The Easy Street Bonus Saver Account makes it easy to reach your savings goal by awarding you bonus interest every month you meet their minimum deposit requirement and make no withdrawals from the account. Set up a recurring payment into the account, and without any effort you can reach your savings goals quickly.
Earn more interest if you can making regular deposits and make no withdrawals for the month.
What are the features of the Easy Street Bonus Saver account?
The Easy Street Bonus Saver Account gives you plenty of benefits and features to consider when comparing it to other savings account options:
- Interest rate. A bonus interest rate of 2.64% p.a. is applied to your balance so long as you make a monthly deposit of at least $50 and take no withdrawals. If these terms are not met for the month, your account will be credited with 0.01% p.a. interest on the balance.
- Interest calculation. The interest is calculated daily, and paid monthly into your account. If you qualify for the bonus interest, it will be applied to the balance of the following month.
- Minimum balance. There is no minimum balance requirement for the Bonus Saver Account.
- Account terms. This is not a term savings account. You decide when to withdraw your funds and close the account with no penalty charges.
- Accessibility. With around the clock online accessibility, you can move money into and out of your account whenever you need to.
- Monthly account fees. There are no monthly account keeping charges for the Bonus Saver Account.
- Transaction fees. You are not charged by Easy Street for any transactions associated with your savings account.
- Transaction limits. There are no limits on the number of withdrawals or deposits made each month.
- Opening deposit. The minimum deposit amount to open a Bonus Saver Account is $2.
- $0 account keeping fees
- $2 minimum opening deposit
- No access to phone banking
- Must deposit money into account to earn bonus interest rate
How do you apply for the Easy Street Bonus Saver Account?
If no fees and bonus interest are what you are looking for in a savings account then you can start a secure application online.
Just ensure that you are able to meet the eligibility requirements first:
- Membership. Easy Street is a part of a mutual and to use any of their products you must first become a member. This involves a payment of $2 and applying through the website.
- Age restriction. You must be 18 years of age or older in order to be considered for this account.
- Residency. Only Australian permanent residents are eligible to open a Bonus Saver Account with Easy Street.
- Minimum opening deposit. No minimum deposit however you will need to pay an initial $2 for the shareholder's fee in order to open your savings account.
- Linked account. In order to use the Bonus Saver Account you will need an active transaction account with any other Australian banking institution.
If you are able to meet all of these requirements then with only five minutes of your time and the following documentation readily available you should be able to complete the application:
- Proof of identity: Easy Street will make every effort to verify your identity electronically using your valid Australian driver’s licence or passport. If unable to do so, you may be asked to present yourself physically in order to prove your identity.
- Membership number. You will need to provide the mutual membership number on your application.
- Account information. In order to take advantage of the benefits of your Bonus Saver Account you will need to provide the details of an Australian transaction account where you will be transferring the money in and out of.
Once you have completed and submitted your online application to Easy Street, your account will be open and ready to use instantly unless they need further proof of your identity. At this point you can set up direct debit in order to ensure that your monthly obligation of a $50 deposit is met in order to get your bonus interest.
Frequently Asked Questions
Can I use this account for my self managed super account?
Unfortunately this account can only be used for personal purposes.
If I was to put in $250000 and after 3 months I would like to transfer the full amount to another bank can that be done in one transaction and are there fees?
The daily limit for this account is currently $2,500 but you can increase this at anytime by getting touch with Easy Street. There are no fees for this, but there could be fees involved with the recipient account.
Is there a maximum balance to which the interest rate applies?
There is a maximum account balance of $5,000,000 with this account.
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Is the maximum interest applicable only up to a maximum balance of, say $200,000? What is the interest rate on top of that? Can I transfer money in and out of the Easy Street Bonus Saver Account by Pay Anyone and BPay from/to another bank? Any related fee? What is/are the daily limit(s) of such in and out transfers? Can I raise these limits? If yes, how? How can I get statements of the account (quarterly, half-yearly or annually)and the annual tax statements? Any related fees?
The maximum interest applies to the whole balance, though the maximum account balance you can have is $5,000,000. You can transfer money in and out of the Easy Street Bonus Saver through Pay Anyone (but not by BPAY) to and from another bank. There’s no fee for this. The internet external transfers limit is $2,500. If you’d like to raise these please get in touch with Easy Street to request this. e-statements are available through internet banking for free. You’ll be sent statement electronically at least every 4 months.
The internet external transfers limit of $2,500 you mentioned is a daily limit just for transfer out of the Easy Street Bonus Saver Account or is it also the daily limit of transferring money into the account? If not, what is the daily limit of transfer in? If I want to raise the daily limits of money transfer out or in, what phone number should I call and by how much I could raise these limits to?
The external limit refers to transferring out, the maximum daily deposit refers to what’s coming in. The maximum daily deposit is $1,000,000. See this link for Easy Street’s phone number. Easy Street will let you know the maximum limit that applies to by having a look at your accounts.
Who owns this company? Do you have a banking licence? Are you covered by the government guarantee?
Easy Street is owned by Community First Credit Union; Australian Credit Licence 231204. They are also covered by the Government Guarantee.
Can the bonus saver account be used for a SMSF?
This account cannot be used by an SMSF unfortunately. Usually, only dedicated SMSF savings accounts and business accounts can be used for super funds.
Is the bonus variable rate on top of the monthly rate? Are you free to transfer your money back to your bank at any time, so no contract period?
Unfortunately this isn’t how the rate works. The maximum rate you would receive is the Maximum Variable Rate shown in the table above, which is a combination of the Standard Variable Rate and the Bonus Variable Rate. There’s no contract period with this account, so you can withdraw funds whenever you want. It should be noted that if you don’t deposit at least $50 into this account each month and make no withdrawals you won’t the bonus interest.
How does the Bonus Variable Rate work? please provide example.
This is a rate offered to savers who deposit at least $50 per month and make no withdrawals in that same month. If you don’t follow both of these conditions for that month you’ll only earn the standard variable rate of 0.01% p.a.
If I deposit $50 or more per month and don’t withdraw in that period my balance will earn bonus interest?
Yes if you meet the requirements then you’ll receive the bonus interest. Interest is calculated daily on your closing balance as: Daily closing balance x interest rate (as a percentage) divided by 365. Then it’s paid into your account monthly.
I am on a 457 visa here and I benefit from medicare. I am eligible for this savings account please?
You need to be a permanent Australian resident to be eligible for this account. The big four banks, along with Citibank and HSBC often provide banking solutions to temporary residents.
Your Bonus Saver Account sounds excellent, just wondering if I do need to make a withdrawal, how can I do so?
You can withdraw from this account using electronic funds transfer.
Is Easy Street backed by the Australian Government bank guarantee ?
Easy Street is covered by the government guarantee of $250,000 per person per institution.
What bank is easy street backed by? Also what is the maximum I can put into this account?
Easy Street has an Australian Credit Licence Number #231204, this is shared by Community First.
I have my own SMSF. I am enquiring if I can start a Bonus Account in the name of my super fund that has a ABN.
Unfortunately this account is not available for SMSFs yet.
I would like to earn a better interest rate on my daughters current savings of $7,000. She is only 15 years old so can we still set up an easy street bonus saver account in joint names?
This account does allow joint applications, but unfortunately has a minimum age of 18.
Can I open one of this account on my self-managed super fund instead of a personal account?
I’ve taken this from the terms and conditions – “Accounts can only be opened and operated by individuals in their personal capacity. An account must not be opened or operated for business, trade, superannuation or trustee purposes”.
Can a corp beneficiary atf a family trust open an account it will be for 250K and a long term investor?
The Easy Street Bonus Saver can only be opened and operated by individuals in their personal capacity. It cannot be opened or operated for business, trade, superannuation or trustee purposes.
Can you advise if there is a fee to open one of these accounts?
There is no fee to open the Easy Street Bonus Saver Account.
If I deposit $10000 in June. And in July I deposit $500 only. Is interest received on both deposits?
The answer to your question is yes. If meet the conditions that are displayed in the product table in the review and application page, you will receive the bonus rate of interest on your deposits.