Savings Account.

From little things big things grow.

What is a savings account?

A savings account is a type of bank account where you can store your money and watch it grow. It’s different from a regular everyday transaction account because it’s specifically designed to help you save. With a savings account, you can earn interest on the money you deposit.

However, it’s important to remember that no direct payments can be made from a savings account, so you’ll need a separate transaction account for day-to-day expenses.

How to compare savings accounts

When comparing savings accounts, consider the interest rates, fees, and features like online access. Look for an online savings account that aligns with your saving goals, whether for a short-term objective or long-term financial growth. A savings account with interest can significantly impact how much your money grows over time.

FAQs

Starting your savings with us is as easy as it gets. Our savings accounts require a minimum deposit of $1 to get started. This low threshold makes it convenient and accessible for everyone to begin their savings journey, regardless of their budget.

The key difference lies in their primary uses. Our Savings accounts are designed to help you grow your money over time and usually offer higher interest rates, while our Everyday Transaction accounts come with Visa debit cards and are meant for day-to-day transactions. Remember, you can’t make direct payments from a Savings account, so you’ll need an Everyday account for regular transactions.

A savings account offers flexibility with no fixed term, allowing you to deposit and withdraw funds while earning interest. In contrast, a Term Deposit locks in your money for the set period which you nominate at a fixed interest rate, often higher than a savings account.

Depositing funds into your savings account is convenient. You can visit our Illawarra Credit Union branch for personal assistance. Alternatively, Bank@Post offers a handy service at Australia Post branches, where you can deposit cash up to $9,995.95 per day.

if you need assistance, give us a call at 1300 132 249!

Important notes

Illawarra Credit Union, a division of Community First Credit Union Limited ABN 80 087 649 938 AFSL and Australian credit licence 231204, is the product issuer of the deposit and payment products. Any advice given is of a general nature only and does not take into consideration your objectives, financial situation or needs. Please consider the appropriateness of the advice before acting. Refer to the Account and Access Facility Conditions of Use and the Fees and Charges for more details. Fees and charges are payable. Terms and conditions apply and are available on request.   BPAY® registered to BPAY Pty Ltd ABN 69 079 137 518.

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