RACQ Bank is helping members to get ahead, with competitive interest rates and fewer hurdles on savings accounts.

RACQ Bank has increased the interest rate on Bonus Saver Accounts to a competitive 5.00%* p.a. (for accounts with a balance of less than $100,000 and meets the bonus criteria^).

However, the real point of difference for an RACQ Bank Bonus Saver Account is that it has fewer and easier requirements to obtain the bonus rate.

RACQ Head of Banking Product and Operations Will White said the Bank was always looking for ways to help members in a rising interest rate environment and that included making it easier to earn more on their savings.

“With deposit account interest rates on the rise, now is the time to be looking for a savings account with competitive features, not just an appealing headline rate,” Mr White said.

“With RACQ Bank’s Bonus Saver Account, all you need to do to earn the bonus interest is deposit at least $100 a calendar month and not make any debit transactions within that same month.”

For members who have the opportunity to put away savings, this new rate on Bonus Saver Accounts will mean they see a better return on their investment.

“We recognise it is a challenging environment and the Bank remains committed to offering members competitive solutions to help with their financial situation,” he said.

“With tax time upon us, if you receive a tax refund the extra cash could be used to boost your savings account while it has a great interest rate.”

More information on RACQ Bank’s savings and loan products can be found here.

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.

*Rates effective as at 30 June 2023 and are subject to change at any time. Click here for full terms and conditions.

^Bonus rate interest is paid when you deposit $100 and make no withdrawals per calendar month. Interest is paid monthly. Bonus Rate quoted includes Base Rate'