Effective 1 December 2018, there will be changes to some of our deposit products including the Access account, Community account, Student Starter account and McGrath Pink Debit account.
What is changing?
The following Community First everyday transaction accounts will no longer pay interest based on the balance in your account:
- S1 Community account
- S7 Access account
- S13 Student Starter account
- S21 McGrath Pink Debit account
This change is a great opportunity for you to re-consider where to park your excess funds. To help with budgeting and saving, it's often beneficial to have seperate accounts for bills and savings. This way, what's left in your spending account is just for spending, making it easier for you to see what you have to spend so you stay within budget.
If you have a higher balance, chances are you could be earning a better return by moving some of your money to a different account, such as the Bonus Saver account, Term Deposit or Money Market account. So while you will no longer receive interest on your everyday account, it's a great opportunity for you to review how you use your accounts.
Do I need to do anything?
You don't need to do anything. From 1 December 2018 the changes will apply automatically to your account (if you currently hold an account or accounts from the list above). If you need help reviewing your accounts, we'd love to help.
If you would like to talk to us about any of the changes outlined above please contact us on 1300 13 22 77 or visit your nearest Financial Services Store.
Last updated: 07 January 2019
The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.