Online Savings Account FAQ
How does an Online Savings Account work?
Who can open an Online Savings Account?
Can I have more than one Online Savings Account?
Can I open an Online Savings Account for business use?
Can I open an Online Savings Account if I am not a member of a Superfund or Union?
How much money do I need to open my account?
How long will it take to open my account?
Will my Online Savings Account appear on internet & phone banking?
How do I deposit money to my Online Savings Account?
How do I withdraw money from my Online Savings Account?
When will I start earning interest?
Are there any fees on my account?
Will I be informed if the interest rate on my Online Savings Account changes?
How often will I receive statements for my Online Savings Account?
Can I make Bill Payments from my Online Savings Account?
How does an Online Savings Account work?
The Online Savings Account is designed such that you earn high interest but still have your money available at call. You can access it anytime using phone and internet Banking. Simply link your Online Savings Account to another bank account, whether with Members Equity Bank or another Australian financial institution. The account must be in the same name as your Online Savings Account or, where the account is held jointly with another account holder, at least one account holder.
Who can open an Online Savings Account?
The minimum age to open an account is 12 years, and the application should be completed by the account holder.
Can I have more than one Online Savings Account?
Yes. Simply fill in another application. Each Online Savings Account must still be linked to a nominated bank account.
Can I open an Online Savings Account for business use?
No, this account is specifically for personal use only.
Can I open an Online Savings Account if I am not a member of a Superfund or Union?
Yes.
How much money do I need to open my account?
There is no minimum balance. You earn high interest on the full balance of your account.
How long will it take to open my account?
Your account will be opened within three business days from when we receive your completed application form and any supporting documentation.
Will my Online Savings Account appear on internet & phone Banking?
Yes, you will be able to view all your transactions once you have registered for our phone and internet Banking services. You will also be able to deposit and withdraw money using phone and internet Banking. If you have previously set up access to our phone and internet Banking services, you will still be able to use your original customer ID and access code.
How do I deposit money to my Online Savings Account?
You can make deposits at any time from your nominated bank account using phone and internet banking. You can also make deposits from an external non-nominated account ie. an account that is not currently linked to the Online Savings Account.
How do I withdraw money from my Online Savings Account?
You can make withdrawals at any time from your nominated bank account using phone and internet banking.
If I have an Ultimate Offset account with Members Equity Bank, can that be my nominated bank account?
No, the Ultimate Offset account cannot be linked to the Online Savings Account as it is still considered to be part of a loan account.
When will I start earning interest?
You begin earning interest from the day your account is opened and a deposit is made. You earn interest on the entire balance in your account, regardless of the amount. Interest is calculated daily and paid monthly.
Are there any fees on my account?
No, there are currently no bank fees on your account.
Will I be informed if the interest rate on my Online Savings Account changes?
If the interest rate changes, information will be provided to you with your statements. Our website will also have updated interest rates available, or you can call us.
How often will I receive statements for my Online Savings Account?
Statements are issued quarterly at the end of March, June, September and December.
Can I make Bill Payments from my Online Savings Account?
No.
Related Links
Savings Accounts tools
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