How is interest paid on my Savings Plus account?
Let’s say for example Savings Plus pays you a base rate of interest of 1% and reward interest of 3.25% (current rates are available here).
Your base rate of interest (1%) is paid monthly, regardless of how many times you dip into it.
Then, if you make no withdrawals, your account will receive additional reward interest of 3.25% p.a. paid quarterly into your account. This gives you combined interest of 4.25% per annum. However, you’ll receive less interest if you make a withdrawal. In our example if you make a withdrawal during a calendar quarter, you’ll receive 1.75% p.a. reward interest, giving you a total of 2.75% combined interest p.a.
Please note that balances above $1million earn base interest only.
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