Savings Accounts/Transaction AccountsPayment Services Cairns Penny Savings & Loans Limited |
How to Contact UsIf you have any questions or need more information, please contact us by: Mail: Cairns Penny Savings & Loans Email: info@cairnspenny.com.au |
Savings and Transaction Accounts
This brochure provides information about Cairns Penny Savings & Loans savings and transaction accounts and payment services to help you make an informed decision on whether to open an account with us. The brochure includes a Product Summary.
You should also refer to our:
* Fees & Charges brochure setting out costs related to each product; and
* Interest Rate Brochure listing current interest rates for savings accounts and investment products
Other product brochures may be provided to you when you acquire other products from us.
Member Services Guide
For information on our full range of products and services, see our Member Services Guide. Details on our rules, constitution and how to join are available on request.
Member Care Statement
Please read this brochure carefully. Always retain a copy of all brochures for future reference. Each relevant provision of the Credit Union Code of Practice will apply to your Savings Account(s) /Transaction Account(s) and Payment Services.
Product Summary
You can choose from a range of Cairns Penny Savings & Loans savings accounts to suit your needs.
Account Types |
Min.Balance |
Interest Calculation |
| S2 Savings Investment Account. A savings account to assist you with managing your money. (New accounts only available to members under 18 years of age) |
No min. | Calculated on daily balance paid annually on the 30th June |
| S3 Pennywise Account. A loan offset account with optional Internet Banking access. |
No min. | Calculated on daily balances and offset at the end of each month to the nominated loan account |
| S4 Personal Cheque Account This product is no longer available. |
$500 minimum opening balance | Calculated on daily balance and paid quarterly at the end of March, June, September and December |
| S21 Access Plus Account. A day to day transaction account with optional personal cheque access and Internet Banking access. |
No minimum unless cheque access required then a $500 minimum opening balance applies. | Calculated on daily balance and paid quarterly. |
| S5 Pensioner Account. An account designed for pensioners and retirees which offers higher interest rates based on the Federal Government's deeming rates. |
No min. | Calculated on daily balance and paid annually on the 30th June. |
| S6 Christmas Club. An account to help you save for Christmas. Withdrawals may be permitted in exceptional circumstances. Funds are available between 1st November and 31st December each year. |
No min. | Calculated on daily balances and paid annually on 31st of Oct |
| S8 Business Cheque Account. A transaction account for business clients with optional Internet Banking access. |
$500 minimum opening balance. | Calculated on daily balance and paid monthly, at the end of each month. (Deposit accounts only) |
Product Benefits & Risks
A savings account/transaction account is a basic deposit product and funds invested in your account are a cash investment. One dollar is required to become a member (10 shares @ 10cents) when opening an account.
Cairns Penny Savings & Loans savings accounts and transaction accounts offer you:
* Easy access to your funds;
* Tiered interest rates to reward higher balances;
* Interest paid either monthly, quarterly or annually
* A range of payment services.
To get the best out of your savings or transaction accounts, transfer large balances into a Term Investment to earn higher interest rates.
Remember that our offset account (S3) reduces the interest you pay on your loans. No interest is paid into the (S3) savings account.
Fees & Charges
Cairns Penny Savings & Loans does not charge account keeping fees on deposit accounts.
Please refer to our Fees and Charges Brochure for full details on our fees and charges.
Cairns Penny Savings & Loans Payment Services
For each Cairns Penny Savings & Loans deposit product, you have a range of payment services to choose from.
Account Types |
Payment Services Available |
| S2 Savings Investment Account | Periodical payments, Direct Credit, Direct Debit and BPay. |
| S3 Pennywise Account | Periodical Payments, Direct Credit, Direct Debit and BPay. |
| S4 Personal Cheque Account | Periodical Payments, Direct Credit, Direct Debit, Personal Cheque Facility and BPay. |
| S5 Pensioner Account | Periodical Payments, Direct Credit, Direct Debit and BPay. |
| S6 Christmas Club | Direct Credit |
| S8 Business Cheque Account | Periodical Payments, Direct Credit, Direct Debit, Cheque Facility and BPay. |
| S21 Access Plus Account | Periodical Payments, Direct Credit, Direct Debit, Cheque Facility and BPay. |
Product Benefits & Risks
You must maintain sufficient funds in your account for direct debits and periodical payments to be honoured. You can incur fees if payments are dishonoured.
