How to grow your bank savings
RACQ Bank is helping members to get ahead, with competitive interest rates and fewer hurdles on savings accounts.
RACQ Bank is helping members to get ahead, with competitive interest rates and fewer hurdles on savings accounts.
RACQ Bank has increased the interest rate on Bonus Saver Accounts to a competitive 5.00%* p.a. (for accounts with a balance of less than $100,000 and meets the bonus criteria^).
However, the real point of difference for an RACQ Bank Bonus Saver Account is that it has fewer and easier requirements to obtain the bonus rate.
RACQ Head of Banking Product and Operations Will White said the Bank was always looking for ways to help members in a rising interest rate environment and that included making it easier to earn more on their savings.
“With deposit account interest rates on the rise, now is the time to be looking for a savings account with competitive features, not just an appealing headline rate,” Mr White said.
“With RACQ Bank’s Bonus Saver Account, all you need to do to earn the bonus interest is deposit at least $100 a calendar month and not make any debit transactions within that same month.”
For members who have the opportunity to put away savings, this new rate on Bonus Saver Accounts will mean they see a better return on their investment.
“We recognise it is a challenging environment and the Bank remains committed to offering members competitive solutions to help with their financial situation,” he said.
“With tax time upon us, if you receive a tax refund the extra cash could be used to boost your savings account while it has a great interest rate.”
More information on RACQ Bank’s savings and loan products can be found here.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
*Rates effective as at 30 June 2023 and are subject to change at any time. Click here for full terms and conditions.
^Bonus rate interest is paid when you deposit $100 and make no withdrawals per calendar month. Interest is paid monthly. Bonus Rate quoted includes Base Rate'
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Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the PDS and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.