Easy Street Easy Savings Review, Rates & Information

Product details

Life is unpredictable, and the Easy Savings Account gives you the flexibility to handle a sudden change. With no minimum balance, no terms, and no fees for withdrawals, you are in complete control of your savings at all times. Set up monthly deposits, or put away what you can, when you can with the ease of the Easy Savings Account.

There's no requirement to save on a regular basis, so this account is quite flexible.

Product Name: Easy Street Easy Savings

Maximum Variable Rate: 2.00% p.a.

Standard Variable Rate: 2.00% p.a.

Bonus Variable Rate: 0.00% p.a.

Monthly Fee: $0

Minimum Opening Deposit: $2

Minimum monthly deposit for bonus interest rate: $0

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 Easy Savings Account?

When comparing savings accounts, you are going to want to look at the special benefits and features of each one. With the Easy Street Easy Savings Account you will get the following:

Interest rate. The interest applied to your balance is at a variable 2.00% p.a. rate.
Interest rate calculation. The interest is calculated at the close of every day and paid to your account monthly.
Minimum balance. There are no balance requirements for this account.
Savings account terms. This is not a term savings account. You can withdraw the entire balance at any time and close the account without penalty.
Accessibility. You have total access to your account through the internet anytime you need it by using a linked transaction account to transfer funds in and out.
Withdrawal fees. There are no fees, charges or penalties when you make a withdrawal from your savings account.
Account keeping fees. You pay no monthly fee for the maintenance of your account.
Withdrawal and deposit frequency. With the Easy Savings Account there is no limit to the number of deposit or withdrawal transactions you make each month.
Linked account. You will need an Australian transaction account in order to move your money in and out of your savings account.
Direct deposits. You can set up automatic payments into your savings account for an amount of $2,000 or less to make saving even easier.

Pros

No fees at all to pay
Interest calculated daily paid monthly
No special conditions need to be met

Cons

Minimum deposit of $2
Minimum age of 18 to open an account
No branch access

How do you apply for the Easy Street Easy Savings Account?

If you would like to take advantage of this account, you can start an application online.

Eligibility

There are some requirements which you should check first to make sure that you qualify for the Easy Street Easy Savings Account:

Community First Credit Union membership. Easy Street is a brand operated by Community First Credit Union. For this reason you must first become a shareholder and member by completing their online membership form and paying a $2 shareholder fee.
Age requirement. You must be at least 18 years of age to open the Easy Savings Account.
Residency requirement. Only Australian permanent residents and citizens are eligible for this account.
Opening deposit. There is no minimum opening deposit on your account, however you are required to make a deposit of $2 to pay for your shareholder fee to start your savings account.

Documents

Once you have determined that you can meet these requirements, continue on to the application with the following documentation:

Proof of identity. Australian law dictates that any banking institution must be able to positively verify your identity before initiating an account. Easy Street will try and prove your identity electronically using your Australian driver’s licence, passport, Medicare card or birth certificate, but if unsuccessful will request proof of identity in person.
Credit union number. You will need to be able to provide a Community First Credit Union membership number.
Linked account number. In order to be able to make deposits and withdrawals, you will need to supply the transaction account number and details for a bank in Australia.

If you are prepared, filling out the application should take approximately five minutes. It may take up to two business days to verify all of your information, at which time you will be issued an account number and can start adding to your savings account. Keep in mind that this is an online only financial institution, so you will not have access to any branch banking.