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Go further, faster with your RACQ Bank online savings account

Feel the confidence of watching your savings thrive with an RACQ Bank eSave account. Whether you’re saving for this Christmas, that car, or the home of your dreams, our card-free eSave Account simplifies staying on track. Move money where you need it most, inject funds when you can, or sit back and save on autopilot. We’re here to help you make the most of your money.

  • Earn interest up to 0.20% p.a. on account balances $5000 and over
  • Your interest is calculated daily and paid monthly
  • Get unlimited deposits and withdrawals without affecting your interest rate

Open my eSave account

0.20% p.a. interest rate

account balances $5,000 and over

eSave Account fees

You can see a full list of eSave Account fees in our Fees and Charges Schedule. Or, take a look at our Deposit Rate Schedule for more info on rates.

Fee Amount
Transaction fees for internet transfers and direct credits $0
Monthly account keeping fees $0

Opening your online savings account is easy

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:

Fill in your online application – this takes five minutes.

Fill in your online application – this takes five minutes.

Open my account

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.

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.

Once we’ve confirmed your identity, we’ll send you a text message with your account details.

Once we’ve confirmed your identity, we’ll send you a text message with your account details.

Who can open an RACQ Bank online savings account?

To open your eSave Account online, you simply need to:

Be aged 18 years or over

Under 18? Phone us on 13 1905 or visit an RACQ store

Have a Queensland residential address

RACQ Bank is proudly run for Queenslanders

Have an Australian mobile phone number

Bank securely and track your savings on-the-go with the RACQ Bank app

Have an Australian driver licence or Australian passport

Photograph your ID and we’ll verify your documents online

Online savings account FAQs

The eSave Account is a card-free account designed to help you conquer your savings goals, which means you can’t withdraw money from it using an ATM. If you do need to take money out of your eSave Account, you can:

  • Phone 13 1905 to transfer money via phone banking
  • Transfer money from your eSave Account to your Everyday Account
  • Transfer money from your eSave Account to another bank account linked to a debit card

All transfers made between your RACQ Bank accounts are instant; transfers to other Australian bank accounts using Internet Banking, the app, in-store or over the phone can take up to 3 business days.

For more info on transfer times, drop into an RACQ store or phone 13 1905.

Setting up your online savings account with RACQ Bank is easy. The initial application form, which takes five minutes to complete, will be reviewed within one business day of submission. After that, we’ll send you a link requesting a photo of your ID. Once we’ve verified your ID, we’ll email or SMS your internet banking details to you and you’re ready to go!

No. To help our members reach their savings goals, we do not issue debit cards to online savings account holders. If you’d like to open an account that allows you to make card purchases, you’ll find our transaction account options useful.

While you’re here

Transaction Accounts

Open an account designed to make your days easier.

Learn more

Term Deposits

Enjoy the security of making a sound investment.

Learn more

Savings & Term Deposit Calcula...

Build on your success with these tools under your belt.

Learn more

Why open an RACQ Bank online savings account?

No everyday transaction fees

Spend your hard-earned cash on the things you love.

Bank safely with RACQ Bank

Feel secure knowing we use leading safety protocols.

We already protect your car and home

Let us show you the member banking difference.

Unlock instant member benefits

Explore dozens of discounts we’ve got waiting for you.

Tap into RACQ member discounts today^

Head to the checkout with savings in your pocket

Get up to 5% off eGift cards at Woolworths, BWS, Big W, and more.~
Spend less the next time you fill up

Go to Puma Energy petrol stations for your 4 cents per litre discount.#
Treat yourself to a little entertainment

RACQ members get discounts at Event Cinemas and BCC Cinemas.
Make a difference to your community

Your RACQ membership funds local disaster relief grants.

Contact Us

Need help or would like to know more? RACQ Bank offers many convenient ways for you to get in touch with us.

Contact us online

Fill out our online enquiry form and we'll get back to you in 1 business day.

Talk to us face-to-face at a store

Visit us at one of our Queensland store locations.

Speak to a banking specialist over the phone

Call us at 13 1905 or complete our online enquiry form to receive a call back.

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. 

# 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

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RACQ Bank

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