Members Equity Online Savings Account

An online savings account is all about flexibility, freedom and saving in a way which suits your needs. Therefore, if you are looking for the best online savings account you may want to consider the Members Equity Online Savings Account which offers you:

• 5.60% interest rate calculated daily and paid monthly.
• Online application form.
• No minimum deposit or ongoing balance required.
• Free phone and internet banking and 24/7 access via phone and internet banking.
• The option to open sub-accounts for each savings goal.
• No opening, monthly or transaction fees.
• Can be linked to any Australian personal transaction account in your name.

Suitability of the Members Equity Online Savings Account

Not all online savings accounts will meet every Australian’s savings needs because everyone has differing spending and savings habits; so the best way to ensure that your high interest savings account helps you reach your savings goals is to choose the one with the features which best suit you and your needs.

• A high 5.60% interest rate calculated daily and paid monthly. High interest savings accounts will all calculate their interest daily and pay you your returns monthly to allow you to earn compounding interest. This means you can benefit if you make regular deposits throughout the month as you are increasing your balance and the interest earned. Plus, the Members Equity interest rate is an ongoing rate which makes the account suitable for medium to long term savings goals as you will be able to earn a high rate of interest for your entire saving period, rather than just the first few months.
• No minimum or ongoing balance is required. If you are starting your savings goals with an online savings account you don’t need to scrounge together an opening deposit as you can activate the account without making any deposit. You also don’t have to worry about keeping your balance above a certain amount to qualify for the high interest rate, and therefore won’t be penalised if you need to use some of your savings in an emergency.
• A number of sub-accounts. This allows you to keep your savings goals on track all in one place, but have them remain separate so you can see your progress towards each individual goal. This means you can have a sub-account for emergencies, one for a holiday and one for a home extension and direct some of your wages to each account each week, while securing both your financial future and your short and medium term savings goals.
• Can be linked to any Australian transaction account in your name. This means you don’t have to open yet another bank account with Members Equity just to take advantage of their Online Savings Account, and it means that your funds are not immediately available if you are likely to be tempted to transfer and spend your savings. Just make sure that you check that your current transaction account allows for internet transfers to your Members Equity Online Savings Account as these transaction fees can eat into your savings.
• No bank fees from Members Equity. You will not be charged to open your high interest savings account, nor will it cost you anything to make deposits or withdrawals. Plus, you can withdraw your funds at any time as you’re not locked into a set term and there are no exit fees.
• Online application and access. You can open and manage your high interest savings account entirely online so if you are comfortable with phone and internet banking you have 24/7 free access with this account. If you prefer to make cheque deposits or branch visits you may be charged extra transaction fees.

How to Apply for the Members Equity Online Savings Account

If the features of the Members Equity Online Savings Account sound like they would suit your saving and banking needs, you can generally apply online or over the phone in just ten minutes by following this simple process:

• To be eligible to open the Members Equity Online Savings Account you must be, using the account for personal use only (not business use), you must be 12 years or older and you must be an Australian resident.
• The application can be completed entirely online in most cases if your identity can be verified electronically; if not you will be contacted by Members Equity and be required to send in your documentation.
• Even though it is an online account, you can choose to be contacted by phone, rather than correspond with the bank via email.
• You can choose your account password in the application, you will also need to enter your mother’s maiden name as a secondary security password.
• You will also need to identify the name of your superannuation fund, and provide your Tax File Number.
• You will need to enter your linked account details including the address of your bank, the institution, the account number and the bank’s BSB number.
• You can nominate an opening deposit which will be transferred by Members Equity when the account is activated, but a minimum deposit is not required.
• You can set up a regular transfer to your online savings account by choosing the amount, the frequency, the start date and an end date if you want one.
• You will then be shown a summary of the details you have entered before you print and confirm the application.
• You can save the application at any time, and if you accidently exit without saving you will be prompted to resume or save your application.
• Once you have submitted your application you will be contacted by Members Equity with the progress of your application.
• Once the application is approved you will be sent a confirmation of your account details.

The Members Equity Online Savings Account offers you the flexibility of a number of sub-accounts while also providing you with the ongoing security of a high standard interest rate for your long term savings goals. If you think the features of the Members Equity Online Savings Account suit your lifestyle and your savings goals, follow our secure link here to find out more or start your application today, or use our comparison tables here to find a high interest savings account which does meet your needs.

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