Community First Money Market Account Review and Information

Product details

The Community First Market Account combines money market rates without the minimum commitments. Just deposit $5,000 or more after you apply. Withdraw your money when you want it for free at a branch or by making electronic withdrawals. This account doesn’t include Visa or EFTPOS card access.

Product Name: Community First CU Money Market Account

Maximum Variable Rate: 0.05% p.a.

Standard Variable Rate: 0.05% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $5,000

Minimum monthly deposit for bonus interest rate: $0

Internet Banking: Yes

Internet Transaction Fee: $0

Phone Banking: Yes

Phone Transaction Fee: $1

Covered by Government Guarantee?: Yes (Up to $250,000 per person, per institution)

What are the features of the Community First Money Market Account?

Minimum opening balance. You need to deposit at least $5,000 to open the Community First Money Market Account. One the account is opened, there are no ongoing minimum balance requirements.
Interest. The Community First Money Market Account rewards you with a stepped rate of interest, different rates of interest apply to different account balances.
Account access. There are no restrictions about when you can and can’t withdraw your money. This account does not offer debit or EFTPOS card access. To make withdrawals funds must be withdrawn over the counter or transferred to another account using the Community First internet or telephone banking facilities.
Internet banking. Internet banking allows you to view your account balance, interest earned and make payments. Instantly transfer money to other Community First Accounts or make an electronic transfers to accounts with other financial institutions. Transfers to non-Community First accounts can take up to three business days. You’re automatically registered for internet banking when you apply for this account.
BPAY. Pay bills from the telephone and internet banking using BPAY. BPAY payments can be organised up to a year in advance.
Direct debit. Set up a direct debit agreement to automatically make recurring payments to billers like telecommunications providers.
Over the counter withdrawals. Get cash out from the Money Market Account over the counter at a Community First service centre. You can also elect to receive an over the counter cheque.
NAB Deposit Book. Make deposits to the Money Market Account at NAB branches using the NAB Deposit book issued by Community First.
Making deposits. Get your salary paid to the Money Market account, make an over the counter cash or cheque deposits or transfer funds to this account using internet or telephone banking.
Direct credit. This account supports payroll credit. Get your employer to deposit your pay into the Community FIrst Money Market Account.
Contributes to the Community First Member Allowance. Meet the Money Market Account minimum deposit requirement and you can get a partial or total discount on the transaction fees applicable to other eligible Community First accounts.
Government guarantee. Deposits up to $250,000 are guaranteed by the federal government.

Pros

No monthly account keeping fees
Optional overdraft facility
Internet and phone banking

Cons

Minimum investment amount required

How do I apply for the Community First Money Market Account?

Visit the Community First website to launch the online application. To apply for this account, you’ll need to become a Community First member.

The following eligibility requirements apply

Minimum deposit. You need to deposit at least $5,000 in the Community First Money market Account when you apply for this account.
Community First Member. You need to become a member of Community First to apply for the Money Market Account. Buy a refundable $2.00 share in the credit union when you apply for this account. Enter your transaction or savings account name, BSB and account number so Community First can debit the account for the membership share.

You need to provide your contact information and provide an eligible form of identification to complete the online application for the Community First Money Market Account.

Information. Enter your basic contact information such as your name, date of birth, residential address, best contact number, email, occupation and country of citizenship.
Identification. New Community First members must verify their identity. Ensure you have documents such as your drivers licence, Australian or foreign passport or proof of age card. Community First will inform you about other acceptable forms of identification if you don’t have one of the above.
Tax. You do not have to provide your Tax File Number to Community First. The credit union will withhold tax on your interest earnings at the marginal tax rate if you don’t provide this information.

Once you have submitted the application for this account, Community First will contact you to verify your application so you can start making deposits to the Money Market Account.