bankmecu Savings Accounts

Posted February 24th, 2011 and last modified August 27th, 2014

bankmecu is a credit union located throughout Australia

bankmecu has more than 130,000 members and banks, which makes them the biggest credit union in this part of the world. They have thirty three service centres located throughout the whole continent. bankmecu have enormous investment deposits. They have 2 and a half billion dollars in assets and 260 million dollars in investment funds which makes them much stronger then many banks. The best fact to underline the bankmecu strength is the fact that many other credit unions joined them in the few last decades.

Products And Services Offered By bankmecu

The bankmecu products and offerings can divide in three main categories: loans and credit cards, savings and investments, and insurance. In all of these categories, bankmecu is in the top of the lists. They have a large impact on the Australian banking service market.

As a major credit union, bankmecu provides many different loans such as home loans, car loans, personal loans, commercial loans, investments, and also equity loans. They have very competitive interest rates on all those loans. The other thing that is also important is that they offer much better terms then banks. The combination of these two facts makes bankmecu loan offers very attractive.

Also, bankmecu provides two credit cards –conventional Visa and low rate Visa. The low rate Visa has a $59 annual fee and competitive interest rate. On the other hand conventional Visa card is interest free. It means that it is free of interest for up to 55 days and does not have an annual fee. The both cards are good, so the customers should choose the one that suites their needs.

Compare Other Savings Accounts With bankmecu MySaver

Bankmecu mySaver Account
Bankmecu mySaver Account
ING DIRECT Savings Maximiser
ING DIRECT Savings Maximiser
Bankwest TeleNet Saver
Bankwest TeleNet Saver
HSBC Serious Saver
HSBC Serious Saver
ANZ Online Saver
ANZ Online Saver
Westpac eSaver
Westpac eSaver
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Maximum Variable Rate3.75% p.a.4.00% p.a.3.90% p.a.4.00% p.a.3.80% p.a.3.82% p.a.
Standard Variable Rate0.25% p.a.2.75% p.a.2.50% p.a.2.70% p.a.2.50% p.a.2.50% p.a.
Bonus Variable Rate3.50% p.a.1.25% p.a.1.40% p.a.1.30% p.a.1.30% p.a.1.32% p.a.
Monthly Fee$0$0$0$0$0$0
Minimum Opening Deposit$10$0$1$0$0$0
Introductory Interest Period4 month(s)4 month(s)4 month(s)4 month(s)3 month(s)
Internet BankingYesYesYesYesYesYes
Internet Transaction Fee$0$0$0$0$0$0
Phone BankingYesYesYesYesYesYes
Phone Transaction Fee$0$0$0$0$0$0
MoreOpenMoreOpenMoreOpenMoreOpenMoreOpenMore

The other large areas where bankmecu is operating are savings and investments. bankmecu has wide range of different savings products. You can choose between on-line Cyber Saver account, a cash management account, access account, incentive saver and children’s mySaver account. All of these accounts have one common thing. All bankmecu accounts have good interest rate. They also provide easy accessibility to the funds with the use of Internet banking. bankmecu also did not charge any monthly account fees.

In the area of investment products, bankmecu also has a large offer. They are offering term deposits, fixed interest rates, federal deposit guarantees, foreign exchange, community banking and financial planning.

The third large occupation of bankmecu is insurance. bankmecu is doing insurance through underwriters like Allianz and CGU. They are offering several types of insurance: home insurance, contents insurance, car insurance, boat insurance, caravan or trailer insurance, etc.

They are also offering some personal insurance like personal risk insurance, travel insurance and loan cover insurance.

They are dedicated to provide the highest quality of service to a wide range of members and that should have affordable prices. They also have many additional benefits in their insurance offers. In many cases, if you choose one of their insurance offers, you will get another one for free or in half price. They also offer an affordable additional health plan.

Savings Accounts Comparison Comparison

Rates last updated September 2nd, 2014.
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
ING DIRECT Savings Maximiser
ING DIRECT Savings Maximiser
A high interest savings account with no account keeping fees. Earn up to 4.00% p.a. variable rate for 4 months. 4.00% 2.75% 1.25% $0 $0 / $0 OpenMore
Bankwest TeleNet Saver
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balances up to 5000000. Earn a high 3.90% p.a. variable rate for 4 months. 3.90% 2.50% 1.40% $0 $0 / $1 OpenMore
HSBC Serious Saver
HSBC Serious Saver
Achieve your savings goals with this great offer from HSBC with high ongoing rate for 4 months for opening balances up to $1000000. Plus no minimum monthly deposit needed. 4.00% 2.70% 1.30% $0 $0 / $0 OpenMore

Read more on this topic

  • bankmecu Incentive Saver

    Overview of the bankmecu Incentive Saver Account The bankmecu Incentive Saver account is the ideal way to boost savings. It’s also excellent for staying motivated and helping you stick to your savings goals. Essentially, you commit to depositing at least $100 into your account each calendar month. This can be done in a lump sum, [...]

  • bankmecu Term Deposit Account

    The bankmecu Term Deposit Account is a fixed term deposit with a guaranteed return on investment for the life of the account. This deposit account offers investors quite a bit of flexibility as well since customers can decide on the interest rate and term they want, allowing them maximum control over their investment.

  • bankmecu Christmas Club Savings Account

    Christmas is a wonderful time of year and should be spent enjoying quality time with family and friends, not worrying about your finances or the amount of debt you’ve landed yourself in to buy presents for everyone. The bankmecu Christmas Club Savings Account allows you to do just that by helping you save money so you don’t have to go into debt to pay for your next Christmas. This unique savings account is specifically designed for anyone who wants to escape the seemingly never-ending cycle of going into debt to pay for Christmas every year.

  • bankmecu mySaver Account

    If you’ve had a good financial education and want to start saving early, then bankmecu is here to help you with the bankmecu mySaver Account. This account is designed specifically for people under 25 years old with the express purpose of making saving an attractive proposition. All you have to do is commit to saving and bankmecu will help you out.

  • bankmecu Cash Management – High Yield Account

    With interest rates of up to 4.60%, regular savers are having their heads turned by the bankmecu Cash Management High Yield account. Read on to find out why this savings account from the bank owned by “the people” is about far more than high returns.

  • bankmecu Cyber Saver Account

    For a higher rate of interest on your savings take a look at the Cyber Saver from bankmecu. An easy access account that’s run completely online, meaning less paperwork and less hassle. Account Overview Interest rate- to depending on how much money is in the account. Access- Instant Account keeping fee- Features and Benefits Higher [...]

  • bankmecu Telephone Banking

    bankmecu Telephone Banking allows customers to easily transact on their accounts, take out insurance, buy foreign currency or even submit a loan application, all by phone. While this might not be your first choice in terms of conducting your everyday banking, it can be an extremely useful service, especially when you don’t have access to a computer or can’t reach a bankmecu branch.

  • Introducing the bankmecu Redicard Plus

    The bankmecu Redicard is a debit card that links to a number of bankmecu accounts, allowing you free and convenient access to your money at any time of day or night. With no ongoing fees attached to this card, it is one of the easiest ways to make payments, whether it’s for purchases or bills. The Redicard is definitely a great option for anyone who wants convenient access to their money but wants to minimize the costs involved.

  • bankmecu Visa Access Card

    The bankmecu Visa Access Card provides easy access to your funds, no matter what account type you hold. It comes with a low monthly fee and no interest rate since it is a debit card and thus linked to funds in your accounts. It provides access to your funds no matter where you are in the world and is one of the most convenient ways for you to make payments or access your cash.

  • bankmecu Chequebook Account

    bankmecu offers a variety of different bank accounts and services for your current banking needs, including a wide range of access methods to your funds. Thus, the bankmecu Chequebook Account is not a single account but a number of different types of bank accounts offering cheque book access, including the Cash Management – Transaction account and the everyday savings account. Opting for a bankmecu bank account is a great way to sort out your daily banking needs due to the fact that there are no annual or monthly fees and the interest rates are quite attractive considering the flexibility of the accounts.

  • bankmecu Cash Management – Transaction Account

    The bankmecu Cash Management – Transaction Account is an excellent financial product for anyone who has savings and wants to earn a higher interest rate but would prefer a more flexible solution to standard savings accounts. Offering a competitive interest rate but also the flexibility you are looking for, the popularity of this product is understandable, especially considering bankmecu’s commitment to responsible savings.

  • bankmecu Mortgage Offset

    Opting for a bankmecu Mortgage Offset account can be an excellent way to kick start mortgage reduction plans and really build up your savings fast. The key is to know how to use an offset account to your best advantage.

  • bankmecu Deeming Account

    If you’re of retirement age and looking for a new savings account then a deeming account from bankmecu may be a good option for you. Read on to find out how deeming works, and what you can expect from the bankmecu supplied product.

  • bankmecu Access Account

    If you need a no frills savings account then the bankmecu Access account may be just what you’re looking for. With ATM access and no account keeping fees, the customer owned bank may just have another hit on its hands.



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Top High Interest Savings Accounts*

All of these accounts are FREE to open and require no minimum deposit. They all have easy internet banking access with no transaction fees.

Rates last updated September 2nd, 2014.
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit
ING DIRECT Savings Maximiser
ING DIRECT Savings Maximiser
A high interest savings account with no account keeping fees. Earn a up to 4.00% p.a. variable rate for 4 months. 4.00% 2.75% 1.25% $0 $0 / $0 OpenMore
Bankwest TeleNet Saver
Bankwest TeleNet Saver
No Fees. No minimum monthly deposit. For balances up to $5,000,000. Earn a high 3.90% p.a. variable rate for 4 months. 3.90% 2.50% 1.40% $0 $0 / $1 OpenMore
HSBC Serious Saver
HSBC Serious Saver
A high interest savings account offer with ongoing variable bonus every month you don't make a withdrawal. 4.00% 2.70% 1.30% $0 $0 / $0 OpenMore
RaboDirect Premium Saver
RaboDirect Premium Saver
Earn a high 3.85% p.a.% p.a. variable interest rate when you deposit $200 per month for balances up to $250,000. 3.85% 1.90% 1.95% $0 $0 / $0 OpenMore
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