Product details
The Everyday 55+ Account is an uncomplicated retirement bank account from CUA, Australia’s largest customer owned banking institution. This account rewards you with a stepped rate of interest on your everyday funds and includes Visa Debit Card. Access your money when you want it for free.
Enjoy the convenience of being able to make secure contactless payments with your phone, by linking your debit card to Android Pay or Apple Pay.
- Product Name
- CUA Everyday 55+ Account
- Maximum Variable Rate
- 2.60% p.a.
- Standard Variable Rate
- 2.60% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $1
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Minimum Age Requirement
- 55
What are the CUA 55+ Account features?
- Interest rate. The CUA Everyday 55+ Account has a stepped interest rate. Interest is calculated daily and paid to your account on the last day of the month. The interest rate of 2.60% is for balances over $50,000.
- No conditions. There are no monthly deposit or withdrawal conditions. This account gives you on call access to your money as well as interest.
- Account access. Withdraw your money when you want it. Register for online and telephone banking so you can make electronic transfers to and from the CUA 55+ Account and make EFTPOS purchases and withdraw cash from ATMs using the Visa Debit Card.
- Visa Debit Card. Get a Visa Debit Card when you apply for the CUA Everyday 55+ Account. You can use this card to make cash withdrawals at rediATMs, over the counter and for online purchases.
- ATM withdrawals. Use the Visa Debit Card to make free ATM withdrawals from rediATMs when you withdraw more than $50. A $1.50 fee applies if you withdraw less than $50 from a rediATM.
- BPAY payments. Pay your bills by making BPAY payments from CUA internet or mobile banking.
- Branch access. Make free staff assisted withdrawals over the counter at CUA branches and at Australia Post retail outlets via Bank@Post when you withdraw more than $50 cash.
- Direct credit and direct debit. Get automatic payments like your wage paid into this account, and set up recurring payments from this account such as paying your insurance premiums or phone bill each month.
- Android Pay and Apple Pay available. You can add your CUA Visa Debit card to Android Pay or Apple Pay to start making secure contactless payments on the go with your phone.
- CUA mobile banking application. Download the CUA mobile banking application to your smartphone or tablet to check your account balance, pay bills and review your transaction history 24/7.
- Offset account. The CUA Everyday 55+ Account can be offset against your CUA home loan.
- Extras. Open a CUA Term Deposit in conjunction with this account and get special rates when you lock in your savings for more than one year.
- Government guarantee. The government will guarantee your deposit up to $250,000.
Pros
- Linked Visa debit card
- No monthly account fee
- Earn interest on your balance
Cons
- Need to be at least 55 years of age
How do I apply for the CU Everyday 55+ Account
To open the CUA Everyday 55+ Account, visit a CUA branch or get in touch with a CUA representative over the phone. If you’re an existing CUA member, you can apply for this account by logging on the CUA Internet banking facility.
Eligibility criteria for this account applies as follows.
- Age. You must be 55 years or older to apply for this account.
- Deposit. You must make a minimum deposit of $1 when you open this account.
- Membership. You must be an existing CUA member to open this account or to apply online. Visit a CUA branch and provide the identification documents listed below to become a member of the credit union.
Identification
Verify your identity at a CUA branch to become a member and open the CUA Everyday 55+ Account. You can use one form of primary photographic identification or a combination or non-photographic forms of identification.
- Primary identification: Australian or New Zealand Drivers LIcence, government issued proof of age card, Australian passport or current New Zealand passport.
- Secondary identification: Australian birth certificate, Centrelink pension card, Australian citizenship certificate, overseas birth certificate, Australian Tax Office Tax Assessment, proof of Australian government benefit, Australian rates notice or utility bill issued in the past 3 months.
Tax
It’s not compulsory to provide your Tax File Number (TFN) to CUA. If you don’t give this information to CUA, they will withhold tax on any interest earnings at the marginal tax rate.
The account can be opened right away and you can start making deposits once you become a member of the credit union. The Visa Debit Card can take up to 2 weeks to order and can be collected from a CUA branch or sent to your postal address.
How do I open a CUA 55+ account please?
Hi Bruce,
Thanks for leaving a question on finder.
To open the CUA Everyday 55+ Account, visit a CUA branch or get in touch with a CUA representative over the phone. If you’re an existing CUA member, you can apply for this account by logging on the CUA Internet banking facility.
Eligibility criteria for this account applies as follows:
1. Age. You must be 55 years or older to apply for this account.
2. Deposit. You must make a minimum deposit of $1 when you open this account.
3. Membership. You must be an existing CUA member to open this account or to apply online. Visit a CUA branch and provide the identification documents listed below to become a member of the credit union.
Please send me a message if you need anything else. :)
Cheers,
Joel
I have $60,000 to place on term deposit. What are your offers please?
Hello Bruce,
Thank you for your comment.
CUA actually has Term Deposit Account wherein their terms are really flexible. You get to choose a term length from one month to five years. See the interest rates per term here. You also have the option of having interest paid to you monthly, annually or at maturity.
Alternatively, you may also confirm other term deposit accounts here. After comparing, please click the Go to Site button of your preferred account to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the account to help consider whether the product is right for you.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
My husband and I have a joint account with you already.
We would like to open a second over 55 account.
I know I can do this online.
How can I transfer my all of money from a different bank to you easily?
Hi Coral,
Thanks for posting your question on finder.com.au.
When you open your second CUA Everyday 55+ account, you will receive a BSB and account number when the account is active.
You can then use these details to be your recipient details and process the transfer via online banking.
Hope this helps,
Shirley