What is the Bonus Saver total introductory interest rate?
The Bonus Saver total introductory rate is made up of the introductory fixed bonus rate, plus the base variable rate, plus the bonus variable rate which applies when bonus interest conditions are met.
This introductory fixed rate applies for 3 months after your first Bonus Saver account is opened during this special offer period.
When does the introductory rate apply?
An introductory fixed bonus rate applies for the first 3 months, on top of the base variable rate and bonus variable rate when bonus interest conditions are met.
After 3 months, your Bonus Saver account will revert to the base variable interest rate plus bonus variable rate when bonus conditions are met and the conditions applicable at the time.
The introductory rate offer is available for a limited time only and we may change and remove the promotional offer at any time.
What is the Bonus Saver interest rate?
The Bonus Saver rate is the base variable rate plus the bonus variable rate, which applies when bonus interest conditions are met ($100 minimum deposit and no withdrawals per month).
Are there any deposit conditions on my Bonus Saver account?
You need to make a minimum deposit of $100 to the account and no withdrawals for the month to receive bonus variable rates. If these conditions aren’t met, you will only be eligible to receive the base variable interest rate.
During the introductory rate promotional period, you will only receive the introductory fixed rate and base variable rate if you do not meet the bonus interest conditions.
When is interest paid to my Bonus Saver account?
Interest is calculated on the daily balances, and paid at the end of a calendar month or on the day the account is closed.
Can I open more than one Bonus Saver account?
Only one Bonus Saver account is allowed per customer, solely or jointly owned. The introductory fixed rate is only applicable to Bonus Saver accounts opened during the promotional period.
The introductory fixed rate offer is available for a limited time only and we may change and remove the promotional offer at any time.
How is the introductory rate calculated?
The introductory fixed rate applies for the first 3 months from account opening, on balances up to $250,000. The introductory fixed rate applies in addition to the base variable rate, and in addition to the bonus variable rate when conditions are met.
After 3 months, your Bonus Saver account will revert to the base variable interest rate plus bonus variable rate when bonus conditions are met.
The introductory fixed rate offer is available for a limited time only and we may change and remove the promotional offer at any time.
How is bonus interest rate calculated?
If interest is payable on your account, it is calculated on a daily basis using the following formula:
Daily Closing Balance X interest rate / 365
The daily closing balance is the credit balance on your account at the end of a day. All current interest rates are available on our website.
How are saving products different to term deposit?
Fixed term deposits offer a guaranteed rate of return on your money for the life of an investment. They are also a low maintenance option so they are more 'set and forget' than savings accounts, which are more flexible with withdrawals but require meeting bonus conditions in order to get the bonus rate. You can learn more about the key differences between term deposits and other savings accounts here.
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