Credit Union SA pays no dividends to shareholders, instead using profits to keep interest rates and fees low.
Born of the merger of two South Australian credit unions, Credit Union SA is a customer-owned financial institution with a membership of around 50,000 people. Since all profits are ploughed back into the organisation, Credit Union SA prioritises personal service, low fees and contributions to community projects.
What is Credit Union SA?
Credit Union SA offers a range of financial products to help members achieve their financial goals and do more with their money. Besides supporting a variety of community and education projects, Credit Union SA takes a special interest in teachers. New and existing members who work in education benefit from the Education Community Banking Benefits package, designed specifically for education workers and their partners, which provides exclusive deals and offers across a range of Credit Union SA products.
What is Internet banking like for Credit Union SA?
Members can access and manage their accounts 24/7 through online banking and the Credit Union SA mobile app. Your information and money are safe and all transactions are 100% secure. Once you complete and submit the New Accounts and Access Services form, you will be sent a default password to set up your online account.
With Credit Union SA internet banking, you can:
- Pay bills
- Access the BPAY facility (only through the VIP Security application)
- Transfer money
Members have the option to boost online security with the VIP (VeriSign Identity Protection) application. Available as a free download, VIP Security generates temporary codes to conduct restricted transactions and functions. VIP Security also allows you to increase daily limits for external transfers and make BPAY payments through your internet banking profile.
What about the mobile app?Image Source: App Store
What transaction accounts are offered by Credit Union SA?
Credit Union SA members can choose between the following transaction accounts:
- Access Account. This is a convenient transaction account for everyday purchases that has no account keeping fees and unlimited free transactions. This account offers Android Pay, Apple Pay and Samsung Pay.
- 55+ Account. This transaction account is designed for members aged 55 years and older. the account offers tiered interest rates, meaning the higher your balance the more interest you'll earn. Account holders pay no monthly, transaction or withdrawal fees, and can access money from a wide network of rediATMS across the country.
- Home Loan Offset Account. Besides functioning as an everyday account, this product helps reduce your interest on an outstanding home loan amount. If you have $180,000 left on your home loan and $30,000 in the offset account, you will only be charged interest on $150,000. This translates into considerable savings over the course of the loan period.
- Association Account. Ideal for not-for-profit organisations of any type, this account comes with the option for a cheque book and a competitive interest rate.
What high interest savings accounts are offered by Credit Union SA?
- Netsave Account. Account-holders benefit from high interest rates irrespective of their account balance or the number of withdrawals per month. You have the option to set up regular direct deposits and conduct free internet, phone and mobile transfers to other Credit Union SA accounts. Interest is calculated daily and paid monthly.
What term deposits are offered by Credit Union SA?
- Term Investment Account. This account allows members to build wealth on deposits starting at $5,000, with a minimum terms ranging from one month to five years. Interest can be paid into a savings account or reinvested. The interest rate is fixed, and for terms of between one and five years, interest can be paid out fortnightly, monthly, quarterly or yearly.
What are the pros and cons of banking with Credit Union SA?
Here are some of the advantages of banking with Credit Union SA:
- Owned by its members. Credit Union SA is owned by its members instead of shareholders. All profits are poured back into the institution to keep fees and rates low.
- Internet banking. Members have access to a safe, sophisticated internet and mobile banking system to conduct transactions independently. The VIP Security application provides an additional layer of security.
- Varied portfolio of products. Much like a traditional bank, Credit Union SA offers a full range of banking products, from savings accounts and home loans to insurance and financial planning.
- Low fees. Members pay low - sometimes zero - transaction and monthly fees. Depending on the account type, fees are waived for students and seniors.
- Advantages for teachers. Special benefits and packages apply to members who work in education, such as the Education Community Banking Benefits package.
- Savings for children and young adults. This account pays bonus interest at the end of the month when there’s been at least one deposit and no withdrawals.
Some disadvantages include:
- Limited branch network. Branches are located only in South Australia, so if you're located in another state you're unable to visit a branch should you need to.
How do I apply for a Credit Union SA account?
The first step is becoming a member. Fill in the online membership via the Credit Union SA website to become a member and open an account at the same time. You’ll be asked to supply proof of your identification including the details from your passport or drivers licence. Applicants must be 12 years or older and must have an Australian residential address. The next steps include:
- Highlighting credits and debits
- Transferring account details
- Closing old accounts
If you'd like more help with your application, you can visit one of the South Australia branches.