BSB 806 015

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BSB 806 015

Savings accounts

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.

Savings and investment accounts

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Product name

Variable interest rate

Overview

Special requirements

Monthly fee

Access

 

Up to 5.15 % p.a. Variable interest rate

Jump start your savings with a bonus interest rate paid for the first 4 months when you open your Hi Saver account.

Special requirements

Introductory interest only paid for the promotional period (4 months). One joint account and one single account per membership.

Monthly fee

$0

Access

Internet banking, Mobile App, Phone banking, Branch and Contact Centre

Learn more

Apply
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Up to 4.55 % p.a. Variable interest rate

An account that rewards you with a bonus interest rate for sticking to a regular savings plan when you open your first SwiftSaver Account.

Special requirements

Standard interest paid. Plus bonus interest if a minimum $10 deposited and no withdrawals made during a calendar month. No interest bonus is paid on balances greater than $250,000.

Monthly fee

$0

Access

Internet banking, Mobile App, Phone banking, Branch and Contact Centre

Learn more

Apply
Remove

Up to 3.05 % p.a. Variable interest rate

The Way Cool Saver is a children’s account, for those aged 0 - 15 years that earns interest on balances up to $5,000.

Special requirements

Children aged 12 - 15 can have ATM card access with a parent or guardian approval.

Monthly fee

$0

Access

P&N ATM card, Internet Banking, Mobile App, Phonelink, Branch and Contact Centre

Remove

What savings account is best for you?

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.

  • Children and young teens

    Our Way Cool Saver Account is designed for children and young teens aged from 0 to 15 years. Interest is earned on balances up to $5,000 in this account. With parent or guardian approval, children between 12 and 15 years can also access an ATM card.

  • Adults

    If you have $5,000 or more in savings our Hi Saver Account may be perfect for your needs. Not only does opening a Hi Saver Account earn you interest on your savings,  you can also earn bonus interest for the first four months you have account by maintaining the $5,000 minimum balance.

    The SwiftSaver Account is another option to consider if you’re planning to deposit $10 or more into your savings each calendar month, and not make any withdrawals. SwiftSaver Account holders can take advantage of bonus interest savings account rates as long as their balance is less than $100,000.

  • Retirees

    Retirees or soon-to-be retirees can open an & Retirement Account with us to deposit their savings and enjoy interest rate benefits. The & Retirement Account is a high interest savings account, with the added bonus of everyday transactional access, designed for account holders 55 years and over.

Did you know we have a budgeting app?

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.

Learn more about mymo

Tips on saving

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.

  • Create a budget – work out how much you have to spend on the essentials such as rent, bills and food, and then work out how much you can afford to save.
  • Set realistic goals – this makes saving easier and helps you stay on track. If your goal feels possible then you’re less likely to give up easily. Help set up your savings goals with our Savings and Term Deposit Calculator.
  • Choose the right savings account - make sure you start with the savings account or investment that is right for your circumstances. There are many options available such as bonus interest accounts, term deposits, and more easily accessible accounts too. Understand the best account for your needs and compare your options.
  • Automate your savings transfer - commit to your goal by setting up an automatic direct debit from your transaction account to your savings account on your pay day.
  • Minimise temptation - if it isn't easy to withdraw funds, then you'll reach your goal faster. Use online only accounts or accounts without card access.
  • Check out our tips - for easy ways to save money and choosing the best savings account.

Frequently asked questions

  • What features should I look for in a savings account?

    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.

  • What are the types of savings accounts?

    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.

     

     

  • Which account is best for savings?

    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.

  • Why should I open a savings account?

    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.

     

  • What can savings accounts be used for?

    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.

  • How is interest on a savings account calculated?

    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.

  • How do I close my everyday or savings account with P&N Bank?

    You can close your P&N Bank account by:

    • calling us during business hours on 13 25 77, or +61 8 9219 7609 if you’re overseas
    • getting in touch via WebChat, and logging into your Internet Banking so that we can confirm your identity, or
    • visiting your local branch with identification.

    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.

Not what you're looking for?

*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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