This page details frequently asked questions (FAQ's) about the Bonus Saver Account.
 

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 of $50 each month to your Bonus Saver account in order to qualify for the bonus interest. Multiple deposits for less than $50 are permitted, and bonus interest will still be paid that month provided the total deposits total at least $50. If you don't make any deposits, or you make a withdrawal, you will receive the standard interest rate of 0.01%. Regular savings plans can be set up 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 Community First Credit Union (Easy Street is a division of Community First Credit Union). This is fully refundable should you decide to close your membership with Community First Credit Union.


Are there any fees on my Bonus Saver account?

No, there are no fees whatsoever.


What is the maximum balance?

The maximum balance on your Bonus Saver account is $5 million.


Is there a limit to the number or value of withdrawals I can make?

While you are able to make unlimited 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. You can do this by either setting up a recurring payment via Internet Banking yourself from the account the funds are coming from, or we can set up a regular savings plan on your behalf by debiting an Australian Bank account in your name up to $2,000 per month on your behalf. Regular payments can be made to occur automatically on a weekly, fortnightly or monthly basis. 


How much interest will I earn?

To work out exactly how much interest you will earn based on your regular savings plan, check out our Savings calculator. Simply enter your initial investment amount, plus your ongoing deposits and the calculator will work it out for you. 


Do I need to switch banks?

No, your Bonus Saver Account is designed to receive deposits from any Australian bank account. Of course, if you choose Easy Street's Everyday Access Account for your everyday banking, internal transfers between these accounts are instant.


Is my money safe?

Yes. Total deposits up to $250,000 per account-holder per authorised deposit-taking institution are 100% Government guaranteed. 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 95% 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.

 

What access options do I have? (e.g. BPAY, deposit book, etc)

The Bonus Saver account is designed to be a purely online account. It therefore does not have card access, BPAY, deposit books or accept cash deposits. You have access to a wider range of access options via the Easy Street Everyday Access Account. With transfers between these two accounts being instant, you'll find you can easily access cash whenever you need it.


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%. This is because the funds are withdrawn upon account closure and a withdrawal causes the bonus interest to be forefeited.


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.

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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:

  • An Australian resident
  • At least 18 years of age


How do I open a Bonus Saver Account?

New Members can apply online to open a Bonus Saver Account within 5 minutes. Existing Members can complete an express application by applying through internet banking where your account will be opened instantly.

 

How will I know when my Bonus Saver Account has been established?

You will receive an email from us confirming your new Member number which means your account is now open. 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.

How long does it take to set up a Bonus Saver Account?

You can complete a Bonus Saver application form online within 5 minutes. You will receive an instant email confirmation from us, and once we have verified your ID, your account will be opened and ready to use within one business day. In the event we are unsuccessful in verifying your ID electronically, you will be notified of what ID documents you will need to provide before we can open your account.


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:

  1. The details of a nominated bank account. This will be used to withdraw your regular savings amount from should you elect to set up an automatic regular savings plan. Please ensure you have sufficient funds available to cover the minimum initial deposit of $2.00, as well as your ongoing deposit amounts.
  2. Your Tax File Number (optional): This is needed only if you want to avoid withholding tax being deducted from your savings.
  3. Permission to verify your details against databases including driver licences and Passports to help us verify your identity electronically. It's a good idea to have your Driver Licence or Passport handy to enable you to enter these document numbers in to our online ID verification tool. In the event you are unable to achieve 100% verification, you will need to provide us with a certified copy of your ID. We will notify you of what the next steps are at each stage.


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 including your middle name and previous address. You will also be required to select from a list of databases to verify your details against to assist us in verifying your identity. If we are unsuccessful in verifying your identity electronically, we will contact you to request a certified copy of your ID. 


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 of Community First Credit Union by paying $2. This $2 acts as a Member share and is fully refundable should you decide to close your account with us. Please note that if you're already a Member of Community First Credit Union then you won't need to pay this $2 share again. Easy Street is a division of 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.

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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:

  • By requesting us to set up a regular savings plan on your behalf from an Australian bank account in your name. We will debit up to a maximum of $2,000 per month on your behalf.
  • By direct deposits, payroll credits and electronic transfers
  • By internal Internet Banking transfers from other Easy Street products
  • By posting us a cheque to PO Box 98, Lidcombe NSW 1825

Please note that Easy Street does not accept cash deposits.


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?

If an external transfer is made before 2.00pm (EST) on a business day, the withdrawn funds are generally transferred to an external bank account the following day. (Excludes weekends) If the external transfer is made after 2.00pm (EST) the funds will generally be available within two business days. This generally applies to most financial institutions' Internet Banking services.


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. Alternatively, select 'transfer' from the top menu to complete an internal transfer to another Easy Street 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.


How do I obtain a statement for my account?

Our Internet Banking service provides you with transaction listings and statements for your accounts with us which you can view and print. Simply click on 'Other' followed by 'Estatements' from the top menu within Internet Banking.


How do I find out what my current interest rate is?

To find out the current interest rate on your account, visit the Bonus Saver 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, also available via Internet Banking. You will be notified via email when this is available to view and print.

 

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 want 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 have 3 options:

1. Set up a recurring payment yourself via Internet Banking from the account the funds are coming from. This way you can make amendments to your savings plan at any time yourself, without the need to contact us.

2. Arrange for whole or part of your salary or income to be directly deposited to us.  Complete the payroll split request form on our online forms page and forward it to us to action or amend.

3. Request us to set up an automatic regular savings plan on your behalf. We can deposit an Australian bank account in your name up to a maximum of $2,000 per month. To set up a new plan or amend an existing one, complete the request for automatic regular savings plan form on our online forms page and return it to us to action.


What is Easy Street's BSB?

Easy Street's BSB number is 512-170.


How often will I receive a statement?

Statements on Easy Street are delivered through our secure Internet Banking site which gives you easy access to your statements and helps reduce paper wastage. A new statement will be posted every 4 months and you will be notified via email when it is ready to view and print. 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 ensure your email address is updated in Internet Banking.

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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.

 

 Registered to BPAY Pty Ltd ABN 69 079 137 518

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