Easy Street Bonus Saver Account

Unfortunately this account can only be used for personal purposes.

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.

There is a maximum account balance of $5,000,000 with this account.

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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 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.

Easy Street is owned by Community First Credit Union; Australian Credit Licence 231204. They are also covered by the Government Guarantee.

This account cannot be used by an SMSF unfortunately. Usually, only dedicated SMSF savings accounts and business accounts can be used for super funds.

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.

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.

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.

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.

You can withdraw from this account using electronic funds transfer.

Easy Street is covered by the government guarantee of $250,000 per person per institution.

Easy Street has an Australian Credit Licence Number #231204, this is shared by Community First.

Unfortunately this account is not available for SMSFs yet.

This account does allow joint applications, but unfortunately has a minimum age of 18.

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”.

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.

There is no fee to open the Easy Street Bonus Saver Account.

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.