Save with a P&N SwiftSaver account

Frequently asked questions

• What's the difference between a term deposit and a savings account?

  With savings accounts, you can add to and withdraw from them as you please. There can be some restrictions around the interest payable if you make withdrawals, however, you can access the money in the account whenever it suits you. Interest rates on these accounts are generally variable and subject to change at any time.

  With term deposits, an amount of your choice (usually a minimum amount of $5,000) is locked away for a set period of time at a fixed interest rate. These rates can often be higher than a standard savings account, however, the money cannot be accessed until the fixed term is over (when the term deposit matures). If you choose to break the term to access the funds early, the interest payments will often be forfeited.

• What’s the difference between an everyday account and a savings account?

  With savings accounts, you can add to and withdraw from them as you please. There can be some restrictions around the interest payable if you make withdrawals, however, you can access the money in the account whenever it suits you. Interest rates on these accounts are generally variable and subject to change at any time.

  With term deposits, an amount of your choice (usually a minimum amount of $5,000) is locked away for a set period, at a fixed interest rate. These rates can often be higher than a standard savings account, however, the money cannot be accessed until the fixed term is over – at maturity. If you choose to break the term to access the funds early, the interest payments will often be forfeited or reduced.

• How do I open a savings account?

  If you're 18 years of age you can open a savings account online. Existing members can log in to Internet Banking and go to Apply to open an account. New members can apply online by selecting Apply from the website. Alternatively, you can open an account by taking your identification documents to one of our branches.