Easy Street Easy Savings Account

Last updated: Oct 1, 2020

Easy Street could give you an easy way to save money for a rainy day without having to make any commitments.

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.

0.45% p.a.

Maximum variable rate

0.45% p.a.

Base interest rate

Minimum opening balance

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Product Name	Easy Street Easy Savings
Maximum Variable Rate	0.45% p.a.
Standard Variable Rate	0.45%
Bonus Variable Rate	0.00%
Monthly Account Fee	$0
Minimum Opening Deposit	$2
Minimum Age	18

Pros

No fees at all to pay
Interest calculated daily paid monthly
No special conditions need to be met to earn interest
Make as many withdrawals as you need and still earn interest

Cons

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

Expert review

Review by

Shirley Liu

shirley@finder.com.au

Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

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

Key features

Interest rate up to 0.45%

You'll enjoy an ongoing interest rate of 0.45% with this stress-free savings account. Plus, you don't need to meet any deposit requirements to earn interest.

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.

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. Plus, you can make as many withdrawals as you'd like and you'll still earn interest.

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.

How to apply

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.

Documentation needed

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.

What happens after I submit my application?

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.

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4 Comments

John
September 14, 2017

It is not clear what to do to earn the bonus interest on the easy saving account. In other words what do I have to do different between earning 2% on this account and earning 3%?

Reply
- finder Customer Care
  
  May
  September 14, 2017
  
  Hi John,
  
  Thank you for your inquiry.
  
  As of this writing, this Easy Street Easy Savings has an introductory rate of 3.00% p.a. (maximum variable rate) that includes a 1.00% p.a. bonus in addition to the standard variable rate of 2.00% p.a. There’s no condition in order this maximum variable rate to be met. It is available (only) for the first 6 months from opening the Easy Savings Account and on all balances.
  
  Please note though that this offer commenced on 1 August 2017 and is available on our Easy Savings Account for new accounts and new deposits only. The introductory rate offer can change or be withdrawn at any time and will end on 31 October 2017. After 6 months, the standard variable rate applies.
  
  Hope this helps.
  
  Cheers,
  May
  
  Reply
doug
August 31, 2017

Hi. What would my SMSF earn if we deposited $410,000 for 6 months.

Reply
- finder Customer Care
  
  Joanne
  August 31, 2017
  
  Hi Doug,
  
  Thanks for contacting finder.
  For you to get a clearer picture on how much your SMSF would earn in a specific timeframe, please refer to this link https://www.finder.com.au/smsf-term-deposit and manually enter the deposit and number of months to calculate estimated earnings.
  
  Cheers,
  Joanne
  
  Reply

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