Compare Cairns Penny Savings & Loans savings accounts

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.

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 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.

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

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.