Live chat Online Chat now

Accounts FAQs

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.

One of the key factors in calculating interest rates for term deposits is the Reserve Bank of Australia’s (RBA) official cash rate. As these move up or down, we generally pass on the difference.

It is important to note, however, that we regularly review our term deposit rates to stay competitive for our members – sometimes irrespective of the RBA’s cash rate.  

For a full list of our Term Deposit Account rates and Deposit Rates Schedule, view our Downloads 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.

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.

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.

Contact us

 Need help or like to know more?

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.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

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.

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.

® Registered to BPAY Pty Ltd ABN 69 079 137 518