CUA eSaver Reward Account

CUA eSaver Reward Account

Maximum Variable Rate

2.90

Standard Variable Rate

0.05

Deposit more than $1,000 every month and get rewarded with bonus interest on top of the base variable rate.

  • A generous, ongoing bonus interest if you meet deposit requirements
  • No monthly account fee + free internet and mobile banking
  • At-call access to savings

Product details

The eSaver Reward Account from CUA gives you bonus interest when you stick to your savings goals. Deposit $1,000 or more into a CUA transaction account linked to the CUA eSaver Reward Account each month and earn bonus interest on your savings. Bonus interest applies to the first $100,000 of your eSaver Reward balance.

Product Name
CUA eSaver Reward Account
Maximum Variable Rate
2.90% p.a.
Standard Variable Rate
0.05% p.a.
Bonus Variable Rate
2.85% p.a.
Introductory / Bonus Offer Conditions
Bonus interest applies on balances up to $100,000 when you deposit at least $1,000 each month into your everyday account.
Monthly Fee
$0
Minimum Opening Deposit
$1
Minimum monthly deposit for bonus interest rate
$1,000
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
Yes
Maximum Deposit
$100,000
Minimum Age Requirement
18
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

What are the features of the CUA eSaver Reward Account?

  • Interest rate. The eSaver Reward base variable rate of interest is 0.05% p.a. The entire balance of the eSaver Reward Account accrues interest at the base rate of interest.  Interest is calculated daily on your CUA eSaver Reward Account and paid monthly.
  • Bonus interest. Earn bonus interest when you deposit $1,000 or more to your CUA everyday transaction account from a non-CUA account. The first $100,000 of CUA eSaver Reward Account balance will accrue interest at the bonus plus base rate of interest. Balances greater than $100,000 accrue interest at the base variable rate of interest only.
  • Account access. There is no debit or EFTPOS card or cheque or deposit book issued with the eSaver Reward Account. Access your funds by making electronic transfers to your linked CUA transaction account or accounts with other financial institutions. The bonus interest rate still applies if you make withdrawals from this account.
  • Direct credit. Get your salary paid directly to your CUA transaction account so you qualify for the bonus interest each month.
  • Direct debit. Set up a direct debit agreement so you can pay your bills directly from the CUA eSaver Reward Account.
  • BPAY. Register for online banking and make BPAY payments to service providers.
  • Minimum balance. You can open this account with just $1. This is the minimum amount you must keep in the account.
  • Linked account. You must hold an eligible CUA everyday transaction account in conjunction with the CUA eSaver Reward Account. Eligible CUA everyday accounts include: the CUA Everyday, Everyday Youth, Everyday 55+, Everyday Business, Prime Access, Freedom Plus and Platinum Plus accounts.
  • Fees. Pay no monthly account fees and no fees for online transfers to your linked CUA transaction account. Fees may apply for eSaver staff assisted transactions at a CUA branch.
  • Eligibility. You can open this account in your own name or jointly with another person. There’s a limit of one eSaver Reward Account per person and this must be your first CUA eSaver Reward Account.

Pros

  • Earn a competitive ongoing, variable rate
  • At-call access to savings
  • Linked to CUA everyday account for convenience

Cons

  • Deposit requirements need to be met

How do I apply for the CUA eSaver Reward Account?

Click ‘Go to Site’ to start an online application for the CUA eSaver Reward Account. You’ll be directed to the CUA website and the secure online application. The application can be completed in 10 - 15 minutes.

  • Age. You must be over the age of 18 to apply for this account.
  • Deposit. You can open this account with a starting balance of $1

This must be the first CUA eSaver Reward Account.

If you’re a new CUA customer, you need to verify your identity when you apply for the eSaver.

  • Identification

Enter your Australian passport or driver's licence document details to verify your identity online.

  • Personal details

Enter your full name, your date of birth, Australian residential address, mobile or landline phone number and your email address when prompted.

  • Tax

Provide your Tax File Number (TFN) to CUA or your TFN exemption code. You’re not required to give this information to CUA, the credit union will withhold tax on your interest earnings at the marginal rate if this information is not supplied.

If the CUA eSaver Reward Account is your first CUA product, the credit union will provide steps to open an everyday transaction account when you apply for the eSaver Reward Account.

Once you’ve verified your identity with CUA, and you have a linked everyday transaction account, you can register for online banking and start making deposits to the CUA eSaver Reward Account. If you want to set up a direct debit to your CUA eSaver Reward or everyday account, give CUA the account name, number and BSB of the account you want to debit the funds from.

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