Interest rate
0.20% p.a.(for $0 and over)
Maximum rate
0.60% p.a. (for $0 and over)
Govt deposit guarantee
Yes up to $250,000

Mozo editorial review Southern Cross Credit Union Star Saver

Last updated: 5 May 2021.

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What's hot
  • 0.60% maximum rate available until 31 May 2021
  • $6.00 monthly account fee waived if conditions met
  • Unlimited free transactions from phone & internet
What's not
  • Interest paid half-yearly
  • $6.00 account fee if conditions not met & $2.00 over the counter withdrawal fee
Mozo snapshot

So, you’re looking for a shiny new savings account to stash your cash in? Well, with the ability to earn interest on your savings and the flexibility to make unlimited free transactions via phone and internet, the Southern Cross Credit Union Star Saver might just be your savings account match! Just make sure you can meet the conditions to skip out on the $6 monthly account fee.

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Key features

From now until 31 May 2021, the Southern Cross Credit Union is offering a bonus interest rate of 0.60% p.a. with its Star Saver account. This rate is made up of a standard interest rate of 0.20% p.a. and a 'growth bonus rate' of 0.40% p.a. To achieve the full 0.60% p.a. interest rate, you will have to grow your savings account balance by at least $500 each month.

On top of this, the Southern Cross Credit Union Star Saver offers flexible features, such as the ability to make unlimited free transactions over the phone and via internet banking, so you won’t cop any pesky fee charges should you need to move your money around in your accounts.

While this account charges a $6.00 account fee, if you’re under the age of 21, or you maintain a $3,000 minimum account balance or you have at least a $30,000 total in deposits and/or loans with Southern Cross Credit Union this fee will be waived.

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Who is it good for

The Southern Cross Credit Union Star Saver could be a great savings account option for  Aussies who are under the age of 21, can afford to maintain a minimum account balance of $3,000 or have at least a $30,000 or more total in deposits or loans with Southern Cross Credit Union and thus can have the $6.00 monthly account fee waived. So if you’re already a Southern Cross customer, this one might be for you!

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Any catches

If you plan on withdrawing money from a branch, keep in mind that the Southern Cross Credit Union Star Saver comes with a $2.00 over the counter withdrawal fee.

Also, while it won't make a huge difference, having interest paid on a half-yearly basis actually means that you’ll earn slightly less interest than if you were to be paid on a monthly basis.

Details

Rates and fees information correct as at 18 June 2021. 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: 0.20% p.a.

  • Balances from $0: 0.60% p.a.

  • bonus rate applicable if balance grows by $500 or more during the month

Fees
  • $6.00

  • monthly fee waived for under 21’s; if account balance remains over $3k; or if over $30k total in deposits and/or loans with SCCU.

  • unlimited free transactions from phone and internet.

  • n/a

  • n/a

  • n/a

  • n/a

  • $2.00

  • n/a

  • n/a

  • $0.60

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Half-yearly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • no

  • yes

  • no

  • no

  • none

  • none

  • none

Customer Reviews

How are Southern Cross Credit Union savings accounts rated by the Mozo community?

Price
7.9/10
Features
7.7/10
Customer service
9.2/10
Convenience
8.0/10
Trust
9.0/10
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About Southern Cross Credit Union

Southern Cross Credit Union has a range of financial products and services for its members. Southern Cross offers an extensive range of products in home, personal, business and investment loans, low doc loans, a range of debit card options, savings accounts, term deposits and insurance products for its members.

See Southern Cross Credit Union savings accounts