Easy Street Easy Savings Account
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.
Maximum variable rate
Base interest rate
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.
There's no requirement to save on a regular basis to earn interest, so this account is quite flexible.
Interest rate up to 0.5%
You'll enjoy an ongoing interest rate of 0.5% 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.
There are no balance requirements for this account.
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.
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.
You will need an Australian transaction account in order to move your money in and out of your savings account.
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 applyIf you would like to take advantage of this account, you can start an application online.
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.
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.