Formerly known as the Members and Education Credit Union (or mecu), bankmecu is a customer-owned bank based in Kew, Victoria. It is one of the largest financial cooperatives in Australia with assets worth over $2.6 billion, more than $287 million in capital, and 125,000 customers/owners serviced by around 348 staff. Bankmecu has been awarded for its products, services and sustainability efforts, which include Ethical Investor's 2010 Australian Small Business Sustainability Award and AFR Smart Investor's 2010 Credit Card of the Year.
Bankmecu offers a range of home loans, car loans, credit cards, insurance products, business banking services, and savings accounts. If you wish to transact with bankmecu, you can access your account through the bank's 24 service centres and 3,400 rediATM cash machines throughout the country.
Here are some of the accounts that you can open at bankmecu:
Cyber Saver is bankmecu's online savings account. It has no monthly maintenance fees, has tiered interest rates of up to 3.5% p.a. for amounts over $150,000, and is protected by the government's Financial Claims Scheme that guarantees $250,000 of your money in case of a bank failure. The Cyber Saver is a suitable option for people looking for good rates and avoiding fees.
The MySaver savings account is available to customers aged 25 and below. It provides a great motivation to save: just deposit at least $10 every month into your MySaver account, don't withdraw for the month, and you'll earn a bonus interest of 3.80% p.a. on top of your base rate of 0.25 per cent p.a., for a total of 4.05% p.a. If you do withdraw, your interest rate for the month reverts to the base rate.
Bankmecu's Incentive Saver is similar to MySaver: if you deposit a certain amount per month and not withdraw during that period, bankmecu will give you a bonus interest of 3.80% p.a., in addition to your base rate of 0.25% p.a., for a total of 4.05% p.a. The difference is that Incentive Saver requires a larger monthly deposit of $100. The interest rate also reverts to the base rate if you withdraw. If you can afford the $100 monthly deposit, then you should definitely try Incentive Saver.
The bankmecu Access Account is a really good everyday account. It comes with a Visa Access or rediCARD Plus ATM card, which you can use for withdrawing cash for free from rediATM cash machines and more than 3,200 Australia Post outlets; paying for purchases through EFTPOS; and depositing cash and cheques. Plus, you get tiered interest rates that pay up to 0.25% p.a. for balances worth $50,000 and over. If you want a transaction account with competitive rates, get an Access Account.
- To compare these Bankmecu savings accounts with those offered by other institutions, click here.
- For information about other savings account providers, click here.
- Saving can often be very difficult. For those looking to save, check out our great money saving tips and our article section for more information on how you can achieve your saving goals.