Compare Cairns Penny Savings & Loans savings accounts

Invest your dollars with a local bank and reap the rewards of multiple savings options and personal service.

Local residents of Cairns have known the benefit of small town banking for over 100 years. Still standing alongside Australia’s larger banks, Cairns Penny Savings & Loans provides you with a variety of savings options with comparable rates and fees and incomparable personable service.

Rates last updated October 15th, 2019
Name Product Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Interest Earned Product Description
Rabobank Online Savings High Interest Savings Account
$0 / $0
Maximum variable rate of 2.50% p.a. for 4 months, reverting to a rate of 1.05% p.a. No deposit or withdrawal conditions. Available on balances below $250,000
UBank USaver
2019 Winner
UBank USaver
$0 / $0
Ongoing, variable 2.10% p.a. when you link your USaver account to a UBank Ultra transaction account and transfer at least $200 per month into either account. The linked transaction account has no monthly fees and no international fees. Bonus interest available on balances up to $200,000.
HSBC Flexi Saver Account
$0 / $0
Ongoing, variable 2.15% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.
MyState Bank Bonus Saver Account
$0 / $0
Ongoing, variable 2.50% p.a. when you deposit at least $20 into the account each month and make five or more Visa Debit card transactions from a linked MyState transaction account.
Suncorp Growth Saver Account
$0 / $0
Ongoing, variable 2.05% p.a. when you grow your balance by at least $200 (excluding interest) and make no more than one withdrawal in the month. Available on the entire balance.

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Who is Cairns Penny Savings & Loans?

At Cairns Penny Savings & Loans, they take the bank’s founders’ motto “Take care of the pennies and the pounds will take care of themselves” to heart by providing members with a number of options for storing their own pennies. You will find at call accounts to passively save for a rainy day, and competitive investment solutions that allow you to plan for your future. There is no savings goal too small or too big for Cairns Penny Savings & Loans to help you meet.

What is internet banking like for Cairns Penny Savings & Loans?

Cairns Penny Savings & Loans makes banking easy by providing members with the option of signing up for online banking. This free service will allow you to access your accounts from your home or work computer to make daily transactions and transfers.

Visit the Cairns Penny branch and a service representative will set up your internet banking platform for you and get you started on how to make use of the various features.

Notable features include:

  • Immediate processing of any internal transfers
  • BPAY payments
  • External transfers
  • View account balances and transactions
  • Set up regular and future payments and transfers
  • Confirm when a cheque has cleared your account
  • Print your statements
  • View interest earnings
  • Change passwords
  • Customise your welcome page
  • Securely send emails to Cairns Penny
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What transaction accounts are offered by Cairns Penny Savings & Loans?

  • Access Plus Account. The Cairns Penny everyday banking account comes with your choice of ATM or Visa debit card. This allows you easy access to your money as well as the ability to make EFTPOS purchases and cashouts.
  • Pensioner Account. Designed to meet the needs of pensioners and retirees, this is an interest earning account that is based on Federal Government deeming rates. Take advantage of complete access to your cash with your choice in debit card, along with online transactions and transfers.

What high interest savings accounts are offered by Cairns Penny Savings & Loans?

  • Savings Investment Account. A high interest savings account for those with a larger amount to invest, interest will be calculated on the daily balance and paid into the account once a year at the end of June.
  • Pennywise Account. The Pennywise account is linked to your Cairns Penny Savings & Loan home loan. This is an offset account where your balance will help lower your monthly repayments and pay your home loan off faster.
  • Christmas Saver. Start saving Christmas as early as January by keeping these funds separate from your everyday money. With this account you are earning interest on your balance, while only being able to make deposits until the first of November.
  • Personal Cheque Account. An account that allows for daily transactions while paying you interest on your daily balance. Interest is paid into the account quarterly to help you earn more with compound interest.
  • Internet Saver. Linked to your everyday banking account, the Internet Saver pays a higher rate of interest on your daily balance. Access your money by transferring the funds directly into your transaction account.
  • First Penny Saver Account. A higher interest rate is paid to the balances of Australian children under the age of . Direct credit and branch transactions are allowed, plus the parent has the option of being able to make transactions on the child’s behalf.

What term deposits are offered by Cairns Penny Savings & Loans?

Your long term savings plans can also be taken care of by locking your money into a term deposit. For a minimum deposit of $1,000 you can invest for anywhere between one month and two years. With terms of longer than a year, you can also opt to have interest payments made with more frequency to help with your other monthly expenses.

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What are the pros and cons of banking with Cairns Penny Savings & Loans?


  • Versatility. You will find that the savings products offered are specially structured to meet varying needs.
  • Interest rates. The interest rates quoted are in line with what you get with larger banks.
  • Membership fee. Your cost for choosing to become a member of Cairns Penny is $1 for your shares.
  • Access options. With their internet banking system you are provided with a number of easy ways to access your money.


  • Branch availability. There is only one physical branch located inside of Cairns, limiting your access to branch banking.
  • Bonus interest. Noticeably missing from the selection of savings accounts are those that encourage you to save by offering bonus interest for monthly deposits and no withdrawals.
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How do I apply for a Cairns Penny Savings & Loans account?

For all accounts, including applying for membership, you will need to visit the Cairns Penny Savings & Loans branch in order to complete an application. Bring with you photo ID along with your tax file number and personal details. You do need to be a resident of Australia with a residential address to open an account, but the age and deposit requirements will vary depending on the products you are interested in.

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