Bank Australia, formerly Bankmecu, is a financial institution available to any Australian who wishes to become a member. Over 50 separate credit unions have merged to become the first 100% customer owned bank in Australia.
Bank Australia won the award for 'Green Bank of the Year' in the 2024 Green Awards.
Full list of 2024 winnersThe Members and Education Credit Union (mecu) was founded in 1957, growing over the years by merging with other similar credit unions. Now as the Bank of Australia, it offers membership to all Australians, giving them the opportunity to benefit from high interest savings accounts and other banking products. When making your comparisons of savings accounts across various banks, don’t forget that Bank Australia provides the same security and features that larger financial institutions do.
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For those who need an extra incentive to save, Bank Australia offers a term deposit at a competitive interest rate. Choose to invest anywhere from 3 to 36 months, with the rate of interest increasing the longer your terms. With a fixed interest rate and penalties for early withdrawals, this account provides the perfect opportunity to save for a special purchase in the future.
Back to topIf after making your comparisons, you find that Bank Australia can help you meet your savings goals, you can apply for your new account online. Steps to complete the application include:
If opening a joint savings account, you will need to contact the bank directly by phone for extra assistance. Be prepared once you have submitted your application online to have to wait for your identity to be verified before receiving your account details.
Make sound saving decisions and you will earn extra interest on your balance each month.
The lower fees, higher rates and ease in banking online makes it simple to set savings goals and meet them using the Online Saver Account.
With bonus interest given for putting away your spare change, the mySaver Account can accelerate your savings ambitions.
The flexible terms and options that Bank Australia’s term deposit offers gives you the opportunity to plan your financial future.
The Everyday Access Account is a versatile account that allows for free transactions ensuring that your money is always available to you when you need it.
Start the season right with funds deposited into your account specially designated to take care of all of your Christmas needs.
Is Bank Australia the owner of a entity previously known as United Permanent Building Society which it appears was originated in Sydney?
Hi Colleen,
Thanks for contacting Finder.
Yes, United Permanent Building Society has been purchased by State Bank of South Australia which is currently known as Bank of South Australia (BankSA).
I hope this helps.
Please do not hesitate to reach out again to us if you have additional questions.
Cheers,
Ash
Returning to Australia after being away a period of time and will be returning towards the end of the year.My question is can I open an account with you via internet and transfer funds from an overseas bank or do I have to there personally.
Please advise…….Barnabas
Hi Barnabas,
Thanks for your question.
If you’ve previously held an account with Bank Australia before, you can open an account via internet and transfer funds from an overseas bank before you arrive.
You can read our migrant banking guide if you wish to know more about other options for opening an account before you arrive as well.
Regards,
Shirley