Skip to main content Skip to main navigation Skip to accessibility page Skip to search input

Save monthly, don't withdraw and we'll reward your dedication

Deposit
At least once a month
Save
and don't withdraw
Earn
up to reward interest rate

Rates


2.30 % P.A.


Total
reward rate

The reward rate is a combination of the bonus variable rate of  1.20% p.a. and a base variable rate of 1.10% p.a. for balances above $100,000.

1.1 % P.A.


Base
rate

If you make a withdrawal OR don’t make a deposit before the last business day of the month- for balances above $100,000.

What’s new –  Flexibility to withdraw and how you earn bonus interest

  • You will still be eligible to earn the standard variable and the bonus interest rate even if you withdraw from your account
  • Earning your monthly bonus interest will require balance growth, usually $50 (see below)
  • New interest rates
     

 New interest rates effective from 1st September onwards

Balance tiers Standard variable rate Bonus interest Earn up to
$0 – $19,999.99 0.80% 1.20% 2.00%
$20K – $99,999.99 0.80% 1.20% 2.00%
$100K – $249,999.99 0.80% 1.50% 2.30%
$250K – $499,999.99 0.80% 1.65% 2.45%
$500K – $999,999.99 0.80% 1.65% 2.45%
$1M + 0.80% 1.65% 2.45%

Earning your monthly bonus

If all other account holders are aged under 21:

Tiered Incentive Saver bonus interest will be payable if, during a month (being the day after the last business day of the previous month to the last business day of the current month):

1. your account balance has not fallen below zero; and
2. you have grown your account balance by any amount1


If you or any account holder is aged 21 years or over:

Tiered Incentive Saver bonus interest will be payable if, during a month (being the day after the last business day of the previous month to the last business day of the current month):

1. your account balance has not fallen below zero; and
2. you have grown your account balance by at least $501

When the oldest account holder is turning 21, the monthly balance growth amount of $50 to qualify for bonus interest will be effective from the next calendar month following the month of the eldest account holder’s 21st birthday.

 


Things you should know:

  1. To earn bonus interest: For customers 21 and over, the account’s monthly closing balance (excluding interest) must have grown by at least $50 compared to its opening balance. For customers under 21, the account’s monthly closing balance (excluding interest) must have grown by at least $0.01 compared to its opening balance. Balance growth is dependent on a customer demonstrating savings behaviour – e.g. making a deposit into their account. Any increase in balances from interest earned doesn’t count towards balance growth.

    If you’re turning 21 during September 2018, the $50 minimum growth to earn bonus interest will come into effect the following month (from 1st October 2018). Customers should monitor their account balance if they make any withdrawals to make sure they maintain the minimum monthly balance growth required to qualify for bonus interest.

    Bonus interest criteria changes from 1st September 2018.

    Prior to 1st September 2018, to be paid bonus interest in a month, by the last business day of the month (which includes a Saturday) you need to make a deposit, have made no withdrawals and maintained a credit balance.

    Fees and charges apply. Any recommendation made in this communication does not take your objectives, financial situation or needs into account. Before making a decision you should consider what’s right for you.

Fees and charges

  • The Incentive Saver has no setup or monthly fees.


    The main thing to remember is that you will receive an overall higher interest rate if you make a deposit before the last business day and don't make a withdrawal each month.

    Please read the detailed terms and conditions for the full fee schedule.

Features

Automatic transfers
Help yourself get the total reward rate by setting up a monthly deposit in online banking.
Uncapped saving
Interest is calculated on the total balance of your Incentive Saver with no limit on deposit amounts. 
Government guarantee
The Financial Claims Scheme guarantees deposits to a cap of $250,000 per account-holder.
Quick Balance
Know exactly how much money you have on hand, at a glance at your smartphone or watch.

In detail

Before making a decision, please read the terms and conditions and ensure you're aware of all fees and charges.

How to open an account

1.
Read both the terms and conditions, and fees above
2.
Give yourself a few minutes
3.
Have your ID handy
4.
Have your Tax File Number (TFN) ready