faqs
FAQ - Easy Savings - EasyStreet
Who can apply for Easy Savings? |
| To apply for Easy Savings you will need to be: |
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How do I open an Easy Savings account? |
| You can apply online to open an Easy Savings account in 4 simple steps. |
How will I know when my Easy Savings account has been established? |
| When we have opened your Easy Savings account and processed your initial deposit, we will send you an email confirming your account details. This together with your temporary personal access code (which you nominate when applying) can be used to access Easy Street Internet Banking. You will also receive a welcome booklet in the mail. |
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When will my funds be available? |
| Deposits (Transfers IN) initiated after 2.00pm (EST) will appear after 2.00pm (EST) on the next business day. If a deposit is intiated before 2.00pm (EST) on a business day it will usually appear after 2:00pm (EST) on that same business day. If a Transfer OUT is made before 2.00pm (EST) on a business day, the withdrawn funds are generally transferred to your transfer account on that same business day. If the Transfer OUT is made after 2.00pm (EST) the funds will generally be available on the next business day. |
How do I deposit money into my Easy Savings account? |
| The best way to deposit money into your Easy Savings account is to set up a Regular Savings Plan. You can set this up when you first open your account. To set up your Easy Savings account you will need to nominate an account at another financial institution (in the same name as your Easy Savings account) as your transfer account. Once this has been done, you can either use a Regular Savings Plan for deposits, or request a one-off deposit from your transfer account by email. You can arrange to have money electronically transferred into your Easy Savings account from an account other than your transfer account. You will, however need to advise us of this in advance - we will require the supplier number of the financial institution from which the funds will be coming. Simply provide the originating institution with the transfer instruction, quoting your Easy Savings account, BSB (802 038) and Member number as the destination account. |
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Can I establish an automatic credit at another financial institution to go into my Easy Savings Account? |
| Yes, this can be done by advising the other financial instituiton of your Member number and the Easy Street BSB which is 802 038. You must however advise us that you are going to do this so we can set it up correctly at our end. We will need the supplier number of the institution from which the funds will be coming. |
How do I withdraw money from my Easy Savings account? |
| Easy Street makes it easy for you to withdraw funds from your Easy Savings account. You can transfer funds using Easy Street Internet Banking to your transfer account at any time. Alternatively, call Easy Street Direct on 1300 13 14 65 to authorise a transfer of funds from your Easy Savings account to your transfer account. |
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Are there any fees on my Easy Savings account? |
| No, there are no fees levied on your Easy Savings account. |
What is a 'transfer account'? |
| Your transfer account is an account you hold at another financial institution that you will nominate to make transfers to and from your Easy Savings account. You can only nominate one transfer account, and this is done when you first apply for your Easy Savings account. |
What is the minimum balance on my Easy Savings account? |
| There is no minimum balance on your Easy Savings account. Interest is paid on all balances greater than $0 There is no minimum deposit on your Easy Savings when opening your account provided that the $2.00 Member share is paid. |
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What is the maximum balance on my Easy Savings account? |
| The maximum balance on your Easy Savings account is $1,000,000. |
How long before I start to earn interest on my Easy Savings account? |
| Providing your balance is greater than $0, you will start to earn interest immediately. Interest is calculated daily and paid monthly. |
How much interest will I earn? |
| To work out exactly how much interest you will earn based on your personal savings plan, check out our Savings Simulator. Simply enter your initial investment amount, plus your ongoing deposits and the simulator will work it out for you. Current Easy Street interest rates can be found under Current Rates. |
Can I arrange for my salary to be directly credited to my Easy Savings account? |
| No, your entire salary cannot be credited to your Easy Savings account however you can arrange for part of your salary to be regularly credited to the account. You will need to arrange this at the financial institution your transfer account is held with and there is usually a fee assosciated with this type of transaction. Alternativey, your pay office may be able to arrange it for you. |
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Can I set up a regular savings plan? |
| Yes, this can be set up when you first open your Easy Savings account, or at a later stage by completing an External Debit Details Form and posting it to us at Reply Paid 98, Lidcombe NSW 1825, or faxing it to us at (02) 9735 1661. To set up a Regular Savings Plan after your Easy Savings account has been opened, you may change the frequency of your deposits under 'Easy Transfers IN' when logged into Easy Street Internet Banking. Your transfer account must remain the same for your regular savings plan. |
How do I change my transfer account? |
| You can change your transfer account by sending us a request via secure email. Simply login to internet banking and select 'Other' followed by 'Secure Email' from the top menu. Please note that in order to change your transfer account, you will need to provide us a copy of the account statement of the new linked account so that we can verify the account holder(s). This is for security reasons and is designed to protect you. You can email your statement to askus@easystreet.com.au, fax it to 02 9735 1661, or post it to: Easy Street Financial Services PO Box 98 Lidcombe NSW 1825. |
How often will I receive a statement? |
| Statements on Easy Street are delivered through our secure e-statements site which gives you easy access to your statements and helps reduce paper wastage. A new statement will be posted to our e-statements site every 4 months and you will be notified via email when it is ready. We will not send you a statement if your Account has been inactive during the period to which the statement would relate. Each statement of account will record all transactions on your Account since the last statement of account. Please tell us immediately if you find an error on your statement. If you are not receiving emails from us to let you know that your latest e-statement is available, you should contact us so that we can rectify it. Account information is also available by accessing your Account through Easy Street Internet Banking. |
| For further information on our e-statements service, visit our FAQ section. |
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Still not sure? |
| We've attempted to answer a range of common questions here, but if you're still not sure, you might like to give us a call on 1300 13 14 65. |
How long does it take to set up an Easy Savings account? |
| You can complete an EasySavings application form online in four easy steps. Provided you have your required bank account information handy, it should only take you a few minutes. If we can verify your identity electronically, you will receive a welcome email advising you of your account details, followed by a welcome booklet in the mail shortly after. If we cannot verify your identity electronically, we will email you instructions within the next business day to provide us with identification documents. Once we have received all required identification documents, we will begin to set up your account. The sooner these are returned to us the sooner we can set up your account. |
Do I need to switch banks? |
| No, your Easy Savings account is designed to be linked to another bank account. You can manage your savings on Easy Street while retaining your every day transaction account elsewhere. |
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