S8 FAQ's

Wed, 07/02/2008 - 00:28 — creditunion

S8 Online Savings FAQ's

 
How can I open an Online Savings Account with First Credit Union?
You can apply online on our website, or alternatively you can drop into one of our branches and open one up with one of our staff members.
 
Can I open an Online Savings Account if I am not a current member of First Credit Union?
Yes, 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 First Credit Union. The S1 Everyday Account will be opened/activated for you once we have received all the necessary documents to process your online application.
 
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 as often as required, and as long as it is done electronically, there will be 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 furthermore, no minimum balance is required to maintain the account.
 
What does it mean to “manually manage deposits”?
If you choose to “manually manage deposits”, this means that you will make deposits into the account yourself - transferring funds when it suits you by phone or internet banking. You choose when you make a payment into the savings account and how much, instead of having a regular payment such as an automatic payment or automatic transfer.
 
What is the interest rate on the Online Savings Account?
The current interest rate is 3.75%. Interest on this account is calculated daily, and paid into your S8 monthly.
 
Why does the Online Savings Account have a higher interest rate than the other First Credit Union accounts?
The Online Savings Account has been designed to offer higher interest rates to those First Credit Union members who manage their savings through electronic means only - through internet and phone banking, as opposed to Eftpos, ATM or in-branch transactions.
 
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 (standard 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, which rewards members with higher interest rates. 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.
 
What does RWT stand for?
RWT stands for Resident Withholding Tax. Everyone must pay tax on money they have in a bank account. Most people are taxed at 21.5%, however, if you do not provide First Credit Union with an IRD number, the account will automatically be taxed at 38%.
 
What if my tax rate should be exempt (0%)?
Before First Credit Union can give you an exempted tax rate, we will need you to provide us with your certificate of exemption; otherwise you will be taxed as mentioned above.
 
What is in the “Welcome Pack” new members receive?
The “Welcome Pack” contains all the essential information you will need to know about having an account with First Credit Union. It also provides information on the different services available to our members.
 
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