FAQ - Bonus Saver Account - EasyStreet
General Bonus Saver Account questions |
Applying for a Bonus Saver Account |
Managing your Bonus Saver account |
General Questions |
| Can I make withdrawals? |
| Yes, you can. You can make a withdrawal via both internal and external transfers via Internet Banking. If you do make a withdrawal however, you will forfeit your bonus interest for that month. |
| How does the bonus interest work? |
| Provided you deposit a minimum of $50 a month and don't make any withdrawals in that month, you will be paid the bonus interest. The interest is calculated daily and paid monthly and bonus interest is paid on the total balance. The interest rate without the bonus applied is 0.01%. This is the interest rate that will be applied if you make any withdrawals or close your account during the month. |
| Do I have to make deposits each month? If so, how many? |
| You will need to make at least one deposit each month to your Bonus Saver account in order to qualify for the bonus interest. If you don't make any deposits, you will receive the standard interest rate of 0.01%. Regular savings plans can be on a weekly, fortnightly or monthly basis. |
| Is there a minimum deposit amount or balance? |
| No - interest is paid on all balances greater than $0. However, the minimum opening deposit amount is $2. This is to cover the cost of your $2 Member Share in Easy Street. This is fully refundable should you decide to close your account. |
Are there any fees on my Bonus Saver account? |
| No, there are no fees. |
What is the maximum balance? |
| The maximum balance on your Bonus Saver account is $1 million. All balances up to $1 million are 100% Government Guaranteed until at least October 2011. |
| Is there a limit to the number or value of withdrawals I can make? |
| While you are able to make withdrawals on your Bonus Saver Account, you will only qualify for the bonus interest if you do not make any withdrawals in that month, and you deposit a minimum of $50. |
Can I set up a regular savings plan? |
| Yes, this can be set up when you first open your Bonus Saver Account or at a later stage via Internet Banking. You can choose to make a recurring deposit of any amount from your nominated account. Regular payments can be made to occur automatically on a weekly, fortnightly or monthly basis. |
| How to set up your regular savings plan > |
How much interest will I earn? |
| To work out exactly how much interest you will earn based on your personal savings plan, check out our Savings Simulator. Simply enter your initial investment amount, plus your ongoing deposits and the simulator will work it out for you. Current Easy Street interest rates can be found under Current Rates. |
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Do I need to switch banks? |
| No, your Bonus Saver Account is designed to receive deposits from another bank account of your choice. You can manage your savings on Easy Street while retaining your every day transaction account elsewhere. |
| Is my money safe? |
| Yes. All deposits up to $1 million are 100% Government guaranteed until at least October 2011. In addition, we are backed by Community First Credit Union, Sydney's largest community based credit union. We have strict prudential standards that govern Easy Street, and we source over 94% of our funds from Member deposits. We have no direct exposure to any ‘sub-prime’ markets or loans, which contributed to the global financial crisis, nor have we invested in securities based on sub-prime loans. |
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| What access options do I have? (e.g. BPAY, deposit book, etc) |
| The Bonus Saver account is designed to be a pure online account. It therefore does not have card access, BPAY, deposit books or accept cash deposits. |
| Will I be paid bonus interest for the month if I close the account? |
| You will not receive bonus interest. You will receive the standard interest rate of 0.01%. |
| Can I move my money in to an Easy Savings account if I'm not saving on a regular basis? |
| Yes. One of the unique benefits of having your savings with Easy Street is that in the event you aren't saving at least once a month or need to make withdrawals from your Bonus Saver Account, you can open an Easy Savings Account to maximise the interest you earn. By moving your funds across to an Easy Savings account when your savings don't qualify for bonus interest, you can still earn a high ongoing rate from the day you transfer your funds. You will still earn the same high ongoing interest rate in an Easy Savings account, regardless of the number of deposits or withdrawals you make. |
Applying for a Bonus Saver Account |
Who can apply for an Bonus Saver Account? |
| To apply for a Bonus Saver Account you will need to be: |
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How do I open a Bonus Saver Account? |
| New Members can apply online to open a Bonus Saver Account in 4 simple steps. Existing Members can complete an express application by applying through internet banking. |
How will I know when my Bonus Saver Account has been established? |
| You will receive an email from us conforming your new Member number once your initial deposit has cleared. You will then be able to log on to Internet Banking using your Member number and the temporary personal access code you nominated in your application. |
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How long does it take to set up a Bonus Saver Account? |
| You can complete a Bonus Saver application form online in four easy steps. It should only take you a few minutes. You will then receive an email from us within one business day either confirming your new account details, or requesting a copy of your ID if we are unsuccessful in verifying your identity electronically. |
| What information will I need to complete my application? |
| When applying for a Bonus Saver Account, along with your usual personal details, you will also need to provide: |
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| Will I need to provide ID to open my account? |
| Yes. When we receive your Bonus Saver application, we will attempt to verify your identity electronically. To assist us in doing this, you should complete as much information in the application as possible. If we are unsuccessful in verifying your identity electronically, we will contact you to request some additional forms of ID. We will also request a copy of the front page of a recent statement for the account we are setting a regular savings plan up on. |
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| Why do I need to pay a $2 share? |
| To be eligible to apply for any products or services with Easy Street, you need to become a Member by paying $2. This $2 acts as a Member share in Easy Street and is fully refundable should you decide to close your account with us. Easy Street is powered by Community First Credit Union, and rather than using our profits to pay dividends to shareholders, we use them to deliver better rates, lower fees and a superior level of service to our Members. |
Managing your Bonus Saver Account |
How do I deposit money into my Bonus Saver account? |
| You can deposit funds in to your Bonus Saver Account in the following ways: |
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| Please note that Easy Street does not accept cash deposits or cheques. |
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How long before I start to earn interest on my Bonus Saver account? |
| Providing your balance is greater than $0, you will start to earn interest immediately. Interest is calculated daily and paid at the end of each month. If you deposit a minimum of $50 each month and don't make any withdrawals, you will receive the bonus interest. Otherwise, the standard interest rate of 0.01% will apply. |
How long does it take before my money is available after completing a transfer? |
| Deposits (Transfers IN) initiated after 2.00pm (EST) will appear after 2.00pm (EST) on the next business day. If a deposit is intiated before 2.00pm (EST) on a business day it will usually appear after 2:00pm (EST) on that same business day. If a Transfer OUT is made before 2.00pm (EST) on a business day, the withdrawn funds are generally transferred to your transfer account on that same business day. If the Transfer OUT is made after 2.00pm (EST) the funds will generally be available on the next business day. |
How do I withdraw money from my Bonus Saver account? |
| Simply select 'Credit External' found under 'Transfers' from the top menu in Easy Street Internet Banking to make a transfer to any external bank account. |
Can I arrange for my salary to be directly credited to my Bonus Saver account? |
| Yes, you can deposit all or part of your salary in to your Bonus Saver account. |
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| How do I obtain a statement for my account? |
| While our Internet Banking service provides you with transaction listings, to obtain a statement for account, you will need to be registered for our E-statements service. Using our E-statements service, you can search, view and print your statements. To register, send us a secure email via Internet Banking by clicking 'Other' followed by 'Secure email' from the top menu. Alternatively, call us on 1300 13 14 65. |
| How do I find out what my current interest rate is? |
| To find out the current interest rate on your account, visit our Interest Rates page. |
| How do I calculate interest I have earned for this financial year? |
| To view how much interest you have earned on your account at any one time, simply click 'Other' followed by 'Interest' from the top menu when logged in to Internet Banking. Your interest earned for the financial year will be displayed in your end of financial year e-statement. You will be notified when this is available to view, download and print from our secure e-statements site. |
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| Why am I being charged withholding tax on my account? |
| If you do not provide us with your Tax File Number (TFN), we are required to deduct withholding tax from you. Withholding tax is a tax deducted from the gross amount of interest paid to you. Withholding tax is deducted at the time when interest is credited to your account. In the case of joint accounts, both account holders are required to supply a valid TFN if you do not wish for withholding tax to be deducted. If you quote your TFN, no tax will be taken out of interest paid on your account. Please note that it is not an offence if you choose not to quote your TFN. |
| How do I set up or amend a regular savings plan? |
| To set up or amend your regular savings plan, you will need to log on to Easy Street Internet Banking. Once logged in, select 'Debit External' from the top menu item titled 'Transaction'. Then, select the account you are transferring to, followed by a reference and the amount you would like to have debited on a regular basis. Click 'Pay Later' and scroll down to enter the relevant details in the 'Future Regular Payment' section that will drop down. Click 'OK' to confirm. |
| What is Easy Street's BSB? |
| Easy Street's BSB number is 802 038. |
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How often will I receive a statement? |
| Statements on Easy Street are delivered through our secure e-statements site which gives you easy access to your statements and helps reduce paper wastage. A new statement will be posted to our e-statements site every 4 months and you will be notified via email when it is ready. We will not send you a statement if your Account has been inactive during the period to which the statement would relate. Each statement of account will record all transactions on your Account since the last statement of account. Please tell us immediately if you find an error on your statement. If you are not receiving emails from us to let you know that your latest e-statement is available, you should contact us so that we can rectify it. Account information is also available by accessing your Account through Easy Street Internet Banking. |
| For further information on our e-statements service, visit our FAQ section. |
Still not sure? |
| We've attempted to answer a range of common questions here, but if you're still not sure, you might like to give us a call on 1300 13 14 65 or send us an online enquiry. |
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