P&N Bank is an Australian financial institution comprised of the merger of 15 various credit unions. In 2013 they obtained regulator approval and became a mutual bank and are now able to provide you with the same products and security that the big banks can, including being a part of the Australian Government Guarantee of deposits up to $250,000.
Awards that P&N has earned
- Roy Morgan Customer Satisfaction Awards – Bank of the Year 2014
- Pinnacle Award for Marketing Excellence – Branding 2013
Who is P&N Bank?
As a mutual bank P&N is able to offer their members savings accounts that cover all of your financial plans. Not only will you find accounts that reward you for saving by paying out higher rates of interest, they also have accounts geared towards younger Australians. There are no monthly fees to concern yourself with, and free transactions when you choose to take advantage of electronic banking through their online platform.
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What transaction accounts are offered by P&N?
- Easypay Access Account. A monthly fee applies for the use of this account which you can have waived by meeting their conditions. You are also provided with multiple ways of accessing your money including a linked Visa debit card that can make withdrawals at over 3,000 ATMs countrywide for free.
- Student Account. Australian students aged 16 to 25 get the advantage of no monthly fees despite what your account balance is along with a choice in debit cards to make your withdrawals and purchases with. You can also earn a nominal interest rate on your balance that is paid to you quarterly.
- Budgeting Account. With this account you can keep your expense money separate from your everyday cash, ensuring that all of your bills are being paid on time. The same debit card is used to access money at ATMs as your transaction account or you can use internet banking to take care of your needs.
What high interest savings accounts are offered by P&N Bank?
- Hi Saver. Designed for accounts with balances of over $5,000, you will earn a bonus rate on top of the already competitive rate for the first four months after the account has been opened. There are no terms or regular deposit conditions to meet, and you are able to access your money at call through internet banking.
- SwiftSaver Account. Earn bonus interest for your smart savings habits by meeting a deposit requirement with no withdrawals each month. There are no monthly fees to pay with this savings account plus you have a number of ways to access your money without having to pay any additional charges.
- Way Cool Saver. For Australian children up to 15 years old, this account pays a competitive rate of interest on balances less than $5,000 without any strings attached. Once the child hits 12, they can begin accessing their savings on their own with a linked RediCard.
- CashSaver. Maintain a minimum balance of $5,000 and you can earn a competitive interest rate on your savings while still having access to it. No monthly fees are charged to the account and you are given multiple options for fee free transactions.
- Donation Saver. The Donation Saver pays you a nominal interest rate on your balance each month and a higher rate annually to the WA charity of your choice. This account carries no monthly fees, and offers you easy access through a number of means including internet banking.
What term deposits are offered by P&N Bank?
The term deposits offered by P&N provide you with flexible terms and payment options. Your savings of at least $5,000+ is locked into the account at a fixed interest rate for a term that you choose. Depending on how often you want to receive interest payments, which are deposited into a separate account or issued by cheque, you can choose terms starting at two months for up to five years.Back to top
What are the pros and cons of banking with P&N Bank?
- Online banking. Netlink is P&N’s online banking system and allows you to make secure transactions at any time. You can also download their mobile app and take advantage of banking on the go.
- ATMs. With a linked debit card you have access to your money through over 3,000 ATMs across Australia using rediATM, NAB and Bank of Queensland’s networks.
- Flexibility. With each account you are given multiple ways in which you can access your money.
- Transaction fees. With some of the savings accounts offered by P&N Bank you will be charged when using certain transaction methods.
How do I apply for a P&N account?
The way in which you apply for a savings account with P&N will depend heavily on the type you choose. While most can be applied for online, with others you will need to fill out an enquiry form first. Age restrictions will vary depending on the details of the account, but you do have to be at least 18 to fill out the forms online. You must also be an Australian resident and have an Australian residential and mailing address. Have ready your tax file number (TFN) or exemption code along with your government issued photo identification in order to help complete your application.
More guides on Finder
P&N Term Deposit
A variety of terms to choose from along with interest payment options make the P&N Bank Term Deposits worth a closer look.
P&N Way Cool Saver
Saving can be "way cool" when your child is being paid a competitive rate of interest while not being charged any fees.
P&N SwiftSaver Account
Easily turn your standard earnings into higher ones with an account that has easy to meet terms for gaining bonus interest.
P&N Bank Student Account
Study with financial peace of mind knowing your money is at your fingertips whenever you need it.
P&N Hi Saver
Watch how quickly your savings grow with an introductory bonus rate paid on every dollar in your account.
P&N Easypay Access Account
Make the most of your spending money with an account that gives you a range of ways to access it without charging you transaction fees.
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