In this guide

  • Review
  • Details
    • Key details
  • Key features
  • How to apply
  • Compare other savings accounts
  • Your reviews
  • Ask a question
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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
  • Compare other savings accounts
  • 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.

Compare other savings accounts

1 - 11 of 188
Updated regularly
Name Maximum Variable Rate p.a. Standard Variable Rate p.a. Intro/Ongoing Government Guarantee Monthly Max Rate Conditions
Ubank High Interest Save Account
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $500
  • Savings up to $100,000
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Rabobank High Interest Savings Account
Maximum Variable Rate p.a.
5.75%
Standard Variable Rate p.a.
4.40%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ING Savings Maximiser
Finder Award
Maximum Variable Rate p.a.
5.50%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $1,000
  • 5 transactions
  • Grow your balance
  • Balances up to $100,000
Go to siteView details
 Eligible customers can receive $50 cashback when they open an Orange Everyday and a Savings Maximiser account together before 31st July 2024. Customers must make 5 settled transactions and keep the accounts active for 60 days from opening.
Newcastle Permanent Online Savings Account
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
ING Savings Accelerator ($150,000 - $500,000)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
4.70%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Welcome rate applies up to $500K
Go to siteView details
Macquarie Savings Account
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
4.75%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Balances up to $250,000
Go to siteView details
ME HomeME Savings Account
Maximum Variable Rate p.a.
5.55%
Standard Variable Rate p.a.
0.55%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $2000
  • Grow balance
  • Balances up to $100,000
Go to siteView details
IMB Reward Saver Account
Maximum Variable Rate p.a.
5.25%
Standard Variable Rate p.a.
0.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • Deposit $50
  • No withdrawals
  • Balances up to $1,000,000
Go to siteView details
BCU Bonus Saver
Maximum Variable Rate p.a.
5.00%
Standard Variable Rate p.a.
1.00%
Intro/Ongoing
4 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
Westpac Life (18-29 year olds only)
Maximum Variable Rate p.a.
5.20%
Standard Variable Rate p.a.
2.00%
Intro/Ongoing
Ongoing
Government Guarantee
Monthly Max Rate Conditions
  • Make a deposit
  • Grow your balance
  • 5 debit card purchases
  • Balances up to $30,000
Go to siteView details
St.George Maxi Saver
Maximum Variable Rate p.a.
5.35%
Standard Variable Rate p.a.
1.10%
Intro/Ongoing
3 months
Government Guarantee
Monthly Max Rate Conditions
  • N/A
Go to siteView details
 Max Variable Rate includes 0.35% p.a. for 3 months for new customers who apply online
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Sources
  1. P&N SwiftSaver Account information page
  2. P&N SwiftSaver Account TMD

Your reviews

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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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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Avatar

Alison Banney

Editor

Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full profile

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