i

How is interest paid on my Savings Plus account?

Last Updated: 08 Nov 2016

Saving Plus rewards you with interest for not dipping into your savings. The less you dip in, the more interest your account earns.

Let’s say for example Savings Plus pays you a base rate of interest of 1% and reward interest of 3.25% (see the current rates). 

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.


Did this answer your question?

Related Answers


Related topics

, , ,