Why choose a Savvy Saver Account?
Earn bonus interest
Earn a competitive rate on your Savvy Saver account balance when you meet the eligibility criteria.
Transfer freely
No need to lock your savings away. Move your money in and out and still earn interest.
No minimum balance
Whether you have a little or a lot, open an account and get saving.
The simple way to boost your savings
- Earn a great variable rate each month when you meet the criteria. All you need to do is put at least $500 from an external bank account into an eligible & Transaction Account, then make five or more card purchases using your linked & Transaction Account.
- Link your & Transaction Account in the app and save on autopilot with Pay&Save.
- No minimum balance or opening amount required.
- Transfer or make payments using our mobile app or internet banking. Payments made with PayID or using Osko are received in near real-time.
- Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
How to earn bonus interest
Open your accounts
You’ll need a Savvy Saver and a P&N Bank & Transaction Account (in your name only). It’s easy – you can open both accounts online.
Put at least $500 into your & Transaction Account each month
Get your salary paid in, or make a monthly digital transfer from an external bank account or a P&N one that’s not in your name. The choice is yours!
Make five purchases
Each month, make five or more card purchases (plastic or digital) using your linked & Transaction Account.
Rates & fees
Introducing our Savvy Saver – where saving while spending has never been so easy.
Interest rates
| Rate type | Tier | Variable rate | Interest calculated | Interest credited |
|---|---|---|---|---|
| Standard rate | $0 + | 0.20% p.a. | Daily | End of month |
| Bonus rate | Up to $100,000 | 4.45% p.a. | Daily | End of month |
| Total maximum rate (standard + bonus) | Up to $100,000 | 4.65% p.a. | Daily | End of month |
| The basics | |
|---|---|
| Monthly fee | $0 |
| Minimum monthly balance | No |
| Everyday transactions | |
|---|---|
| Internet banking & mobile app transfer | Free |
| BPAY® transaction | Free |
| Direct debits and direct credits | Free |
Other fees and charges may apply. For more information, please read the full list of account fees and charges.
Open a savings account online in minutes
To open an account online, you'll need to be:
New customer
You can open a Savvy Saver online in just a few minutes – no queues, no paperwork, just a few clicks and you're good to go.
Existing customer
It's quick and easy to open a new account anytime using internet banking or the mobile app.
Already bank with us?
You can open a new account through the mobile app or internet banking – no additional ID required.
Open an account online
To open an account online, you’ll need to:
- Be at least 18 years old
- Live in Australia with a current residential address
- Be applying as an individual (not a business or association)
- Have two forms of ID from the following:
- Western Australian driver’s licence
- Australian passport
- Green Medicare card
We also recommend having your tax file number (TFN) ready. If you earn more interest than the limit set by the ATO and you haven’t provided us with your TFN, withholding tax may be deducted from the interest you earn.
If you don’t meet the eligibility requirements to open an account online, you can still open an account at one of our branches.
Open an account in a branch
If you’d rather see a friendly face in person, or don’t meet the eligibility requirements to open an account online, drop into one of our branches. Make sure you bring the required documents with you so we can set up your account.
Budget like a boss with mymo
mymo is your personal banking buddy. It’s an app you can use with your P&N Bank accounts to help you budget like a boss.
Link up all your bank accounts to see all your income and expenses at a glance, track your spending, and set up bill reminders. Budget smarter, save more, and waste less.
Got a question about savings accounts?
If you’re new to P&N Bank you can easily open an account online in a matter of minutes.
You’ll need to:
- be at least 18 years old
- have a current Australian driver’s licence or Australian passport document
- have access to your mobile phone with a camera
You can open most of our everyday and savings accounts online, and from there you'll also be able to open a term deposit from internet banking or the mobile app.
If you already bank with us – great choice! You can open most deposit accounts in your name online by going to ‘Apply’ in internet banking or ‘Open account’ in the mobile app.
To earn bonus interest on your Savvy Saver, you need to receive at least $500 into an eligible & Transaction Account and make five or more card purchases each month.
The minimum monthly deposit of $500 must come from an external account or a P&N Bank account that’s not in your name. This means you could digitally transfer funds from another bank each month, or have your employer directly deposit your salary into your & Transaction Account.
Cash and cheque deposits, or payments received via telegraphic transfer, are not included.
Tip! Getting your salary paid directly to your & Transaction Account is the easiest way to meet the monthly deposit requirement.
Eligible transactions include payments made using Visa payWave, your physical Visa Debit card, a digital wallet, or online using your Visa Debit card details. Keep in mind that these transactions must be fully processed by the end of the month – any transactions that are still pending will not count toward your five purchases.
All eligible transactions must be made using your Visa Debit card linked to your & Transaction Account. Cash withdrawals, balance enquiries, and transfers between your own accounts are not included.
If you open an account online, linking your & Transaction Account to your Savvy Saver may take up to five business days. Any transactions made between opening the accounts and the accounts being linked will not count towards the five purchases needed to qualify for bonus interest.
Our Savvy Saver Account can be linked to an & Transaction Account held in your name as a single account holder or joint account holder, if you are the primary member for both Savvy Saver and & Transaction Account.
Please visit a branch or contact us on 13 25 77 if you would like to open an & Transaction Account in your name.
We're here to help
Get answers online
Got a question? Our help centre is the ideal place to start.
Important information
Banking and Credit products issued by Police & Nurses Limited (P&N Bank).
Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms & conditions, fees & charges apply.
Read the relevant product terms and conditions before deciding if a product is right for you.
*Bonus interest is payable on the last day of the calendar month on Savvy Saver balances up to $100,000 when the following conditions are met during the month:
- at least $500 from an external source is deposited into your & Transaction Account(s); and
- you make at least 5 Visa card transactions from a linked & Transaction Account.
If the conditions are not met, or the account balance exceeds $100,000, the standard interest rate will apply.
You may hold a maximum of one Savvy Saver Account only, either as a single account holder or joint account holder.
If you hold more than one & Transaction Account, we will link your Savvy Saver to the most suitable account. You may contact us to change your linked & Transaction Account. Your Savvy Saver Account can be linked to an & Transaction Account held in your name as a single account holder or joint account holder only, if you are the primary owner on Savvy Saver and & Transaction account. The & Transaction Account does not earn interest.
BPAY® is registered to BPAY Pty Ltd ABN 69 079 137 518.