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Who is Community First?
Community First Bank has been providing its members with an array of banking products for over 50 years. Operating throughout Sydney and the Central Coast Region, this financial institution prefers to reinvest its earnings into their customers rather than take a profit.
Community First SWIFT code:CFCIAU21
What’s Internet banking like for Community First?
Credit Union Online Banking gives online account management with 24/7 access and with all the typical features you’d expect. You can conduct a range of transaction securely with no set-up fees or access charges. Note that daily limits apply to online transfers, but you can increase these by asking Community First.
It’s system uses 128 bit Verisign digital encryption technology that securely identifies the site that you’re connecting it. To register for online banking, call Community First or register online.
Notable features include:
Activating your Visa Debit Card or RediCard
Changing your internet banking access code
Personalising your Welcome page and what accounts are displayed.
What about the mobile app?
Image Source: App Store
Login
Accounts
Payments
What transaction accounts are offered by Community First?
Access account. The everyday account offered by Community First comes with either a Visa debit card or Redicard to make accessing your cash easy throughout Australia. Transaction fees will be waived depending on how much you have invested into the credit union with other products such as home loans and savings accounts. This account also earns a small interest rate on balances, depending on how much money you are holding in the account.
What high interest savings accounts does Community First offer?
Bonus Saver account. Community First will pay you bonus interest on your savings if you are able to deposit at least $20 a month without making any withdrawals. This is an account with no monthly maintenance fee and no minimum balance requirement to open.
Christmas cracker account. By paying a small portion of your salary directly into this account regularly during the year, you are ensuring that once the holiday spirit takes over, you’ll have the cash to enjoy it. This account encourages you to save for Christmas by not providing easy access to the money until 1 November each year.
Junior Saver account. For children under the age of 18, the junior saver account has no monthly account keeping or transaction fees. Account holders over 12 are provided with a redicard that gives them access to their money through the rediATM network, whether it be to make a deposit or a withdrawal.
Retirement Plus account. Australian seniors have special financial needs that Community First takes into consideration. An everyday account, retirees and pensioners are also able to earn money monthly through the competitive interest rate being applied to the balance. This is an account that makes managing a fixed income easy by keeping all of your finances in one convenient place.
What term deposits does Community First have?
Starting with a minimum of $50,000, Community First allows you to choose a term deposit in the range of three months to three years. Interest rates are tiered depending on what terms you choose, and can be paid into the account every 28 days, at the end of the term or at set periods throughout it. Keep in mind that with this type of account your money is locked into the terms you choose, and any early withdrawal could result in penalty fees and a loss in interest earned.
What are the pros and cons to banking with Community First?
Pros
Bonus interest. Watch your savings multiply with a savings account that provides bonus interest when you meet certain requirements.
Specialised savings products. First community provides solutions to common savings problems by offering accounts that cater to specific circumstances, age groups and needs.
Accessibility. Community First relies on the rediATM network for their customers, allowing you to access your money from thousands of ATMs across Australia.
Cons
Availability. Community First banking facilities are only available in specific regions of Australia.
Membership. You will first have to become a member of Community First Bank before you can apply for any of their products.
You first need to become a member of Community First, which requires that you pay a one time $2 fee. Once your membership application has been processed and your identity verified, you are free to apply for any of the Community First savings products.
Apply online. Community First allows you to submit applications for savings accounts using a secure online application.
Age. A number of the savings accounts found with Community First are geared specifically towards a certain age bracket. Make sure that you meet that criteria before continuing with the application.
Personal details. You will be asked to provide information about your name, date of birth and residence as you begin to fill out your application.
After processing your application, Community First will contact you with your account details. Just ensure that before you begin, you have done careful comparisons of the accounts offered not just within the credit union, but against those provided by other financial institutions as well.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs. See full bio
The Community First Christmas Cracker Account provides all the features you need to keep your savings heading in the right direction for the holiday season.
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