S8 Online Savings Account
Our Online Savings Account lets you make as many withdrawals and deposits as you like for free as long as you do them through internet and phone banking. You’ll get a great interest rate of 4% p.a, with interest calculated daily and paid monthly.
How can I open an Online Savings Account?
You can apply online, or at one of our branches.
You can open an Online Savings Account if you’re not a member of First Credit Union, however, to withdraw money or make transfers from your Online Account to another NZ bank, you will need to have an S1 Everyday Account with us.
How does the Online Savings Account work?
The Online Savings Account rewards members through high interest when they only use electronic methods of doing their banking. Money can be transferred in to the account, and as long as it is done electronically, there’s no penalties!
How do I make deposits into the Online Savings Account?
The Online Savings Account has a separate suffix (08). This means that deposits can be made directly from other banks/accounts through direct credits, automatic payments or transfers. Cash deposits or transfers can be made by a teller or staff member from the call centre, however, these types of transactions will incur a fee.
What is the minimum deposit I need to make into the Online Savings Account?
There is no minimum deposit required to open this account and no minimum balance is required to maintain the account.
What fees apply to the Online Savings Account?
The Online Savings Account has zero fees for transactions made online or through phone banking - BUT if you use a staff member from the Call Centre or Tellers to do transactions on your account, you will incur a fee.
How can I access the money in my Online Savings Account?
Everyone that has an Online Savings Account with First Credit Union is also required to have an S1 Everyday Account. To access the funds in your Online Savings Account, you will need to transfer the funds to your S1 Everyday Account, and then funds can be accessed through the normal channels such as ATM, Eftpos or in-branch (fees will apply).
Can I set up Automatic Payments, transfers or Direct Debits to go from the Online Savings Account to other accounts?
No! The Online Savings Account is strictly a savings account. First Credit Union has other accounts such as the S3 Bill Pay Account or S1 Everyday Account that can be used for transferring out and paying bills.
