In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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P&N SwiftSaver Account

P&N Bank SwiftSaver Account

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Maximum variable rate
4.55% p.a.
Base interest rate
0.2%p.a.
Minimum deposit
$10

Summary

An account that rewards you with bonus interest every month you increase your balance.

When you invest your savings in the P&N Bank SwiftSaver Account you can see a rapid increase. By meeting the terms each month, you are eligible to receive a high bonus rate on top of the standard, pushing your savings growth forward. This is an account to consider if you want to see a high rate of growth, but still need to be able to access your money when needed.

Pros

  • Earn bonus interest
  • Easy access to savings
  • No monthly account keeping fees

Cons

  • You'll lose the bonus interest if you make a withdrawal
  • Need to deposit $10 to earn the bonus interest rate

In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name P&N Bank SwiftSaver Account
Maximum Variable Rate 4.55% p.a.
Standard Variable Rate 0.20% p.a.
Monthly Account Fee $0
Minimum Opening Deposit $0
Minimum Age 18

Key features

Membership

P&N is a mutual bank and only provides the SwiftSaver Account for their members. There is no special terms to meet in order to become a member other than paying a $10 shareholder fee, and you can find the application online.

Monthly fee

You will pay no monthly account keeping fees for the SwiftSaver.


How to apply

Eligibility

Whether or not you are an existing member of P&N Bank, you can apply for this account online. You are also permitted to apply in person or over the phone if that is more convenient for you. No matter which method you choose, you will still be asked if you meet the following eligibility requirements before proceeding with the application:

  • Minimum age. You must be at least 18 years of age in order for your application to be accepted.
  • Residency requirements. Only Australian residents with an Australian mailing and residential address are permitted to open this savings account.

Your reviews

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Curious

June 29, 2023

Hi There, Is the SwiftSaver a transactional account? Can it send and receive funds?


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Alison Banney Finder

June 29, 2023

Hi Tamryn, no this is a savings account not a transaction account. It’s designed for savings, not spending the money. You can send money from this account, however then you won’t be eligible to earn interest.


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Ashley

March 14, 2023

Hi, if I open a swift saver account can I place restrictions on the account in order to make it difficult to withdraw funds?


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Alison Banney Finder

March 14, 2023

Hi Ashley,

You can’t set up restrictions on the account, however, this account requires you to make no withdrawals in order to earn bonus interest. The loss of bonus interest acts as an incentive to keep your money in the account. The account also doesn’t have a debit card so you can’t easily spend the money, unless you first transfer it out of your account and into a linked bank account.

If you’re looking for an account that doesn’t allow you to access your money, a term deposit may be better suited.

Thanks,

Alison


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