Encompass Credit Union gives you the accessibility you need for day-to-day banking, with interest earnings applied to your daily balance. Linked with a Visa debit card and you can make cash withdrawals when you need to along with point of sale purchases. You can even have your salary deposited automatically.
What are the features of the Encompass Credit Union Access Plus Savings Account?
Encompass is an Australian mutual bank providing its members with the same products for financial needs that you find with larger banks. The features of these products are also comparable making it important that you look them over side by side to see how they match up to Encompass’ everyday account:
- Account keeping fees. You are not charged account keeping fees for using this banking account.
- Interest rates. The interest rate on this account is tiered, growing progressively higher after your balance reaches $20,000.
- Interest calculation. The interest rate is applied to your balance daily and paid into the account once a month.
- Encompass Credit Union membership. Membership applications are accepted by any Australian resident regardless of where you live or work. In order to join you do need to purchase one $10 share. The Access Plus account is usually what new members receive as their first account with Encompass.
- Accessibility. Online, mobile and phone banking are all available for you to access your money. You can also bank in a branch, with Bank@Post, with direct credit and debit and BPAY.
- Transaction fees. You are charged a predetermined amount for the following transactions; EFTPOS withdrawal - $0.75, member cheque - $1, ATM withdrawals - $1.50, counter cheque - $2.50, and direct debit - $0.30.
- Fee waiver. Members with an Encompass residential or investment home loan are waived from having to pay any fees.
- Transaction fee offset. Depending on your account balance, you will be allowed a certain allowance each month on your transaction fees. This offset is tiered, ranging from $1.50 for balances of up to $2,499 to $25 for balances of over $100,000.
- ATM access. With your debit card you can make withdrawals at rediATMs and NAB ATMs without being charged and third party fees.
- Visa debit card. You can also apply to have an Encompass Visa debit card linked to your account, allowing you to make purchases wherever Visa is normally accepted.
- Overseas withdrawals. Any withdrawals made outside of Australia will incur a $5 fee.
- Direct credit. You can set up to have your salary deposited directly into the account without any charge.
- Funds are available at-call
- No monthly account keeping fee
- Internet, mobile and phone banking available
- Fees may apply
How do I apply for the Encompass Credit Union Access Plus Savings Account?
It will only take about 15 minutes to apply for your Encompass Credit Union Access Plus Savings Account online. Before you begin your online application, you should check to make sure that you are able to meet the eligibility requirements:
- Minimum age. There are no age requirements set forth by Encompass Credit Union for the Access Plus Savings account. Membership is also open to all age groups, with the shareholder fee being reduced for members under 18 to $2. Upon your 18th birthday you will be charged an additional $8 to meet the $10 requirement.
- Residency requirements. Applicants must be Australian residents with a verifiable Australian address.
- Depository requirements. Once a member, you will not be required to meet an initial deposit amount to open this account.
As you make your way through the application you will also be asked for information that can be found on the following documentation:
- Tax file number. You are not obligated to provide your tax file number (TFN) or exemption code, but if you do Encompass will be able to withhold the tax on your interest earnings at the correct rate.
- Identification. Australian law requires that all financial institutions are able to verify the identity of an account holder before activating an account in their name. This is done using your passport or driver’s licence.
Once you application has been submitted you will be sent the information about your account including BSB and account number. You can than begin making your deposits and everyday transactions.