Maximum variable rate: 4.00% p.a.
Base interest rate: 0.05% 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

Details

Key details

Product Name	P&N Bank SwiftSaver Account
Maximum Variable Rate	4.00% p.a.
Standard Variable Rate	0.05% 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.

Base interest rate

The standard rate for this account is variable and will be applied to the total of your balance each month.

Bonus interest

The variable bonus rate is competitive, and will be added to the base rate each month that you deposit at least $10 into the account and make no withdrawals. Interest payments do not count towards the deposit requirement, and the bonus interest is not eligible for accounts that are in excess of $250,000.

Interest calculation and payments

Interest is calculated daily at the rate you qualify for that month. If you missed the opportunity to receive bonus interest one month, you are still able to receive it the next if the terms are met. Payments are made into the account monthly.

Minimum balance

P&N Bank does not require that you maintain a minimum balance to keep the account active or receive interest payments.

Unlimited free transactions

You are able to easily access your account to make deposits and withdrawals with no charge to you by using any of the following; direct and payroll credit, phone and internet transfers, cash and cheque deposits, BPAY, cash withdrawal and direct debit. Bear in mind that electronic deductions do count as a withdrawal and will disqualify you from receiving bonus interest for that month.

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.

Depository requirements. While there is no opening deposit requirement, you do need to add at least $10 to your account each month in order to qualify for the bonus interest.

Documentation needed

P&N Bank also recommends that you have the following documentation nearby to refer to as you are filling in the online application:

Tax file number. There is no obligation on your part to provide your tax file number (TFN) or claim an exemption, but if you don't there could be a withholding tax deducted from any interest credited to the account.
Identification. If you are also applying for membership to P&N Bank you will need to have your Australian passport or driver's licence. If not available they will also accept one primary ID that does not contain a photo, such as your citizenship papers, along with one form of secondary ID like a utility bill.

What happens after I submit my application?

If you need additional help while completing the application, a representative is available via live web chat for assistance. Once you have submitted the application, P&N Bank will be in contact with you to give you the account details and help you get started on earning your monthly bonus interest.

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Showing 8 of 8 results

How the Finder Score helps you find a better savings account

The Finder Score is a simple score out of 10. The higher a savings account's score, the better we think it is for the average customer.

We score each savings account in our database of hundreds based on a data-driven methodology with 2 main criteria: Does the account offer a high interest rate? And is it easy for savers to actually earn that rate?

Read the full Finder Score breakdown

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. P&N SwiftSaver Account information page
2. P&N SwiftSaver Account TMD

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Alison Finder

Editorial Manager, Money

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Curious

June 29, 2023

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

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.

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?

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

Show more Show less

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full profile

P&N SwiftSaver Account

Pros

Cons

Key features

Membership

Monthly fee

Base interest rate

Bonus interest

Interest calculation and payments

Minimum balance

Unlimited free transactions

How to apply

Eligibility

Documentation needed

What happens after I submit my application?

Compare other savings accounts

How the Finder Score helps you find a better savings account

Sources

Your reviews

Important information about this website

Advertiser disclosure

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