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Summary

Looking for a little encouragement to save? Community First can give you a push in the right direction.

Not everyone has the discipline to put money aside for that rainy day but with Community First Bank you are given an incentive to try harder. With just a small monthly deposit and no spending out of your savings, you are rewarded with a bonus interest rate. The higher competitive rate can quickly turn those few dollars deposited each month into enough to buy whatever it is that will make the sun shine on your rainy day.

Pros

Incentive to save money
No monthly account keeping fee
No minimum balance required

Cons

Need to meet conditions every month to get bonus interest

Details

Key details

Product Name	Community First Bank Bonus Saver
Maximum Variable Rate	4.35% p.a.
Standard Variable Rate	0.05% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

Key features

Joining the credit union

In order to take advantage of any of the products offered by Community First you will first be asked to become a member of this credit union. This can be done online and entails paying $2 for your share.

Monthly account keeping fees

No charges will be made to your savings account for monthly services or maintenance.

Base interest rate

The base rate for this account is a standard variable rate.

Bonus interest rate

The bonus rate is also variable, and when added to the base rate makes this a more competitive savings product.

Interest payments

Your interest is calculated on the daily balance and paid into the account monthly.

Qualifying for bonus interest

You will receive bonus interest every month that you deposit at least $20 into the account without making any withdrawals. Interest earnings will not count towards helping you meet these requirements.

Minimum balance

You will not be obligated to maintain a monthly minimum balance.

Deposit methods

You can set up direct deposits of your paycheck or other income to be credited to the account on a regular basis using online, mobile or phone banking, or you can make over the counter deposits at a Community First branch.

Transaction fees

You will be charged for the following transactions; transfers to accounts that are not with Community First and over the counter cheques, cash withdrawal and transfers.

Transaction fee allowances

You are given an allowance that can be put towards the cost of transaction fees based on the combined total of your accounts with Community First. For balances that are less than $5,000, no allowances are given.

Complete packaging

Community First offers an account package which combines this one with an everyday account and bill paying account to help you keep better track of your money.

Member allowance

Balances of over $5,000 will count towards your member allowance which can help to ease the cost of transaction fees with other accounts.

How to apply

Eligibility

Existing Community First members will find it easy to apply through their online banking platform. If you are not already a member, you can fill out the membership application online. Before beginning, check to see that you are eligible both for becoming a member and opening the Bonus Saver Account:

Minimum age. While this account is available to all members regardless of age, if you are under 18 you will need to visit a branch in order to become a member of the credit union.
Residency requirements. Membership is open to Australian residents with a residential address either in Sydney or the Central Coast Region of Australia.

Depository requirements. There is no opening deposit requirement for the savings account, but you will be asked to pay $2 for your share of the credit union.

Documentation needed

Once you have confirmed that you are eligible for becoming a member and opening the Bonus Saver Account continue to apply online using the following documentation:

Tax file number. To ensure that the withholding tax on your earned interest is not higher than you are obligated to pay, provide the credit union with your tax file number (TFN) or exemption code.
Identification. Confirming your identity can be done using details from your passport, driver's licence or Medicare Card.

What happens after I submit my application?

After submitting your application and its acceptance, you will receive your Community First membership number along with the details of your new savings account. Remember to start making those deposits in order to make the most of the account with bonus interest.

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Newcastle Permanent Smart Saver Account - Under 25s	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	An easy way for young savers to earn a solid interest rate without jumping through too many hoops.	loading Fetching your data...
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Newcastle Permanent Smart Saver Account - Under 25s	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 0.05%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Grow balance No more than 2 withdrawals	Go to site View details Compare	loading Fetching your data...
ING Savings Maximiser Finder Award	Maximum Variable Rate p.a. 5.50%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $1,000 5 transactions Grow your balance Balances up to $100,000	Go to site View details Compare	Get $50 cashback when you open an Orange Everyday and a Savings Maximiser account and make 5 settled transactions. T&Cs apply	loading Fetching your data...
Newcastle Permanent Online Savings Account	Maximum Variable Rate p.a. 5.20%	Standard Variable Rate p.a. 1.00%	Intro/Ongoing 3 months	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
ING Savings Accelerator ($150,000 - $500,000)	Maximum Variable Rate p.a. 5.20%	Standard Variable Rate p.a. 4.70%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Welcome rate applies up to $500K	Go to site View details Compare	loading Fetching your data...
Macquarie Savings Account	Maximum Variable Rate p.a. 5.35%	Standard Variable Rate p.a. 4.75%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	Go to site View details Compare	loading Fetching your data...
ME HomeME Savings Account	Maximum Variable Rate p.a. 5.55%	Standard Variable Rate p.a. 0.55%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Deposit $2000 Grow balance Balances up to $100,000	Go to site View details Compare	loading Fetching your data...
IMB Reward Saver Account	Maximum Variable Rate p.a. 5.25%	Standard Variable Rate p.a. 0.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Deposit $50 No withdrawals Balances up to $1,000,000	Go to site View details Compare	Earn up to 3.25% p.a. after the introductory period ends.	loading Fetching your data...
BCU Bonus Saver	Maximum Variable Rate p.a. 5.00%	Standard Variable Rate p.a. 1.00%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	loading Fetching your data...
Westpac Life (18-29 year olds only)	Maximum Variable Rate p.a. 5.20%	Standard Variable Rate p.a. 2.00%	Intro/Ongoing Ongoing	Government Guarantee	Monthly Max Rate Conditions Make a deposit Grow your balance 5 debit card purchases Balances up to $30,000	Go to site View details Compare	loading Fetching your data...
St.George Maxi Saver	Maximum Variable Rate p.a. 5.35%	Standard Variable Rate p.a. 1.10%	Intro/Ongoing 3 months	Government Guarantee	Monthly Max Rate Conditions N/A	Go to site View details Compare	Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online	loading Fetching your data...

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Community First Bank Bonus Saver