SCU Savings Accounts
What savings accounts does SCU offer?
At the time of writing, SCU offers eight savings accounts:
- Access Savings Account: A day-to-day savings account featuring no minimum deposit.
- iNet Saver Account: An online savings account with a higher maximum interest rate than the Access Savings account and no minimum deposit.
- Young Saver Account: For children up to 12 years old and youth up to 17 years old. Features include no minimum monthly deposits and no account keeping fees.
- Cash Management Account: An initial deposit and minimum balance of $5,000 required. Funds are available at call after 24 hours.
- Money Market Account: Market-linked investment account with money available at call.
- Savings Motivator Account: Limited access account that offers a bonus interest rate when you make a monthly deposit of at least $1 and make no withdrawals.
- Christmas Club Account: An account designed to help you save for Christmas. Withdrawals are restricted until 1 November and interest earned is credited before Christmas.
- Pensioner Award Accounts: A transaction account that earns interest for retirees and aged pensioners.
You can view the current interest rates of certain SCU savings accounts in Canstar’s comparison tables.
Do SCU savings accounts require a linked transaction account?
SCU does not specify which of its savings accounts require a linked transaction account, however its iNet Saver Account does not. Additionally, some of its savings accounts like the Access Savings Account and Pensioner Aware Account function as both savings and transaction accounts. You can contact SCU for more information if you’re interested in a specific product.
You can compare transaction accounts with Canstar here to potentially find one that suits your requirements.
Does SCU charge fees on its savings accounts?
Savings accounts can come with several fees, such as monthly account-keeping fees, transaction fees, withdrawal fees and more. At the time of writing, SCU charges no account keeping fees on its Young Saver Account. For current information on fees for SCU’s other savings accounts and how they apply, please check the Schedule of Fees & Charges or contact SCU.
What does SCU offer in terms of mobile banking for savings accounts?
SCU offers both online and mobile banking for its savings products, with the SCU Pocket Banking app available in both the Apple and Google Store. Notable features of SCU’s mobile banking app include:
- Ability to view balances and transactions
- Show simple balances on up to three accounts without logging in
- Transfer funds between linked SCU accounts
- Utilise ‘Pay Someone’ functionality (OSKO, PayID, Direct Entry and BPAY)
How do I apply for an SCU savings account?
Before applying for an SCU savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you.
If you choose to apply for an SCU savings account, you can do this at a SCU branch, over the phone or you can enquire online.
SCU says you must be a member to open a savings account. To become a member, SCU says you need to subscribe for a member share. Once your account is opened, SCU may require you to transfer in a minimum amount before your account can be activated – check the Product Disclosure Statement (PDS) document for more information on how much you might need to deposit.
Formerly called Sydney Credit Union, SCU was established in 1963 to provide financial wellbeing to employees of the City of Sydney Council. Now SCU says it provides a full range of financial products while maintaining its philosophy of “people before profit”.