Transport Mutual Credit Union Savings Accounts

Transport Mutual Credit Union is a provider of savings accounts, term deposits, home loans, personal loans, car loans and a range of insurance products.

What savings accounts does Transport Mutual Credit Union offer?

At the time of writing, Transport Mutual Credit Union offers five savings accounts:

  • Multi Access Account (S4): A day-to-day operating account that can be used to attach a Visa overdraft facility.
  • Business Account (S50): A business cheque account for small businesses with interest paid annually.
  • Redifund Account (S7): A savings account with a $5,000 minimum balance.
  • Premium Savers Account (S8): A short term premium investment account. Funds are available at call after 30 days.
  • Christmas Club Account (S5): A savings account designed to help you save for Christmas expenses. Includes restricted withdrawals and direct credit and debit options during the Christmas period.

You can view the current interest rates of some Transport Mutual Credit Union savings accounts in Canstar’s comparison tables.

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Do Transport Mutual Credit Union savings accounts require a linked transaction account?

While you can make deposits and withdrawals from a Transport Mutual Credit Union without the use of a transaction account, Transport Mutual Credit Union does not advise whether its savings accounts require a linked transaction account. Contact Transport Mutual Credit Union for more information.

You can compare transaction accounts with Canstar here to potentially find one that suits your requirements.

Does Transport Mutual Credit Union 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, Transport Mutual Credit Union charges no account keeping fees on its savings accounts.

What does Transport Mutual Credit Union offer in terms of mobile banking for savings accounts?

Transport Mutual Credit Union says you can access your accounts through its internet banking, telephone banking and mobile banking services. Mobile banking is available through the Transport Mutual Credit Union website. This allows you to view your account details, make transfers and payments.

How do I apply for a Transport Mutual Credit Union savings account?

Before applying for a Transport Mutual Credit Union savings account, consider comparing it against other savings accounts on the market to ensure it’s the right one for you. 

Compare Savings Accounts

If you choose to apply for a Transport Mutual Credit Union savings account, you can do this online, over the phone or at a branch, provided you have the correct documentation.

Transport Mutual Credit Union says you must be a member of the Credit Union to open a savings account. Transport Mutual Credit Union also says you will need to deposit at least $1 to open an account. Check the Product Disclosure Statement (PDS) document for more information on how much you might need to deposit.

About Transport Mutual Credit Union

Transport Mutual Credit Union was established in 1964 with the purpose of supporting the financial needs of NSW Department of Main Roads staff and their families. Now, the credit union says it serves the broader transport industry as well as welcoming members from other employment backgrounds and communities.

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Written by: Tamika Seeto | Last updated: June 11, 2019