker Account.

Savings tools

Community First can help you plan your budget so you can reach your savings goals in time for Christmas. Set up a regular savings plan using the direct credit facility. Money is automatically deducted from your salary and deposited in the Christmas Cracker Account each week, fortnight or month.

Account facilities

When you apply for this account, you're asked whether you'd like to register for electronic statements, telephone banking and a NAB deposit book. You're automatically registered for internet banking.

Joint applications

You can apply for this account in your own name or apply jointly with another person.

How to apply

Visit the Community First website to start an online application for the Community First Christmas Cracker Account.

Eligibility

Minimum age. You can apply for this account if you're old enough to hold an eligible form of identification.
Identification. Verify your identity to become a member of Community First Bank. You can use the following forms of identification: A state or territory drivers licence, proof of age card, an Australian passport. You can also use an overseas drivers licence, national identity card or passport.

Documentation needed

Tax File Number. The Christmas Cracker Account pays you interest on your deposit. You will be asked to provide your Tax File Number (TFN) so your interest earnings can be taxed at the correct rate. If you don't give this information, you will taxed at the marginal tax rate.
Information. The online application asks you to enter your name, date of birth, best contact number, residential address, email address, your occupation and the name of your employer.
Credit union membership. If the Christmas Cracker is your first Community First account, you need to become a member of the financial institution first. Community First are a customer owned bank, members have a say in how credit union is operated. You are required to become a share holding member of Community First by paying a $2 membership share. Enter the name of an existing bank account, the BSB and account number and agree to let Community First debit this account for $2.

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Community First Bank Christmas Cracker