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Accounts FAQs

Interest is the money your funds earn while in your transaction or savings account or term deposit.

Many everyday transaction accounts, such as the Everyday Account, do not pay interest. Whereas many savings accounts do offer interest.

The amount of interest you can earn from your savings varies, depending on your chosen account and saving and spending habits. Many members choose to hold both an everyday transaction account for day-to-day spending and either a savings account or a term deposit account to accrue interest.

An account with a variable interest rate means the rate is subject to change during the time you hold your account.

An account with a fixed interest rate means the rate is locked in for a fixed rate and a fixed term. This applies to term deposit accounts.

For a full list of our deposit interest rates, you can view our Deposit Rate Schedule on our Forms & Documents page.

An account offering multiple tiers of interest means the interest rate changes based on the balance of the account. Interest can be applied on a tiered/stepped basis or on whole balances.

When interest is applied on a stepped basis, the interest rate applicable to each tier is applied to the account balance within each tier.

When interest is applied to whole balances, the interest rate applicable to the tier your balance falls within is applied to the whole balance.

Different types of transaction and savings accounts are suitable for different members, depending on your savings goals and how you to transact on your account.

For a full list of our deposit interest rates and to see how interest is applied to your account, you can view our Deposit Rate Schedule on our Forms & Documents page.

For a full, easy-to-follow tables of RACQ Bank's fees and charges, visit our fees and charges schedules on Downloads.

If you’d like to discuss these further, drop into an RACQ Bank branch or phone us on 13 1905.

Advantage Plus is available to people over 55 who want an account that provides interest for their savings, while still providing everyday access to their money. This account is especially useful for seniors and pensioners who wish to make their savings work harder for them.

For more information, visit our Advantage Plus page, visit your local RACQ Bank branch, or phone us on 13 1905.

For members over 55, our Advantage Plus Account is a great way to make your money work for you. Advantage Plus Account holders enjoy interest on their balances, no monthly account keeping fee and no minimum monthly deposit, to name a few.

For a full run-down on the benefits of having an Advantage Plus Account and whether it’s right for you, visit our Advantage Plus page, drop in to a RACQ Bank branch or call us on 13 1905.

Term Deposit interest rates are fixed for a specific term.

It is important to note that we regularly review our term deposit rates to stay competitive for our members.

For a full list of our deposit interest rates, you can view our Deposit Rate Schedule on our Forms & Documents page.

The RACQ BSB number is 514-179.

BSB numbers are used in Australia to identify your institution’s bank branch. Used in conjunction with your account number, a BSB number tells us where your account is located. You will need your BSB and bank account number whenever you wish to receive money from, or send money to, other accounts (including direct debits).

 Any existing customers using BSB 804-002 please be advised this is still valid and active, however we recommend you use BSB 514-179 going forward. 

RACQ Bank runs a 6-monthly bank statement delivery schedule, occurring in January and July of each year. Monthly statements are available on request.

On establishment of an RACQ Bank account you will have the option to receive paperless statements via an electronic means known as eStatements. You can still receive paper statements via the mail if this is your preferred option.

Remember, you can always check your balances and transactions any time using Internet Banking or the RACQ Bank mobile app.

Generally, RACQ Bank calculates – or compounds – your interest daily and pays this interest either monthly or quarterly straight into your account. The frequency in which your interest is paid is determined by the terms and conditions of the product you have and can be seen on the Deposit Rate Schedule, available on our Forms & Documents page.

Yes, cheque books are available on certain RACQ bank accounts. For information on whether your account qualifies, drop into a Bank branch or call us on 13 1905.

Term deposits are designed to earn you interest on your savings by securely locking your money away for a fixed term with a fixed interest rate. To take out a term deposit with us, you will need to invest any amount over $1,000 for a term of 1 month to 5 years.  The interest rate you earn, and therefore the profit made on your savings, will differ according to these factors.

To open a Term Deposit account, visit your nearest RACQ Bank branch.

For more information on RACQ Bank Term Deposits and rates, see our Term Deposit Account page.

We’re always open to discussing interest rate options for larger term deposits. Phone us on 13 1905 or drop into an RACQ Bank branch to discuss how we can help.

At the maturation of a term deposit, you can access and use the funds in any way you like. Your balance will have increased according to the interest rates and length of your term.

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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 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.

Mortgage Saver is only available for new lending to RACQ Bank. Customers with an existing home loan can switch to Mortgage Saver with a minimum $20,000 in additional new lending.

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Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Fees, charges, terms and conditions apply. Contact us for a copy. This is general advice only and may not be right for you.

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

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