Karpaty Credit Union offers many different accounts and services with features for a variety of purposes. There is almost certainly an account or service designed to suit your needs. There are savings accounts for everyday needs, accounts for serious savers, special accounts for children and our youth, and a range of options including plastic cards and cheque books.

Types / Names of Savings Accounts
• S1 Passbook Savings Account
• S2 E-Saver Account
• S3 Everyday Access Account
• S4 Kossack Club 18 Account
• S5 Special Purpose Account
• S7 Kossack Club Super Saver Account
• S8 Mortgage Buster Offset Account
• S9 Christmas Club Account
• S10 Cash Management Account
• S13 Pensioner Deeming Account
• S14 (Joint) Pensioner Deeming Account
• S21 Professional Package Line of Credit
• S22 Professional Package Offset Account


What Accounts we have to offer

S1 Passbook Savings Account

This account is the nominal account opened for all members upon joining Karpaty Ukrainian Credit Union Limited. It is the account against which your shareholding in the Credit Union is held. You may, if you wish operate your S1 account via a passbook.
The interest rate which applies to this type of account is shown in our Interest Rates Brochure as amended from time to time


S2 E-Saver Account

An E-Saver Account is an on-line savings account where ALL transactions occur either over the phone with Karpaty's Telebank or via the internet through 'Netteller' facility.
To be eligible for an E-Saver Account, a member must be a registered user of Karpaty's 'Netteller' internet Banking or Telebank services for the membership in which that member wishes to open an E-Saver Account. Memberships where two or more persons must sign to transact on accounts MUST provide a letter to the Credit Union signed by all signatories to the membership's existing accounts authorising one of them to transact on an E-Saver account. Where the membership is a community entity or a corporation, an extract of the minutes of a meeting authorising the opening of such an account must also be provided.


S3 Everyday Access Account

This account is one of our most popular accounts. It is the account from which you may operate your chequing facility or, to which you may attach your Redicard for ATM & EFTPOS access anywhere in Australia. An Overdraft (sometimes also called Continuing Credit) facility may also be operated from this account.
When you open an S3 Everyday Access Account, you will be sent a statement detailing all your transactions and your balance monthly. Interest on any overdrawn savings (for which you have authority to operate on the account) is calculated on a daily basis and is debited to the account monthly.
The interest rate, which applies to this type of account is shown on our Interest Rates Brochure as amended from time to time.


S4 Cossack Kids Club 18 Account

This account operates primarily for our Junior Shareholders. Usually a parent acts as the signatory (and an informal trustee) to the account. It generally earns our highest current savings interest rate, which is calculated on the minimum monthly balance and is credited to the account annually on 31 May.
Funds generally cannot be withdrawn from the account until the Junior Shareholder turns 18 years of age, at which time the total balance of the account is transferred to the S1 Passbook Savings Account (unless otherwise requested by the member). If the funds are withdrawn early, a reduced rate of interest -currently set at our S1 Passbook Savings Account rate -shall apply for the preceding 2 years (as of the date of the request to withdraw the funds). The application of the lesser rate shall apply to that portion of the account, which the member (or the signatory/trustee) wishes to withdraw from the account.


S5 Special Purpose Account

This account is available, at our discretion, to member shareholders that may wish to maintain generally large amounts for a specific period or a special purpose at a negotiated rate of interest, whilst being allowed to draw on those funds - again under special terms and conditions negotiated at the time. Interest is calculated on the minimum monthly balance and is payable pursuant to the terms and conditions that are negotiated at the time of deposit.


S7 Cossack Club Super Saver Account

This account is specially designed to encourage our Junior Members to save, whilst simultaneously being able to operate a Credit Union account. which is set at a higher rate to attract young members and to encourage them to see their savings grow. Interest is based on the minimum monthly balance (without the minimum set balance of $500), and is credited monthly to the account on the last day of each month.


S8 Mortgage Buster Offset Account

This account is only available to members who avail themselves of a home loan from the Credit Union by way of the "Mortgage Buster" (owner occupier) loan. It requires that a member's salary is paid directly into the facility and the benefits are offset into the loan by way of a reduction in the amount of monthly interest on the loan. The S8 account itself does not attract any interest payable (as the benefit is in the loan), but a minimum balance of $500 must be maintained in the "offset" account for the interest benefits to the loan account to take effect. A Member Chequing facility and a Redicard may, upon the Credit Union's discretion, be attached to this account.


S9 Christmas Club Account

This account is designed for members wishing to save funds for Christmas and the holiday period. Interest, which is set at a higher rate than our S1 Pass book savings Account rate, is based on a minimum monthly balance, and is credited to accounts on 31 October each year. The funds are then transferred to your S3 Everyday Access Account or to another operational account that you may nominate. If you wish to retain the funds in the S9 Christmas Club Account you may do so, but only if you intend to leave the funds in the account for the ensuing year. Account holders who wish to withdraw funds prior to 1 November in any year, will need to advise the Credit Union in writing of their intention. Any accrued interest shall be forfeited and will be re calculated at our S1 Passbook Savings Account rate applicable at the time.


S10 Cash Management Account

If you want a high return but don't want to tie up your money, consider a "Karpaty" Cash Management Account. You will receive a higher interest rate on your money, which is scaled to the amount in the account. You may withdraw funds at any time, but the limitation is that there must be at least $1000 in the account to qualify for interest and that withdrawals are to be made in lots of $500. Interest is calculated on the minimum monthly balance and is credited to your account on the last day of each month.


S13 Pensioner Deeming Account

This account pays interest at the rate specified by the Government's Deeming legislation. The account is only available to member shareholders who are aged pensioners. Upon application a member shareholder may have a Redicard attached to this account. Interest payable is based on the minimum monthly balance (without the minimum $500 being applicable) and, is credited to accounts on the last day of each month.


S14 (Joint) Pensioner Deeming Account

This account applies only ti pensioner couples, who jointly maintain a Pensioner Deeming Account. It pays interest at the rate specified by the Government's Deeming legislation. A member may also have a Redicard attached to the account. Interest payable is based on the minimum monthly balance (without the $500 being applicable) and, is credited to accounts on the last day of each month.


Professional Package Accounts

The Professional Package is primarily accounts that are designed around a unique loan account available to members who are qualified professionals, having attained a degree or diploma, which is recognised in Australia.
There are separate Terms and Conditions of eligibility for the loan component and are available on request.

S21 Professional Package – Line of Credit
This is a Line of Credit facility only available upon approval to members who have a Professional Package Loan approved.
This is a non-billing account with an approved limit, which the member can draw on as long as the limit is not exceeded. The account must be secured by the equity in a member’s First Mortgage up to certain limits, which may be imposed by the Credit Union from time to time.

S22 Professional Package Offset Account
This account operates in a similar way to our S8 ‘Mortgage Buster Offset Account’. The member’s salary is paid directly into the account and the credit amount reduces the interest paid on the loan. No interest is paid to the savings account as the benefit is reflected in the reduced interest charged to the loan account.
There is no required minimum amount to be maintained in the savings account for the interest benefits to take effect.
All payment services are available on this account. Any annual Fees applicable to the ‘Professional Package’, as outlined in our Fees and Charges booklet, are charged to this account.