With no minimum balance or opening deposit requirements, the Gateway Credit Union Edge Account will reward you for your savvy saving habits with a competitive savings interest rate of 1.40% p.a. when your account balance is $1,000 or more. There’s also no monthly account keeping fee.
Not only will you receive free access to one of Australia’s largest ATM networks including Westpac, St.George, Bank of Melbourne, and BankSA (with a standard $1,000 daily ATM withdrawal limit) there are no EFTPOS, phone, internet, Bank@Post or BPay fees for deposits or withdrawals. However, there’s a $5 fee for over the counter withdrawals made at the only Gateway branch located in Sydney CBD.
The Gateway Credit Union Edge Account also comes with a linked Visa debit card that can be used anywhere Visa is accepted globally, and as an added bonus the $5 card fee is wiped. You’ll also be covered by Visa’s Zero Liability policy which protects you from unauthorised transactions (conditions apply), including any Visa payWave “tap and go” purchases under $100.
You can also keep track of your transactions 24/7 with the convenience of online banking and the Gateway 2go smartphone app that lets you bank on the go with your smartphone.
If you find yourself strapped for cash and don’t want a credit card, the Gateway Credit Union Edge Account has an optional overdraft facility for withdrawals of up to $20,000 with a low interest rate of 11.74% p.a (conditions apply). Although, this interest rate is much lower than credit card interest rates, beware that the overdraft doesn’t have an interest free period.
Also keep in mind if you’re planning on jetsetting overseas, the Gateway Credit Union Edge Account’s linked debit card comes with a $3.50 overseas ATM withdrawal free and an added 2% foreign exchange fee.
Who it's good for:
The Gateway Credit Union Edge Account is designed for Aussies looking for a fee free bank account with a competitive interest rate and extensive ATM network or those after the flexibility of an optional personal overdraft facility. It’s also good for Sydney-siders as the only Gateway branch in Australia is conveniently located in the Sydney CBD.
Make sure you deposit at least $1,000 to snag the 1.40% interest rate - on balances lower than that, you'll only earn 0.01%.