Christmas Savings Account.
A short-term savings account that gives you extra incentive to save for end-of-year expenses.
Interest up to
Don’t wait, open an account online .
Our Christmas savings account is here to help our customers reach their goals in time for the end of the year. There's a minimum of $1 needed to kick-start your savings goal with a limit of one per membership permitted. You'll need a transaction account to do any of your regular banking such as paying your bills.
Already bank with us?
It’s simple, apply through Internet Banking with your existing details. Can’t remember? No problem, just call us and we’ll help get you started.
Your Everyday account may have different fees and charges please refer to our Fees and Charges. Other transaction fees and charges may apply, please refer to our Fees and Charges.
New to Illawarra Credit Union?
Have your Documents to prove your identity (POI) handy.
Get started.
Hit ‘apply now’ to complete the application form, we’ll complete your ID check & get you started with your new account.
Rates & fees.
Christmas Account
| Balance | Interest Rate |
| $0 – $29,999 | 2.00% p.a. |
| $30,000 + | 0.00% p.a. |
Interest & fees.
Interest is paid yearly on the closing tier balance credited 31 October before the penalty free period, which is between 1 November to 31 January.
Early withdrawal fee of $5.00 will be charged when you make a withdrawal from your Christmas account outside of the free period of the 1st of November to 31st January.
Refer to our Fees and Charges, Summary of Accounts & Availability of Access Facilities, and our rates and fees for more information.
What makes it so great ?
Always on.
24/7 access with e-statements, internet banking & our moneytree app – banking from your phone or tablet.
Fatten up your savings.
Earn interest on the amount you save.
$0 account keeping fees.
No monthly account keeping fees & no minimum monthly deposits.
FAQs
A Christmas Savings Account is designed for customers who plan to make regular deposits throughout the year and need the flexibility to withdraw funds without penalty during a specific period. This account is ideal for saving money specifically for holiday expenses. It allows withdrawals from November 1 to January 31 each year, ensuring you can access your funds when you need them most during the holiday season.
You can access your Christmas savings account year-round, but withdrawals are only free from November 1 to January 31. This helps ensure the money saved is used for its intended purpose—holiday spending. Withdrawing funds from your Christmas savings account outside of this period will incur fees.
Yes, there are some fees associated with a Christmas Savings Account. A $5.00 early withdrawal fee applies to each withdrawal when you make a withdrawal outside the free withdrawal period (November 1 to January 31).
You can set up regular automatic deposits into your Christmas Savings Account. This feature makes it easy to steadily build up your holiday funds without manually transferring money each time.
Yes, you can open a Christmas Savings Account online, and it is limited to one account per membership. This convenience allows you to start saving for the holidays whenever you’re ready, with just a few clicks.
The minimum deposit required to open a Christmas Savings Account is just $1. This low entry point makes it accessible for everyone to start saving for the festive season.
Yes, the funds in your Christmas Savings Account are protected under the Australian Government’s Financial Claims Scheme.
The Australian Government guarantees aggregated deposits for eligible accounts with Australian authorised deposit-taking institutions, including Illawarra Credit Union, of up to $A250,000.
The FCS limit of $250,000 applies to the sum of an account holder’s deposits under the one banking licence. This includes accounts with any other banking business that the licenced banking institution may operate under a different trading name. Community First Credit Union Limited operates the brands Illawarra Credit Union, Community First Bank and Easy Street Financial Services. For the purpose of FCS, all deposits held under the different brands are added together to determine the FCS entitlement for an account holder.
See the FCS website for more information at www.fcs.gov.au/.
No, there are no penalties for not making regular deposits into your Christmas Savings Account. You can contribute as your budget allows without any repercussions for irregular deposits.
Yes, prior to the end of the penalty free withdrawal period, you can transfer your Christmas savings to a different account or leave the remaining balance there for next year’s Christmas period. This transfer can help you manage your finances more effectively or reallocate funds as needed after the holiday season.
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Find out moreGovernment Guarantee.
The Australian Government guarantees aggregated deposits with Australian authorised deposit-taking institutions, including Illawarra Credit Union (a division of Community First Credit Union Limited), of up to $A250,000.
The Financial Claims Scheme (FCS) is an Australian Government scheme that was established during the 2008 global financial crisis to provide financial protection for consumers in the unlikely event of a failure of a bank, credit union, building society or general insurer.
The FCS provides protection for depositors of banks, credit unions and building societies that are incorporated in Australia (also known as authorised deposit-taking institutions or ADIs), for deposits up to $250,000 per account holder per ADI. The FCS limit of $250,000 applies to the sum of an account holder’s deposits under the one banking licence. This includes accounts with any other banking business that the licenced banking institution may operate under a different trading name. Community First Credit Union Limited operates the brands Illawarra Credit Union, Community First Bank and Easy Street Financial Services. For the purpose of FCS, all deposits held under the different brands are added together to determine the FCS entitlement for an account holder. The scheme aims to return deposits to account holders within seven days of activation of the FCS.
The FCS can be activated by the Australian Government in the unlikely event that an ADI or general insurer fails.
Once activated, the FCS will be administered by APRA.
The objectives of the FCS are to:
- protect depositors of ADIs, and claimants of general insurers, from potential loss in the unlikely event of the failure of these institutions;
- provide depositors with prompt access to their deposits that are protected under the FCS; and
- support the stability of the Australian financial system.
Further information about the Government Guarantee can be obtained from the APRA website at www.fcs.gov.au.
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.
