High Rate Savers (S32)

High Rate NOW (S32)

What is the Current Interest Rate?	4.25% pa
Am I Eligible?	Everyone who is a member is eligible
What can I use my High Rate NOW Account for?	Your High Rate NOW Account provides a high rate of interest return on funds that you are pretty sure you don't need within the near future. It is, therefore, ideal for spare cash, life savings, targeting savings to a specific goal or fully fledged investment.
How much do I need to open an account?	You can open a High Rate NOW account with just $1 and the high interest rate will be earned on the entire balance.
How do I apply?	Application Forms and information can be obtained from this site or by calling your Credit Union office.
How is interest calculated?	Interest is calculated on the daily balance and will be credited to your account on the last day of each month.
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.
How do I make deposits to my account?	Deposits can only be made to your S32 in the following ways: Payroll Deduction Periodical payment Direct Debit (using QuickDebit)
Is there a minimum term for deposit of funds in my hmcpremium High Rate NOW account?	There is no fixed term however funds are required to be deposited for at least sixty (60) days before a further sixty (60) days Notice of Withdrawal is given to access those funds. Funds transferred from your High Rate NOW account are transferred as cleared funds.
How can I make withdrawals from my account?	Withdrawals require sixty (60) days notice using your Credit Union's Notice of Withdrawal Form. You may only give Notice of Withdrawal on funds that have been in the account for sixty (60) days. When you give Notice of Withdrawal you must detail on your Credit Union's Notice of Withdrawal Form the account to which the funds are to be transferred. Funds will be transferred on the maturity date of the Notice of Withdrawal or on the first business day thereafter. If a Notice of Withdrawal is cancelled, a further Notice of Withdrawal on funds subject to the original Notice of Withdrawal will not be accepted until those funds have been in the account for a further sixty (60) days from the date of the cancellation.
What fees and charges apply to my High Rate NOW account (S32)?	If you require access to your funds in your High Rate NOW account prior to the sixty (60) day minimum deposit period and/or prior to the expiration of the sixty (60) day notice period, a penalty fee of $15.00 per withdrawal will apply as this is a breach of the account conditions. Such withdrawals can be only be made by submission of the Notice of Withdrawal Form and completion of the section of that form that requires a reason to be given for the early release of funds. Requests for early release of funds will be processed as soon as possible but no later than the next working day, however, as much notice as is possible would be appreciated. Release of the funds is at the discretion of Credit Union management and, in some instances, a loan may be offered in lieu of the release of funds. Note: These measures are to ensure that your Credit Union has the maximum opportunity to earn income from S32 funds over and above the current rate. Certainty of placement will enable hmcstaff to keep the S32 interest rate at the highest possible level. Standard Transaction Fees and Government charges apply as per your Credit Union's "Equality and Equity" page.
How often will I receive information on my High Rate NOW account?	Account statements will be sent to you six monthly (at least). You can check the details of your S32 at any time using Direct Access.