Whatever your lifestyle or budget. Companion offers you many different ways to access your funds, giving you the flexibility and security you need in managing your everyday finances. We can also help you make the most of your financial opportunities and plan for your future through our Financial Planning Service >>> Read more
accessing your account
VISA
Make the most of the convenience and ease of using your Companion Visa Card with an optional overdraft and you will never have to worry about running out of money again!
You can use your Companion Visa card as a debit card that accesses your savings or make it a credit card and attach an overdraft to your savings account.
You can use it to:
You can also use your VISA card to access these exclusive VISA Preferred Services websites:
VISA Preferred Seating gives you access to great seats to major concert, theatre & sporting events Australia wide, often before the public on sale date.
You can also register on the Events Waitlist for the hottest rumoured events, and you will be contacted first if tickets are secured. Last minute tickets are also available at special last minute prices. Visit VISA Preferred Seating
VISA Best Buys is an exciting new website that offers you great deals on computers, sporting goods, home appliances, outdoor & gardening and more. VISA Cardholders can also access the best advertised specials, articles and advice on what to buy and clearance stock.
Visit VISA Best Buys for details.
Redicard
Simple, quick and easy - that's the Companion Redicard. The Companion Redicard is available to use via EFTPOS and ATM's and it allows you to spend electronically from your own savings. Check out where your nearest ATM is here.
Redicard offers you:
Cheque Book
With the Companion cheque book you can write cheques out to any person or company, you can even pay bills. Cheques can be deposited into any account with any financial institution. You can apply for a cheque book at any of our branches.
A cheque book can provide access to our:
BPAY
You can pay so much more than everyday bills with BPAY. The quick, convenient way to pay - when it suits you.
BPAY is the easy and FREE way to pay your bills 24 hours a day - 7 days a week. You can access BPAY via online banking or phone banking and make payments to over 15,500 billers Australia-wide. BPAY lets you make payments straight from your account whether its cheque, savings or debit, plus you can schedule payments in advance so you don't miss a payment.
With over ten years experience, BPAY has proven to be the easy and convenient way to pay. No wonder there are over 225 million BPAY payments a year. Next time you need to make a payment, look for the BPAY logo.
To pay online with BPAY follow these simple steps:
Step 1 If you haven't already registered for online banking, call Companion on 131 609 and you will be given a security password that you will have to change the first time you log on.
Step 2 Log onto online banking, you will need the bill you wish to pay nearby.
Step 3 Select Transact, BPAY from the top menu
Step 4 On your bill look for the distinctive BPAY logo and enter the biller code and customer reference numbers in the specified spaces, choose the amount and date you wish to pay this. (ie; either today or select a future date)
Step 5 Wait for and record or print your receipt number.
Direct Debits
Direct debits can be used for regularly occurring bills. The company you are paying will debit the correct funds directly from your account. This means you can stop worrying about organising your bills to be paid on time; all you have to do is make sure you have the funds available. Direct debits are easily set up through the billing company. Eg; Telstra
Periodical Payments
Periodical payments let you transfer funds from your account to another account, person or company on a regular basis. The great thing about periodical payments is that you have the control over when, where and how much you send. You can set up a periodical payment on online banking or by contacting your nearest Companion branch and the same amount is transferred at your decided time (eg; weekly, fortnightly or monthly).
Direct Credits
You can use our FREE electronic direct credit service to credit your account with your income (part or all of your pay) or have other credit payments transferred directly into your account. Your funds will be available to draw on from the moment it reaches your account. The direct credit supplier will require written authorisation from you to commence your pay, part pay or any other credit you your Companion account. You will need to quote your BSB 802-386 along with your member number and name.
Quick Debits
Quick Debits can be used to debit your account at another financial institute and credit your Companion loan or savings account. This means if your pay goes somewhere else but your loan is with Companion, you can still easily make repayments electronically. Of course, you can use this payment service for extra savings as well.
Quick debits can be set up through your nearest Companion branch. Download an External Periodical Debit Request Form and the Service Agreement here.
Companion Credit Union Limited (ABN 82 087 649 947, AFSL No. 240734) is the product issuer for the deposit and related payment products referred to on this website. A copy of our Financial Services Guide is available here. As any advice of this website is prepared without consideration of your personal objective, financial situation or needs, before acting on the advice, you should consider if it is appropriate to your circumstances.
financial planning
Did you know that Companion can assist you with finanical planning services?
You may already hold a Companion savings, investment or loan account, but did you know that we can also assist you with financial planning services through our relationship with Bridges and Executive Wealth Management Financial Services Pty Ltd.
The aim of financial planning is more than just managing your savings and investments. It’s about ensuring that your future lifestyle is as good as it can possibly be. You work hard so why not make sure your money is working as hard as you are.
Whether you are in your carefree 20s, consolidating 30s, comfortable 40s or cruising 50s, the advice of a professional financial planner can be critical in helping you achieve your financial goals by developing a strategy that will work for you.
How financial advice can help you
Financial advice can make a big difference at every stage of life.
A financial planner can help you with different investment strategies for different circumstances,
such as:
About Bridges
Companion Credit Union is proud to offer you the services of Bridges.
Bridges is a leading and highly respected wealth management business which can provide you with advice on wealth creation, pre and post retirement planning, risk insurance, estate planning, margin lending, stockbroking services and much more. With over 60 offices and more than 160 planners, Bridges is one of Australia’s largest financial planning and stockbroking groups and has been providing financial planning services to credit union members since 1985.
Many people are aware that they need professional financial advice but are unsure of where to start.
The quest isn’t simply to find a planner but more importantly, to find a planner you feel you can trust. A Bridges financial planner will provide you with advice that meets your needs and will continue to offer advice and service, long after the initial investment has been made.
Visit the Bridges website to find out more about Bridges and the vast range of services available.
Budgeting
Do you know how much you spend – each week, each month, each quarter?
If your money seems to disappear, try setting yourself a firm but achievable budget and start taking control of your money.
There are many ways you can get your money working harder :
A Bridges financial planner can help you assess your individual needs, explain suitable investments and develop appropriate strategies.
Saving versus Investing
The terms ‘saving’ and ‘investing’ are often used interchangeably but actually are very different.
Saving is putting money aside for some short-term goals or as a back-up in case of an emergency. While relatively safe, savings are generally placed in a basic savings account earning relatively low rates of interest. The return on your savings may be outweighed by inflation, tax and account charges.
Investing, on the other hand, is putting your money to work strategically for the longer term, to build wealth and increase your financial security over time. Reinvesting dividends utilises the magic of compounding interest, making your money work even harder.
There are many factors that will determine the nature of the investments that are suitable for you. These include:
All investments carry a level of associated risk. Generally, those investments with higher rates of return over the long term have a greater level of risk over the short term. Similarly, those investments with lower risk usually have a lower long-term return.
Diversification is a strategy that spreads the ‘risk’ across a variety of different asset classes. Minimising the overall risk helps build the value of your portfolio.
There are many types of investments available to help you build your wealth:
Everyone’s situation is different and a Bridges financial planner can help identify appropriate strategies and investments just for you.
Tips to help build your wealth
Superannuation
Superannuation is important because it may be your only means of financial support in retirement.
A basic retirement versus a great retirement
Wouldn’t you like to enjoy your future without having to worry about money? Unfortunately most people have a huge shortfall in their retirement savings: the average Australian’s superannuation balance is just $63,000*, not much considering a comfortable retirement can cost up to $35,789# pa for a single person and $47,967# pa for a couple.
Your employer’s compulsory 9% Superannuation Guarantee (SG) contributions are unlikely to give you a comfortable retirement. But if you start contributing to your super now you can make more of your retirement later.
* Australia’s exploding DIY funds, Eureka report, February 2007
# ASFA Retirement Living survey
Super tax advantages
Superannuation is one of the most tax effective ways to save for your future.
Your contributions are taxed at up to 15% which is much lower than most of the marginal tax rates. If you contribute part of your pre-tax income to super (salary sacrifice) you will be taxed at 15% rather than your marginal tax rate, which may be as high as 45%.
The tax paid on the fund earnings again is only up to 15% instead of up to 45% on other investment earnings outside of super. If your super is then taken as a lump sum or converted to a retirement income stream there are further tax concessions.
Contributions from the Government
Do you earn less than $58,980? If so, you may be eligible to receive a co-contribution from the Government? For every dollar you contribute to super, the Government will contribute $1.50, up to a maximum of $1,500, if you earn up to $28,980 pa. This Co-contribution reduces by five cents for every dollar of income over $28,980 pa and phases out completely at $58,980 pa.
Investing super wisely
It is beneficial to understand where and how your super is invested because you do have a choice.
Eligible employees can choose the super fund to which their employer’s compulsory contributions are made. With ‘choice of fund’, now you may no longer need to change funds when you change employers.
It is also important to ensure your super is invested in line with your personal circumstances and objectives, including your risk profile, performance objectives and investment timeframe. If your super is primarily in cash or other conservative investments you may be missing out on higher returns that could be generated from a larger allocation to growth investments (such as shares).
Consolidate your super
Do you have more than one super account, perhaps from changing jobs over the years? Consolidating your multiple accounts could save you money in fees and charges. A larger combined account balance may also generate a greater return.
For more information on managing and building your super, organise an appointment with a Bridges financial planner.
Self-managed super funds (SMSF)
Self managed superannuation is a vehicle that gives you freedom of investment choice allowing you to take greater control of your retirement.
An SMSF, also known as a DIY fund, is a super fund with four or less members, where each member of the fund is a trustee. Each trustee therefore controls the investment of their contributions and the payment of their benefits.
Over the last decade, the growth in SMSFs has been phenomenal and is one of the fastest growing segments of the superannuation industry. The impetus for this growth is threefold: the desire for more control by fund members, the advent of Super Choice, and the increased focus on retirement planning. There are now over 368,000 self managed super funds registered with the ATO which hold in excess of $312 billion in assets. Over 1,500 new funds are being established each month.
Whether an SMSF is suitable will depend on your circumstances.
Part of the attractiveness of SMSFs is that they give you access to a large variety of investments not typically available through other superannuation funds. For example, you can invest in private assets such as artwork.
They also provide a way for family members (as the trustees) to combine their retirement savings in the one fund.
If you have your own business, an SMSF can be attractive because you can roll your business property into the fund.
However, the changing legislation for SMSFs can be complex. Obtaining financial advice can help you understand what is required.
It is also important to note that an SMSF may involve a lot more administrative work for you and the compliance requirements can be onerous. You also need to ensure that the costs of running your SMSF do not outweigh the returns. General guidelines suggest SMSFs are more cost effective for those with $250,000 or more to invest.
There are many things to consider before setting up an SMSF including:
Retirement Planning
Retirement is a time of life for you to relax and do the things you have always wanted to do. Therefore, careful planning can help ensure you are financially comfortable.
Prior to retirement, there are some important questions you need to ask yourself, including:
Planning ahead can assist you in making the most of what you have and help you achieve financial security, reduce uncertainty and enjoy your retirement.
There are many different options available to help fund your retirement. These include taking your super as a cash lump sum, purchasing an income stream product to give you a regular income or a combination of both.
A regular income in retirement
Account-based pensions
An allocated pension is purchased with super monies and provides a flexible, tax-effective, regular retirement income stream. It is not guaranteed, however the payments are flexible and can be any amount over the minimum limits set by the Government. Any capital remaining upon death is distributed to your estate or dependants.
Annuities
An immediate annuity on the other hand is an investment of a lump sum, usually with a life insurance company, that provides a regular guaranteed income for a specified period. The income will depend on the initial investment, frequency of payments and the prevailing interest rate. The income you receive is generally set at the time of investment and will not change.
A complying pension or annuity is one that has met certain conditions and may provide partial or full exemption from the Social Security Assets Test (although not the income test).
Each type of income stream has different features. The vast changes to superannuation for July 2007 made by the government affect income stream products and your retirement. A Bridges financial planner can help you with these changes and your retirement planning by identifying income options that best suit your circumstances and goals.
Insurance
Building your wealth is important and so is protecting it.
What would your family do if something happened to you? Illness, injury and death can have a huge impact on your family and your finances. Most of us insure our car and home etc, but what about your most important assets: your life and your ability to earn an income. Make sure you look after your loved ones and protect them against these risks.
Income protection (salary continuance)
Covers the loss of income, during an extended absence from work due to illness or injury.
Trauma insurance
Provides a lump sum payment as a result of a specified ‘trauma’, such as a heart attack, stroke etc.
Total and Permanent Disablement (TPD)
Covers the permanent loss of income through illness or injury that prevents your return to work.
Life insurance
Provides financial support for dependants in the event of your death.
Business expense insurance
Covers the costs of running your business in the event of extended illness or injury.
A Bridges financial planner can help you identify:
Is it worth the risk? Without insurance the risks are high. For more information on protecting your wealth, contact us to arrange an appointment with a Bridges financial planner.
Share Investing
Direct investments versus managed funds
Investing your money is an effective way to build your wealth. You can choose whether you invest directly, indirectly (through a managed fund) or a combination of both.
If you prefer to control where your money is invested you can purchase shares directly. However, it is important to conduct thorough research before investing directly as there are many factors that will influence the performance of shares.
Alternatively, managed funds pool the money of multiple investors into a single investment vehicle with a common objective and strategy. Just as their name suggests, managed funds are managed by investment professionals for you. They give you an easy way to invest in one or multiple asset sectors such as shares, property and fixed interest.
Everyone’s situation is different and it is important to work with a professional to identify which investments may be suitable for you. Bridges is one of the few financial planning groups that offers a full stockbroking service to help you with both direct and indirect investment options.
Redundancy
Redundancy can affect anyone from the chairman to the trainee. In this situation, there are many things to consider.
It is important to understand how you can manage a redundancy payment so you can make the most of it.
Money to live on
You need to assess how much money you require to live on and how much you will be able to put aside from your payout.
Reducing the tax on your payout
Part of your payout may be tax-free. There are also ways to reduce the tax you pay on the taxable component.
Some components of a redundancy must be taken as a cash payment while others may be able to be rolled over into super, which may be more tax effective.
Social Security
You may be eligible for some Social Security support following a redundancy. The structure of your assets and income may increase your eligibility for Government support.
Make sure you get the right advice so that your payout provides long term benefits, for example you may choose to reduce your mortgage or invest it for the long term in growth assets such as shares or contribute it to your super.
The changes to superannuation introduced by the government from 1 July 2007 affect redundancy payments. Bridges financial planners can help you plan for redundancy to make sure your payout is used wisely. For more information contact us to arrange an obligation free appointment with a Bridges financial planner.
Tax Minimisation
No-one likes paying tax but it is a given. Minimising tax is the key. When it comes to investing, there are many investment strategies that you can utilise to minimise the amount of tax you pay.
Contribute more to super
Salary sacrifice contributions to super can reduce the amount of tax you pay and build your retirement savings. The contribution is made prior to income tax being taken out of your wages. These contributions are taxed at a maximum of 15% instead of your marginal tax rate which may be as high as 45%.
Whilst your money is in super, the earnings are also taxed favourably at up to15%, again, instead of your marginal tax rate.
Tax-effective investing
Some investments are more tax effective than others. Growth investments such as shares and property often receive more favourable tax treatment.
Investment loans
Borrowing money to invest (gearing) is also a good way to manage your tax. You can receive a tax deduction if the cost of borrowing exceeds the income generated by the investment.
If you have an investment loan you may be able to prepay the loan interest up to 12 months in advance and claim a tax deduction.
Selling assets
Timing the sale of assets can affect the amount of tax you pay. Try to avoid selling shares within the first 12 months of the purchase date. After this time only 50% of the growth in capital will be subject to capital gains tax.
An unused capital loss can be carried forward to a financial year when a capital gain applies therefore incurring less tax on that gain.
If you would like advice on tax-effective investing, please contact us to arrange an appointment with a Bridges financial planner.
Estate Planning
Who will look after your family when you have gone? You have worked hard all your life, so don’t let it all be for nothing.
Equally important as creating wealth is planning for the distribution of it to your loved ones after you have gone. First and foremost, this means having a current and valid Will in place.
Did you know that dying ‘intestate’ (that is, without a Will) means that your assets (known as your ‘estate’) will be distributed according to a statutory formula which, perhaps, may not be in line with your wishes?
The importance of a valid Will
A valid Will is fundamental, but there is so much more to consider to ensure that your intentions are fully carried out after you’ve gone. Many life events such as marriage, divorce, the birth of children and the buying or selling of assets will impact your Will. To account for such circumstances, it is important to ensure that you not only review your Will regularly, but your estate plan as well, to ensure that they both remain appropriate.
Have you considered who would manage your affairs if you were to become incapacitated?
A Power of Attorney is a legal document that allows you to appoint a person you trust to make financial decisions on your behalf. A Power of Attorney however, ceases to have effect if you lose mental capacity. An Enduring Power of Attorney on the other hand, will continue to have effect, whatever your mental capacity.
Whilst a person appointed under an Enduring Power of Attorney can make financial decisions on your behalf, an Enduring Guardian can be appointed to make personal or lifestyle decisions for you, such as where you should live, what doctor you should use and the medical treatment you should receive, particularly if you do not want your life artificially prolonged.
Estate planning not only ensures your wealth is managed and transferred according to your wishes, but also in the most financially tax efficient way.
When it comes to distributing your assets, it’s hard to please everyone, particularly family members. However, the right planning can minimise the likelihood of claims being made against your estate.
A trust created within your Will can provide significant flexibility, together with tax minimisation and asset protection, for those who will benefit from your estate.
You have paid tax throughout your life but you don’t want your family to pay unnecessary tax once you have gone. It is important to make sure your estate is structured appropriately to avoid paying unnecessary tax.
A testamentary discretionary trust, for example, is established within your Will as a structure that can hold your assets for your beneficiaries. As it does not take effect until after your death and is managed by a trustee, the distribution of capital and income can be made at any time and in any proportion, thereby providing flexibility for your beneficiaries. A testamentary discretionary trust could also provide some protection for your assets. As none of the assets are legally owned by the beneficiaries, to a certain degree, they are protected in the event of legal proceedings, such as marital breakdown or bankruptcy for example.
A testamentary discretionary trust structure can also provide other advantages for your beneficiaries such as tax-effective distribution of the income generated. Beneficiaries will pay income tax on their allocated share of income according to their marginal tax rates. Unlike other trust structures, beneficiaries under the age of 18 are taxed at adult rates rather than penalty rates, thereby allowing you to take advantage of a substantial tax-free threshold.
As legislation varies from state to state, a Bridges financial planner can help you determine which documents are appropriate for your needs.
With an effective estate plan in place you can reduce your family’s tax liability and maximise their benefits.
Social Security
There are ways to reduce the impact of an inheritance on a beneficiary’s social security benefits.
A Bridges financial planner can show you how to preserve and manage your assets with an effective estate plan. For more information, contact us to arrange an appointment.
Financial Planning Tools
This is general advice only and does not take into account your objectives, financial situation and needs. Before acting on this advice, you should consult a financial planner. In referring members to Bridges, Companion Credit Union does not accept responsibility for any acts, omissions or advice of Bridges and its authorised representatives.Bridges. ASX Participant. AFSL No.240837.
Page last updated 17th July 2008. © Companion Credit Union 2008.