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Frequently asked questions - Online Savings account
Who can open an Online Savings account?
How do I open an Online Savings account?
What is the interest rate and how is it calculated?
When is my Online Savings account opened and ready to use?
Can I set up an Online Savings account as a joint account?
Can I link my Online Savings account to another Teachers Credit Union savings account?
How long do the funds have to be in the account to earn interest?
Can I open more than one Online Savings account?
How do I transact on my Online Savings account?
How do I deposit and withdraw?
Is there a minimum and maximum balance requirement?
What is the minimum deposit and withdrawal on this account?
Can I set up regular deposits?
Can I arrange for my pay or other income to be deposited into this account?
Can I establish automatic deposits from another financial institution to go into my Online Savings account?
How can I check my balance?
Can I have a cheque book or a card on this account?
How often will I receive a statement?
Do I have to lodge my Tax File Number (TFN) for this account?
Can I advise my TFN online?
Are there any fees?
Can I have sweep on this account?
You must be a Teachers Credit Union member and registered to use internet banking. TeenPlus and EarthOne members who are the signatory to their account can also open an account.
This account can only be opened online in internet banking. Go to Account Information then to Open Account and follow the prompts. It only takes a few minutes.
Interest is calculated daily, tiered and credited monthly. Refer to interest rates on this website for the current rates.
You will receive confirmation that the account is opened at the end of the application process. When you select the Finish button, the account is ready to receive deposits.
The account can be opened with a maximum of 2 account holders who both need to be Teachers Credit Union members. If you choose to open the account where both account holders need to authorise withdrawals, you will both be prompted to enter your internet banking access code on the same computer at the time of opening.
No. This account cannot be linked to another Teachers Credit Union savings account.
Every dollar earns interest from the day it is deposited.
Yes. You can open up to 9 accounts.
Transactions can be done by internet or phone banking. To link your new Online Savings account to phone banking, call us.
You can transfer funds to and from your Online Savings account and your other accounts through internet and phone banking. In internet banking, select
- Payments and Transactions
- Transfer
- Transfer from (select account type)
- Transfer to (select account type)
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There is no minimum deposit required to open this account or to keep it opened. No maximum balance applies to this account however if there is a nil balance in the account for 3 months, we may close the account.
There are no minimum deposit or withdrawal restrictions.
Yes. You can set up regular deposits from any of your Teachers Credit Union savings accounts to go directly to the Online Savings account. Do this in internet banking. Select Payments and Transactions then Transfers.
You can also have all or part of your pay or other income directly deposited into this account. Call us for a form.
You can have an automatic deposit into your Everyday account and then transfer to your Online Savings account by internet or phone banking. Alternatively, by using your account reference number, you can credit funds directly into this account. Call us for more details.
Use internet, phone or SMS banking. For staff assisted transactions over the phone or at our offices, a staff assist fee of $5.00 applies.
No - this account is an internet banking account designed to work with your other Teachers Credit Union accounts, so cheque books and cards cannot be issued.
Your Online Savings Account transactions are listed on your monthly statement.
It is optional, however if you don’t quote your TFN you may have to pay withholding tax on any interest earned.
Yes, however the TFN advised will only be updated on your Online Savings account. Contact us to update on your TFN on your other accounts.
There are no account keeping or transaction fees, however if you require staff to help you with this account over the phone or at our offices, a staff assist fee applies. This fee includes, but is not limited to balance enquiries, transaction enquiries, transfers and cheque deposits. The fee will not apply for pay or income reallocation, TFN lodgment or on closure of the account.
No, sweep is not available.
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