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Credit Union SA: Supporting South Australians with their banking

Credit Union SA pays no dividends to shareholders, instead using profits to keep interest rates and fees low.

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Credit Union SA

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.

Rates last updated March 31st, 2020
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
AMP Saver Account
$0 / $0
Introductory rate of 2.65% p.a. for 6 months, reverting to a rate of 1.05% p.a. The bonus rate offer is for new AMP Saver customers only, and applies to the first $500,000 deposited.
Rabobank Online Savings High Interest Savings Account
$0 / $0
Maximum variable rate of 2.25% p.a. for 4 months, reverting to a rate of 0.80% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
MyState Bank Bonus Saver Account
$0 / $0
Ongoing, variable 2.00% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
Suncorp Growth Saver Account
$0 / $0
Ongoing, variable 1.90% p.a. when you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal in the month. Available on the entire balance.
Bank of Queensland Fast Track Saver Account
$0 / $0
Ongoing, variable 2.00% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.
HSBC Serious Saver
$0 / $0
Receive a maximum variable rate of 1.85% p.a. for 4 months, reverting to an ongoing rate of 0.01% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.
UBank USaver
2019 Winner
UBank USaver
$0 / $0
Ongoing, variable 1.85% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.
Bankwest Hero Saver
$0 / $0
Ongoing, variable 1.50% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
HSBC Flexi Saver Account
$0 / $0
Ongoing, variable 1.25% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.

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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
LoginMenuAccount Balance

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?

The pros

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.

The cons

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.

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2 Responses

  1. Default Gravatar
    ConJuly 11, 2017

    we looking for buy a house(the first house). What we doing for a low interest rate.

    • Default Gravatar
      DanielleJuly 13, 2017

      Hi Con,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      You may refer to this page for tips on buying your first home, as well as offers that may suit your needs.

      I hope this helps.


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