A savings account to support your goals
Our Bonus Saver Account rewards the hard work you put in with an attractive interest rate, no hidden fees or charges, and convenient digital banking options. If you’ve got big dreams, RACQ Bank is here to help you get saving so you can bring them to life.
- A deposit account with no minimum opening balance or ongoing balance
- No hidden fees or charges
- Save towards a goal like a holiday, car or new home
Terms and Conditions apply.
How it works: Bonus Saver Account interest rates
- Earn bonus interest when you deposit at least $100 and make no debit transactions during a calendar month
- If these bonus interest conditions aren't met, the base interest rate will apply
- Interest is calculated on a daily basis and paid monthly.
- The Bonus Saver has a tiered interest structure which means you may receive a different rate for your entire balance depending on the tier your balance falls within for the relevant day. A single interest rate (either the Base Rate or one of the Bonus Rates) applies to the whole daily closing balance of the account.
| Account balance | Base interest rate | Bonus interest rate |
|---|---|---|
| Up to $99,999 | 0.01% p.a. | 5.00% p.a. |
| $100,000 and over | 0.01% p.a. | 2.75% p.a. |
Bonus Saver
5.00% p.a. Bonus interest rate
on accounts with balances less than $100,000
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Interest is calculated on a daily basis and paid monthly.
Note that for the final day of each month whether a Bonus Rate or Base Rate is applied is determined by reference to meeting the criteria in the following calendar month. Interest for the final day of each month is paid with the following month’s interest.
Example:
If you make a $100 deposit and make no withdrawals on your Bonus Saver Account between 1 April and 30 April (inclusive), you will receive the bonus rate from (and including) 31 March to 29 April.
If you make a withdrawal on your Bonus Saver Account between 1 April and 30 April (inclusive), you will receive the base rate from (and including) 31 March to 29 April.
Whether the bonus rate is applied for 30 April in both cases will depend on if the eligibility criteria of $100 deposit and no debit transactions are met for the calendar month of May (being 1 May to 31 May). Any interest payable for 30 April is paid with the interest earned for the period (inclusive) 1 May to 30 May.
To learn more about interest rates, you can always check out our Deposit Rate Schedule.
Bonus Saver Account details
You can see a full list of Bonus Saver Account fees in our Fees and Charges Schedule. Or, take a look at our Deposit Rate Schedule for more info on rates.
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Fees
- Transaction fees for internet transfers and direct credits: $0
- Monthly account keeping: $0
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Eligibility
- Over 18 years of age
- Queensland residential address
- Australian driver licence or Australian passport
- Australian mobile number
Your new Bonus Saver Account is just a few clicks away
It’s easy to switch to RACQ Bank using your computer or smart phone. It takes only a few minutes to submit your application online:
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Fill in your online application and complete your identity check -
If you have nominated a second applicant they will also be sent their invitation to complete their application and identity check -
Once your application is submitted we will open your account and send you a text message and email with your account details
Why make the switch to RACQ Bank
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Watch your savings go up, not down -
Security you can count on -
Unlock member benefits savings -
Queensland-based
Other bank accounts
Award-winning savings account
RACQ are the proud winner of the Mozo – Experts Choice Award 2024 – High interest savings.
Make the most of your membership with exciting discounts~~
Contact us
Need help or would like to know more? RACQ Bank offers many convenient ways for you to get in touch with us.
Bonus saver account FAQs
Tips and guides
Things to note
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.
Interest rates on a per annum basis and are current as at 4 March 2025 and subject to change at any time.
You can only create a PayID within mobile or internet banking by linking it to an eligible account. Not available on some accounts. Please read the Mobile and Internet Banking Terms and Conditions for more information.
Biometric identification features are compatible with selected devices only, noting that some devices may not be able to use particular biometric identification methods. For Android, selected biometric features should be available on devices with android v 4.4 or greater, provided that feature is available in device. For iOS device, any device that is running with IOS version 9, 10 or 11 (or greater), provided that feature is available in device.
~~ Terms and conditions apply to all offers. View the individual offer for full details. Offer is subject to availability and may be withdrawn at any time without notice.
#Conditions apply. Offer available at participating Caltex and Puma Energy service stations. Visit racq.com/caltex for details.