V.I.P. Pension Account - Joint
- Last updated on 29 May 2020
Online Savings Account
*To receive bonus interest open an Online Savings Account and a ME Everyday Transaction Account and Tap & go™ at least four times a month and you could get bonus interest on savings balances up to $250,000.
Gold Award Winner 2020
Online Savings Account
- Has branch access
- Has ATM access
- Has EFTPOS facility
- Has no ongoing fees
- Has no minimum balances
- Must satisfy conditions
Has eftpos facility
Has phone facility
Has branch access
Joint application available
Minimum age restrictions
Is online only
Maximum age restrictions
Minimum opening deposit
Has atm access
Minimum monthly deposit
Atm withdrawal fee
Account keeping fees
Overseas eftpos fee
Internet transaction fee
Over the counter deposit fee
Phone transaction fee
Over the counter withdrawal fee
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Hunter United commenced life in 1963 and has progressively grown into a community based financial institution serving the Hunter Valley. They are the largest locally based credit union in the region with seven branches including Broadmeadow, Charlestown, Glendale, Jesmond, Marketown East, Mayfield and Greenhills (East Maitland). They specialise in providing value for money financial services including savings accounts, loans, credit cards, investment accounts and retirement and superannuation products.
A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.
Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.
Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.
A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.
If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.
Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process.
You may be required to provide:
- Personal details, including identification (driver’s license, passport etc.)
- Tax file number
- Employment details
A savings account is a type of bank account in which you earn interest on the money you deposit. This makes it one of the easiest and safest investment tools.
Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.
Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.
Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly.
A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.
Yes. You can make one off payments or set up regular direct deposits into a savings account. This can be organised easily through online banking or by making deposits in a branch. Talk to your lender to find out the easiest way for you to set up direct deposits.