Easy Street Bonus Saver Account

Easy Street Bonus Saver Account

Maximum Variable Rate

2.65

Standard Variable Rate

0.01

Earn bonus interest just for making a small deposit into your Easy Street Bonus Saver account every month.

  • 24/7 online access
  • No monthly service fees
  • $0 minimum opening balance

Product details

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.

Product Name
Easy Street Bonus Saver Account
Maximum Variable Rate
2.65% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
2.64% p.a.
Introductory / Bonus Offer Conditions
Deposit at least each month to get the maximum variable rate and make no withdrawals otherwise the interest rate for that month will only be 0.01% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$2
Minimum monthly deposit for bonus interest rate
$50
Internet Banking
Yes
Internet Transaction Fee
$0
Phone Banking
No
Phone Transaction Fee
$0
Joint application?
Yes
Minimum Age Requirement
18
Maximum Age Requirement
No Maximum Age
Covered by Government Guarantee?
Yes (Up to $250,000 per person, per institution)

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.

Pros

  • $0 account keeping fees
  • $2 minimum opening deposit

Cons

  • 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.

Eligibility

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.

Documentation

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.

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2 Responses

  1. Default Gravatar
    MalcolmMarch 9, 2016

    Do you have debit cards

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