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eSave Account

An online savings account offering you all the flexibility you need to reach your savings goal sooner.

Save with eSave – An Online Savings Account

Our eSave Account is an online savings account that provides you the freedom to save without any monthly fees. Once your balance reaches a certain amount, you’ll get access to very competitive interest rates to help your money grow even further. Plus, you’ll have the flexibility to access your funds 24/7.

Up to 0.50 ^{% p.a.}

Why choose an RACQ eSave Account?

No account keeping fees

Enjoy a savings account that offers a competitive interest with no monthly account keeping fees.

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Earn competitive interest online

As an online account with more limited access, your money will have a better chance to grow even further.

Unlimited deposits and withdrawals

Have the freedom of moving your money around without impacting your interest rate.

Member benefits

As an RACQ member, you’ll have access to upwards of 1,200 discount partners locations to help you save some serious dollars.

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Hide Open an eSave account

Set up your online savings account in 4 simple steps

Complete the online application form (this should only take about 5 minutes).
We’ll process the application within 1 business day.
You’ll receive an email or SMS with your Bank ID and temporary internet banking password to get you started.
You're ready to start saving

Open an eSave Account

Hide Account eligibility

To be eligible to open an online savings account, you must:

Be 18 years of age or older
Have a Queensland residential address
Have a valid Australian mobile phone number
Have either an Australian driver’s licence or Australian passport for identification
Generally, once you turn 13 you can open your own account. If you’re under 18, please call us on 13 1905 or visit a branch to open an account

Open an eSave Account

Hide Rates and fees

eSave Account rates and fees

Interest rate for balances $5,000 and over – 0.50% _p.a.
Interest calculated daily, paid monthly
No ongoing fees
Unlimited deposits and withdrawals without affecting your interest rate

Please refer to the Deposit Rate Schedule and Fees and Charges Schedule for more details about rates and fees.

Open an eSave Account

Why bank with RACQ Bank?

Great rates and low fees

With us you’ll always get excellent value, backed by the RACQ service you know and trust.

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Built on 50 years’ banking experience

By joining forces with QT Mutual Bank we’re able to provide you with half a century of banking know-how.

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Benefits for RACQ members

By taking out one of our banking products you’ll become an RACQ member and receive a range of discounts and benefits.

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Bank your way

Access online and mobile banking, dedicated branches and our 24/7 Queensland call-centre.

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You’re safe with us

RACQ Bank is an APRA regulated Authorised Deposit-taking Institution (ADI), with Government guaranteed deposits up to $250,000.

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Contact us

Ready to apply or like to know more?

Support & FAQs

How is interest calculated on my RACQ Bank savings account? Show more

Put simply, savings interest is the money your savings earn while in your account. The amount of interest your savings attract will vary according to your chosen account; and your depositing and spending habits.

Generally, RACQ bank calculates – or compounds – interest daily and pays monthly, however this can vary depending on your account.

For an illustrative guide to what you might expect from a savings account with RACQ Bank, check out our Deposit Rate Schedule.

How long does it take to transfer money to other accounts? Show more

Funds transfer times vary depending on the method, to whom and where you are sending the money to.

Transfers can be made via:

Internet Banking,
the RACQ Bank app,
in-branch or;
over the phone.

All transfers made between your RACQ Bank accounts are instant; transfers to other Australian bank accounts using Internet Banking, the app, in-branch or over the phone should occur between 2 – 3 business days, however these time frames can vary.

International transfer times depend on the location and banking practices of the destination account. A bank draft – a transfer method offered only in-branch – usually takes up to 2 business days.

For more information regarding transfer times, drop into an RACQ Bank branch or phone 13 1905.

What is an Authorised Deposit-taking Institution (ADI), and why is it important? Show more

ADIs are banks licensed by the Australian Prudential Regulation Authority (APRA) to lend monies that are guaranteed by federal government to refund the money should the bank default. This means your money is government-guaranteed, giving our members extra peace of mind their money is safe with RACQ Bank.

More Accounts FAQs

Important Information Show more

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.

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

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.

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.

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RACQ Bank

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eSave Account

Save with eSave – An Online Savings Account

Why choose an RACQ eSave Account?

No account keeping fees

Earn competitive interest online

Unlimited deposits and withdrawals

Member benefits