Account fee
$0.00
Payment options
PayID
Interest rate
0.10% p.a.

Mozo editorial review Gateway Bank Edge Account

Last updated: 24 March 2020.

binocular icon
What's hot
  • $0 account keeping fee
  • 0.10% p.a. interest rate for balances from $1,000
  • Unlimited transactions using Visa Debit, EFTPOS, phone, internet, Bank@Post & BPay
What's not
  • $5 over the counter withdrawal fee
Mozo snapshot

Looking for a bank account with great features? Well, with the Gateway Credit Union Edge Account, you’ll benefit from a bundle of competitive features including free access to an extensive ATM network and no account keeping fee. Plus you’ll also receive a 0.10% p.a. in interest when your account balance is $1,000 or more, and as an added bonus, the Edge Account also comes with an optional personal overdraft facility with a limit of up to $20,000.

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Key features

With no minimum balance or opening deposit requirements, the Gateway Credit Union Edge Account will reward you for your savvy saving habits with an interest rate of 0.10% p.a. when your account balance is $1,000 or more, which is pretty good for a bank account. 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 fee and an added 2% foreign exchange fee.

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Who is it 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.

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Any catches

Make sure you have an account balance of at least $1,000 to snag the 0.25% p.a. interest rate - Balances below that will only earn 0.01% p.a.

Details

Rates and fees information correct as at 5 December 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.01% p.a.
    Balances from $1,000: 0.10% p.a.

  • n/a

  • n/a

Fees
  • $0.00

  • n/a

  • Unlimited transactions using Visa Debit, EFTPOS, phone, internet, Bank@Post and BPay

  • $0.00

  • Gateway Bank

  • $0.00

  • $0.00

  • $5.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $3.50

  • 2.00%

  • $0.00 monthly

Other financial bits
  • $0.00

  • $0.00

Features
  • $1,000.00

  • no

  • no

  • yes

  • yes

  • no

  • yes

  • yes

  • none

  • none

Atm card
  • none

  • none

  • none

Debit card
  • $3.50

  • $0.00

  • 2.00%

Payment options

PayID

Customer Reviews

How are Gateway Bank bank accounts rated by the Mozo community?

Overall
9.0/10
Price
9.3/10
Features
7.8/10
Customer service
8.8/10
Convenience
8.8/10
Trust
9.3/10
Gateway Bank

About Gateway Bank

Gateway Bank is a deposit taking institution that is open to all Australians, who in turn will receive the excellent service and value from Gateways' products. Gateway Bank has a comprehensive range of products in home loans, term deposits, personal loans, kids savings accounts, car loans, everyday banking accounts, savings accounts and debit cards.

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