What is the Current Interest Rate?

5.25% pa

Am I Eligible?

As a member of hmcstaff and if you have your transaction account at another financial institution you are eligible to open a hmcdirect High Rate Savers account.

Whilst you have your hmcdirect High Rate Savers account you will not be able to hold or operate a transaction account, VISA Card, Redicard or cheque book at H.M.C. Staff Credit Union.

Is there a minimum balance requirement for my hmcdirect High Rate Savers account?

No, you can open your hmcdirect High Rate Savers account with any amount you choose, and there is no need to maintain a minimum balance.

Is there a minimum term for deposit of funds in my hmcdirect High Rate Savers account?

There is no fixed term however funds deposited using QuickDebit will take three (3) working days to clear. Funds deposited via salary credit are cleared upon the due day of the salary and may be drawn at any time.

Funds transferred from your hmcdirect High Rate Savers account are transferred as cleared funds.

How do I deposit to my hmcdirect High Rate Savers account?

You can deposit to your hmcdirect High Rate Savers account using QuickDebit to draw on your account at the other financial institution or by direct salary credit. Dividends and rental income may also be arranged to be deposited to your hmcdirect High Rate Savers account.

How can I access my hmcdirect High Rate Savers account?

Your hmcdirect High Rate Savers account is linked with your transaction account at another financial institution and you can transfer funds to that account using Online Banking at anytime.

You can also make a bill payment via BPay directly from your hmcdirect High Rate Savers account using Online or Phone Banking.

Can I set up a Direct Debit to access my hmcdirect High Rate Savers account?

No, Direct Debits initiated by or through another financial institution are not allowed on your hmcdirect High Rate Savers account and these transactions will be returned to the initiating institution.

Can I overdraw my hmcdirect High Rate Savers account?

You may not overdraw your account or make a withdrawal or transfer funds for an amount greater than the balance of your account. If your account does become overdrawn you must immediately clear your debt and ensure that your account is in credit.

How do I apply?

Application Form to print.  

How is interest calculated?

How is interest rate determined?

The rate is regularly reviewed in light of market demand and availability of deposit funds. The rate may change at any time without notice.

Information on current rates may be obtained using the Credit Union's web site (http://www.hmcstaff.com.au) or by advice in your statement and correspondence from your Credit Union.

Can I have any other accounts in conjunction with my hmcdirect High Rate Savers account?

Yes, members with a hmcdirect High Rate Savers account may hold Christmas Club, Targeted Savers, hmcdirect loans, a Personal, Car or Mortgage Loan or Term Deposits with hmcstaff.

The only preclusion is to holding a transaction account with hmcstaff and you will not be able to hold or operate a transaction account, VISA Card, Redicard or cheque book at H.M.C. Staff Credit Union whilst you have your hmcdirect High Rate Savers account.

What fees and charges apply to my hmcdirect High Rate Savers account?

There are no fees applying to your hmcdirect High Rate Savers account. You keep every dollar of the interest you earn on this fee free account.

How often will I receive information on my hmcdirect High Rate Savers account?

Account statements will be sent to you six monthly.

You can check the details of your hmcdirect High Rate Savers account at any time using Online or Phone Banking facility.