An overdraft when you need it and a competitive rate to help reach your savings goals. All in the one account.
If you want the flexibility of an overdraft facility while also having a convenient way to support your savings efforts, you can take a look at what the Gateway Edge Account and Overdraft has to offer. The optional personal overdraft gives you access to additional money when you need it and it charges lower interest than typical credit cards. You can access funds in your account as well as the overdraft in different ways, which include a Visa Debit Card. The flexible credit solution also lets you watch your savings balance grow with a competitive rate for balances over $1,000.
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 Your savings balance earns a competitive rate of 1.50% 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 Credit Union 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 $149 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 1.50% p.a. interest.
- Interest on overdraft. You only pay interest when you use the overdraft facility. The overdrawn amount attracts interest of 11.99% 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 $149.
- 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 11.99% 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.
