General questions about Easy Savings

Are there any fees on my Easy Savings Account?
Is there a minimum balance?
What is the maximum balance?
How much interest will I earn?
Can I set up a regular savings plan?
Do I need to switch banks?
Is my money safe?


Applying for an Easy Savings Account

Who can apply for an Easy Savings account?
How do I open an Easy Savings Account?
How will I know when my Easy Savings account has been established?
How long does it take before my money is available after completing a transfer?
How long does it take to set up an Easy Savings account?
What information will I need to complete my application?
Will I need to provide ID to open my account?
Why do I need to pay a $2 share?

Managing your Easy Savings account

How do I deposit money into my Easy Savings account?
How long before I start to earn interest on my Easy Savings Account?
How do I withdraw money from my Easy Savings Account?
How do I amend my regular savings plan?
Can I arrange for my salary to be directly credited to my Easy Savings Account?
How do I obtain a statement for my account?
How do I find out what my current interest rate is?
How do I calculate interest I have earned for this financial year?
Why am I being charged withholding tax on my account?

What is Easy Street's BSB?
How often will I receive a statement?

 

General Questions

Are there any fees on my Easy Savings account?

No, there are no fees on your Easy Savings account.

Is there a minimum balance?

There is no minimum balance on your Easy Savings account. Interest is paid on all balances greater than $0. When you first open an account with Easy Street, you will however be required to deposit a minimum of $2.00 to pay for your Member share with Community First Credit Union (Easy Street is a division of Community First Credit Union) which is fully refundable should you decide to close your membership with Community First Credit Union. 

What is the maximum balance?

The maximum balance on your Easy Savings account is $5 million. All balances up to $250,000 are 100% Government Guaranteed.

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 Calculator. Simply enter your initial investment amount, plus your ongoing deposits and the calculator will work it out for you. 

Can I set up a regular savings plan?

Yes, this can be set up when you first open your Easy Savings 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. 

Do I need to switch banks?

No, your Easy Savings 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. All deposits up to $250,000 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.

<back to top>

Applying for an Easy Savings account

Who can apply for an Easy Savings account?

To apply for Easy Savings you will need to be:

  • An Australian resident
  • At least 18 years of age

How do I open an Easy Savings account?

You can apply online to open an Easy Savings account within 5 minutes. We'll attempt to verify your identity online and you will receive an instant email confirmation with next steps.

How will I know when my Easy Savings 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 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 long does it take to set up an Easy Savings account?

You can complete an Easy Savings 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 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 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 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.

<back to top>


Managing your Easy Savings account

How do I deposit money into my Easy Savings account?

You can deposit funds in to your Bonus Saver Account in the following ways:

1. 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.
2. By direct deposits, payroll credits and electronic transfers
3. By internal Internet Banking transfers from other Easy Street products
4. 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 Easy Savings 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.

How do I withdraw money from my Easy Savings 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.

How do I amend my 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.

Can I arrange for my salary to be directly credited to my Easy Savings account?

Yes, you can deposit all or part of your salary in to your Easy Savings 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, visit the Easy Savings account 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 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.

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.

<back to top>

 

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.

Other FAQs

Contact Us

Can't find the answer you are looking for?
CAPTCHA

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.