Accounts

On Call Savings Account (S1)

Funds in your S1 account are available at call, subject to clearance of cheques and any outstanding Visa authorisations.

You can access your funds in a number of ways, such as by presentation of a signed withdrawal form, cheque withdrawals, withdrawals via Merchants, ATM or EFTPOS using your Redicard or VISA card, by Direct Debit or by an authorised Periodical Payment. Some of these facilities require an application to be completed prior to them being available on your S1 account, and may be subject to fees or charges. Please refer to the Fees and Charges section for associated costs.

You may wish to have an overdraft attached to your S1 account. Once again, this facility requires an application, and is subject to some fees and charges. The variable rate of interest is calculated on daily balance and charged at the end of each month.

Interest is calculated on the minimum monthly balance and is credited on March 31 each year or when the account is closed.

Business Account (S2)

Funds in your S2 account are available at call, subject to clearance of cheques and any outstanding Visa authorisations.

You can access your funds in a number of ways, such as by presentation of a signed withdrawal form, cheque withdrawals, withdrawals via Merchants, ATM or EFTPOS using your Redicard or VISA card, by Direct Debit or by an authorised Periodical Payment. Some of these facilities require an application to be completed prior to them being available on your S2 account, and may be subject to fees or charges. Please refer to the Fees and Charges section for associated costs.

You may wish to have an overdraft attached to your S2 account. Once again, this facility requires an application, and is subject to some fees and charges. The variable rate of interest is calculated on daily balance and charged at the end of each month.

Interest is calculated on the minimum monthly balance and is credited on March 31 each year or when the account is closed.

Deeming Account (S3)

Funds in your S3 account are available at call, subject to clearance of cheques and any outstanding Visa authorisations.

You can access your funds in a number of ways, such as by presentation of a signed withdrawal form, cheque withdrawals, withdrawals via Merchants, ATM or EFTPOS using your Redicard or VISA card, by Direct Debit or by an authorised Periodical Payment. Some of these facilities require an application to be completed prior to them being available on your S3 account, and may be subject to fees or charges. Please refer to the Fees and Charges section for associated costs.

Interest is calculated on the minimum monthly balance and credited to the account on March 31 each year or when the account is closed.

Deeming Account is available to members who are aged 55 years or older and no longer working full time.

Christmas Club Accounts (S4)

Christmas Clus is a great way to spread your christmas savings over the whole year.

Interest is calculated on daily balance and is credited to the account on the 15th of November each year. These funds are then transferred to your S1 On Call Savings Account, and you can withdraw the funds from your S1 at any time. Deposits are accepted for any amount, and can be deposited as frequently as you wish.

iSave Account (S5)

iSave Account is a special savings account for electronic use.

Funds can be deposited by internet and phone transfer, payroll allocation or direct credit.

You will need to nominate an eligible account (this is a GMCU S1, S2 or S3 in the same name as the iSave), and withdrawals can only be made by Internet or Telephone transfer to your eligible account.

Funds are at call and interest is calculated daily and paid monthly.

Bonus Saver Account (S10)

Funds in your S10 account will earn a bonus rate in a month where you make no withdrawals and deposit at least $20.

Interest is calculated on a daily balance and credited to the account on March 31 each year, or when the account is closed.

Please refer to our interest rate sheet for more information on savings rates.

Cash Management Account (S15)

The minimum deposit is $10,000 for this "at call" account.

Interest rates are tiered depending on balance of account and are available at all Credit Union branches.

Interest is calculated daily and credited to accounts monthly.

A minimum withdrawal amount of $500 applies to the Cash Management Account.

Relevant government charges apply and please refer to our terms and conditions booklet located at any of our branches for further information.

Fixed Term Deposits

The Credit Union accepts lodgement of monies on Term Deposit. The minimum deposit is $100 and terms vary from a minimum of three months, to a maximum of 24 months.

Interest is calculated on a daily basis and paid on maturity or, for a 24 month term, interest is paid every 12 months.

Monthly Income Deposits

The minimum deposit is $3000, and we offer two terms: 6 months or 24 months

Interest is calculated on a daily basis and paid monthly, on the first day of each month, and on maturity. Interest can be paid by either a transfer to a specified account at the Credit Union, or by a cheque payable to the member or a third party.

Please refer to our interest rate sheet, for more information on relevant terms and rates.

Information on Fixed Terms and Monthly Income Deposits.

Additions to the principal cannot be accepted during the unexpired term of the deposit, only on renewal.

A certificate confirming deposit details will be issued by mail, following the lodgement of a new deposit, or renewal of a current deposit.

You will receive notification of maturity prior to maturity date, and all you need to do is to complete this form and return it to one of our branches, prior to the deposit maturity date. Where no written instructions are received by maturity date, the deposit will be automatically renewed for the same period at the interest rate applicable at the time of renewal. The interest amount will also be paid in accordance to any previous interest instructions, otherwise transferred to your S1 On Call Savings Account.

Principal is not available until the date of maturity. Access prior to maturity may be approved in special circumstances where a written request is submitted outlining those circumstances. Early withdrawals will be subject to an interest adjustment.

Relevant government charges will be debited to these accounts, and these accounts may be subject to fees and charges.

Cheque Deposits

Funds from cheques deposited to members' accounts will not be available until the expiry of a clearance time. A request for "Special Clearance" on a cheque may be made at the time of deposit. The fee charged by the bank shall be debited against the member's account.

Cheques will be credited to an account in accordance with requirements of the Cheques, Payments and Order Act.

Account Switching

Switching your banking to GMCU is easy, just follow these simple steps;

  1. Open an account at your local branch and arrange your access facilities like cards and internet banking
  2. Take note of any personal payees loaded to your Internet Banking elsewhere and load them into your GMCU Internet Banking
  3. Close your account elsewhere and ask for an Account Switching Report showing all the direct payments received to that account
  4. Take your Account Switching Report into your local branch and we will help you let the direct payers know your new account details

 

Click here to review the terms and conditions for Accounts