How is interest paid on my Savings Plus account?

Last Updated: 14 May 2019

We pay you a base rate of interest regardless of the activity on your account. We calculate interest on a daily basis and pay it monthly by crediting it to your account (see the current rates).

You may earn additional interest as a reward interest at the end of each calendar quarter, depending on the number of withdrawals you make during that calendar quarter.  A “calendar quarter” means any of the following periods: 1 January to 31 march, 1 April to 30 June, 1 July to 30 September or 1 October to 31 December (as applicable).

We calculate reward interest on the daily closing balance of your account up to a maximum of $2,000,000 and credit it to your account quarterly.

You can ask to withdraw all or part of your account balance at any time. The first withdrawal made during the first 5 days of a calendar quarter will not affect your eligibility for reward interest. However, subsequent withdrawal or withdrawals outside of this period (including the last day of the calendar quarter) will impact the reward interest you earn in that quarter.

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