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Bring your ambitions to life with RACQ Bank savings accounts

Whether you’re saving for a brighter future or a rainy day, we’re here to support your goals. RACQ Bank puts members before profits, which means when you open a savings account with us, your hard work is rewarded with attractive interest rates and no hidden fees. Throw in the convenient banking options you expect and the RACQ service you love, and you’ve got an online savings account worth writing home about.

Your savings account options

Find the savings account that makes the most of your money.

Bonus Saver Account

Save for the long-term goals that keep you smiling every day.

Let us show you how easy it is to unlock bonus interest and kickstart your savings.

  • Base interest rate of 0.01% p.a.
  • Start saving at any stage of life with no minimum opening balance
  • Watch your savings grow at any time with internet banking and your RACQ Bank app
Earn up to
0.70% p.a.
Bonus interest rate
$0
Monthly account keeping fees

eSave Account

Get started today with an easy-access online savings account.

Take advantage of a convenient modern account that simplifies your financial growth.

  • Online savings account balances $5000+ earn up to 0.20% p.a. interest
  • Make online transfers when you like without it affecting your interest rate
  • Click or swipe to check your savings online or in the RACQ Bank app
Earn up to
0.20% p.a.
Interest rate
$0
Monthly account keeping fees
Piggy bank

Term Deposits

Earn a guaranteed return at your own pace with a term deposit.

Learn more

Calculator

Savings and term deposit calculator

Run the numbers and discover how your savings can grow.

Learn more

Card

Check out our transaction account options for the freedom to spend your way.

Experience the benefits of being a member^

Savings Account FAQs

It’s easy to switch to RACQ Bank using your computer or smart phone. It takes only a few minutes to submit your application online:

  1. Fill in your online application – this takes five minutes.
  2. Once we’ve reviewed your application, we’ll send you a text message asking you to verify your identity with a photo of your ID.
  3. Once we’ve confirmed your identity, we’ll send you a text message with your account details.

Yes. When you open your online savings account with RACQ Bank, you can have peace of mind knowing we’ll take care of your private information and funds.

Our internet banking system is built with:

  • https encryption
  • Transport Layer Security (TLS)
  • 2FA, 2-step verification for secure transfers
  • Automated session logouts

Your RACQ Bank app also ensures security by:

  • Requiring your Bank ID and password to log in
  • Using SMS security
  • Ensuring automatic session logouts

Want to know how you can help keep your account safe? We recommend you:

  • Manually log out after each session
  • Never save your login details on a shared computer
  • Clear out cookies after each session
  • Don’t share your internet banking details with anyone

While you’re comparing the features of savings accounts, it pays to check out the fees too. You can have a look at straightforward tables of RACQ Bank fees and charges in our Fees and Charges Schedule.

Or, if you’d like to chat about fees, you’re always welcome to pop into your nearest RACQ store or phone us on 13 1905.

Of course! We’ve designed transaction accounts that offer you convenient banking without the extra charges. To find an account that will help you move and manage your money on a day-to-day basis, take a look at our transaction accounts.

No. We keep our online savings accounts card-free, so that you can keep your goals on track. However, if you need an account that has debit card access, please refer to our other account options to choose from.

The amount of interest you’ll earn on the money you deposit into your savings account will depend on a range of factors, including:

  • The type of savings account you’ve chosen
  • How much you deposit every month
  • Your spending habits

Generally, RACQ Bank calculates interest daily and pays monthly or quarterly, however this can vary depending on your account. Please refer to the Deposit Rate Schedule for more information.

Banking products are issued by Members Banking Group Limited ABN 83 087 651 054 AFSL and Australian credit licence 241195 trading as RACQ Bank. 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 before deciding.

Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

You can only create a PayID within mobile or internet banking by linking it to an eligible account. Not available on some accounts. Please read the internet banking terms and conditions for more info.

Biometric identification features are compatible with selected devices only, noting that some devices may not be able to use particular biometric identification methods. For Android, selected biometric features should be available on devices with android v 4.4 or greater, provided that feature is available in device. For iOS device, any device that is running with IOS version 9,10 or 11(or greater), provided that feature is available in device. 

* The Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Google Pay, and the Google Pay Logo are trademarks of Google Inc. Samsung Pay is a trademark or registered trademark of Samsung Electronics Co., Ltd.

# E10, Unleaded 91, Premium Diesel and LPG only. Conditions, limits and exclusions apply. See Puma Energy fuel discount for more information.

~ eGift Cards:

  • Discount applies at checkout
  • Discount is on pre-purchased WISH and Woolworths Group eGift Cards only
  • Offer available online only
  • Discount not available when purchased in store
  • WISH and Woolworths Group eGift Cards terms and conditions apply
  • WISH and Woolworths Group eGift Cards are emailed to your nominated email address
  • A maximum of ten WISH and Woolworths Group eGift Cards may be purchased in one transaction
  • You can check your eGift Card balance here
  • Woolworths Limited ABN 88 000 014 675 is the issuer of the WISH and Woolworths Group eGift Card, but is not the promoter of the offer, nor responsible for fulfilment of the offer terms. WISH and Woolworths Group eGift Cards have no expiry date and are redeemable at participating stores only. For a list of participating stores and full eGift Card Terms and Conditions visit woolworths.com.au/giftcards