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If you've got a goal in mind or just want to put some money aside for a rainy day, we offer competitive interest rates for a range of savings accounts. Whether you want high interest rates, an account you can open online or just a place to keep your money safe, we have you covered.
Let us help you figure out which high interest savings account is the right fit for you.
At P&N Bank, we have a range of high interest savings accounts to suit any financial situation or goals.
Meet mymo by P&N Bank
mymo is P&N Bank's budgeting app, and your personal financial assistant.
Be empowered to better manage your income and expenses. With access to a complete overview of your accounts in one place, mymo will help you keep your spending (and saving!) on track.
Link all your accounts from all your financial institutions to get the full picture – that includes your income, spending, bills and savings.
In WA, we love to travel - but saving for a holiday can be tricky without a plan. Similarly, if you’re trying to save for a car or a house deposit, it's important to make sure you make a plan and stay on track.
No matter what you're saving for, here are a few tips to make sure you reach your financial goals sooner.
The most important thing to look for in a savings account is a competitive interest rate. Some accounts offer bonus interest payments if regular deposits and no withdrawals are made, which can be motivating to keep the money set aside until you’ve reached your savings goal.
It's also important to make sure the account doesn’t have a monthly fee, because if it does it can slowly eat away at your savings. Plan how you will use the account and look for an account with features that suit you.
There are a few types of high interest savings accounts available - standard savings accounts, savings accounts with a bonus interest rate, as well as fixed term deposit accounts. Compare the features and benefits of each to understand which type might be best for your needs.
A standard savings account is a bank account that sometimes has certain requirements you have to meet in order to earn a higher interest rate on the funds. A bonus interest savings account will reward you with a higher interest rate when you meet certain criteria such as making regular minimum deposits, keeping a minimum balance and/or making no withdrawals. For both standard savings accounts and bonus interest savings accounts the interest rates can change based on the Reserve Bank cash rate.
There are many P&N Bank savings accounts that are ideal for building your savings, whether you’re looking to save for your first home or you’re a soon-to-be retiree.
For help with finding the right savings account for your needs contact us on 13 25 77.
Savings accounts don’t usually come with card access, so it’s not as easy to withdraw the funds. They usually have a higher interest rate than everyday accounts and sometimes reward regular deposits and limited withdrawals.
Having a dedicated savings account separate from your everyday account can make it easier for you to stick to your savings goals.
A savings account can be used to save towards a specific goal, such as a holiday or home deposit. It can also be used to put aside funds for emergency expenses such as car or home repairs, or simply for a rainy day.
This will depend on whether the interest is calculated on a daily balance or a minimum monthly balance. Interest is calculated by multiplying the savings account balance by the interest rate for the time the savings is kept in the account.
You can close your P&N Bank account by:
If the account is two-to-sign, we will need to speak with both account holders before we can close it.
Before closing your account, you should ensure that all recurring payments and direct debits set up from the account are cancelled and any overdrawn balance is cleared in full.
See all frequently asked questions
*One of the account holders must be at least 55 years of age to open an & Retirement Account. Members may hold a maximum of one & Retirement Account as a single account and one & Retirement Account as a joint account.
#Hold an &Retirement Account and get an interest rate better than our standard 3 month Term Deposit rates.
^Non standard transaction fees and other bank and ATM fees may apply.
Banking products issued by Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice does not take into account your objectives, financial situation or needs. Read the relevant Product Terms and Conditions,
before acquiring this product in considering and deciding whether it is right for you. Target Market Determinations (TMDs) are available for products. Non-standard transaction fees may apply. If you do not hold an & Retirement Account at the time your & Retirement Term Deposit matures your Term Deposit will be automatically rolled over into the Money Maker Term Deposit for the same term at the prevailing rate.
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