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Gateway Edge Overdraft
Get an overdraft when you need it. Credit limit up to $20,000 and a 3% minimum monthly repayment is required on the outstanding balance.
- Gateway Bank changed its name from Greater Credit Union on 1 March 2018. It will remain a member-owned mutual and all product information below is correct.
The Gateway Edge Overdraft is a bank account with an overdraft facility built in. It provides all the features of a regular bank account, but with the ability to access up to $20,000 in credit when you need it. You can access funds in your account as well as the overdraft via a Visa Eco Debit Card. While there are no monthly account keeping fees, you’ll have to pay a minimum of 3% the outstanding balance per month. Interest charges also apply, starting from 11.74% p.a.
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From 11.74% (variable)
Interest Rate (p.a.)
$1,000
Min Loan Amount
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Things to consider about the Gateway Edge Account and Overdraft
This savings account with an optional overdraft facility works by not only giving you easy access to your own money but also a convenient credit line. You will only pay interest on your overdraft balance, which attracts a variable rate, currently 11.74% p.a. Your savings balance earns a competitive rate of 0.1% p.a. for balances over $1,000. How you use the money from your overdraft limit is entirely up to you. This account does not charge any account-keeping fees and you can also benefit through a debit card fee waiver.
Gateway Bank also offers standard personal loans and other savings accounts without overdraft facilities.
Features of the Gateway Edge Account and Overdraft
If you're considering opening a Gateway Edge Account and Overdraft, take some time to go through the following:
- Low fees. You don't have to pay any ongoing monthly account-keeping fees on this account. While the Gateway Visa Debit Card normally attracts a monthly fee of $5, Gateway Edge account holders don't have to pay this fee. If you get the optional overdraft facility, a one-time loan establishment fee of $0 applies. You get to make unlimited deposits and withdrawals without paying any fees.
- Interest on savings. Balances up to $999 attract interest of 0.05% p.a. If the balance in your account is $1,000 or more, it earns interest.
- Interest on overdraft. You only pay interest when you use the overdraft facility. The overdrawn amount attracts interest of 11.74% p.a.Access to your overdraft and funds. Access funds in your savings account and your overdraft limit in multiple ways. These include a Visa Debit Card that you can use globally, at ATMs and EFTPOS terminals alike. You get access to funds in your account through online banking, mobile banking and phone banking, and you can also use your account to pay bills via BPAY.
- Overdraft limit. The minimum overdraft limit is $1,000 and the maximum is $20,000.
The costs to consider
If you choose to get the optional overdraft facility with Gateway's Edge account, here's what you'll have to pay:
- Loan establishment fee: The Gateway Edge Overdraft Account attracts a loan establishment fee of $0.
- Interest. As long as you have an outstanding overdrawn balance on your account you'll have to keep paying a variable rate of interest, currently 11.74% p.a. If you don't use the overdraft facility, you don't have to pay any interest.
- Minimum payments. The overdraft facility has a minimum monthly payments of 3%.
How to apply for the Gateway Edge Account and Overdraft
You can get your application started by clicking on the "Go to Site" button. Before you do, make sure you meet the following eligibility criteria:
- You are at least 18 years old
- You are an Australian citizen or permanent resident of Australia
- You have a regular source of income that excludes government pensions
- You have not declared bankruptcy or insolvency or had defaults on any loans, credit cards, interest-free finance or store cards in the last five years
Applying requires that you provide different types of information, which includes the following:
- Your name, address, date of birth, email address and a form of identification
- Details of your employment, your income and your expenses
- Information about your debts, assets and liabilities
This account can be a good to use if you require occasional access to credit, but since there are other similar products, make sure you compare your options before applying.
