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Compare Police Bank savings accounts
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Members of the Australian police force and their families can build a better financial future with Police Bank.
The roots of Police Bank go back to 1964, when it was formed in one small Sydney police station to help enable police to easier access financial products. The first loan provided was for a mere 100 pounds, were today they are able to provide loans in the six figures as well as a full range of savings and transaction account products.
Who is Police Bank?
Police Bank takes all of your savings needs into consideration, offering a range of products designed both for passive savers and serious investors. With incentives like bonus interest and years shaved off of your home loan, you have the opportunity to secure a prosperous financial future.
The high interest savings accounts offered by Police Bank are all accessible through their comprehensive online banking system. This free service can be easily obtained by contacting Police Bank at their assistance center. Once registered you have the freedom to make your banking transactions anytime you want from anywhere in the world. Internet banking with Police Bank is almost as if you are visiting a branch. You can conduct almost all of the same transactions electronically as well as access features that will help make managing your finances easier.What is internet banking like for Police Bank?
Notable features include:
What about the mobile app?
Image Source: App Store| Login Page | Accounts | Payments |
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What transaction accounts are offered by Police Bank?
- Easy access. This is a simple to manage everyday account that takes care of all of your banking needs. Your balance will earn daily interest, but is still available at call through a number of methods including internet banking and Visa debit card.
What high interest savings accounts are offered by Police Bank?
- Online Supersaver. Earn higher interest rates on your balance by restricting your access to online only. There are no minimum balance requirements and no fixed terms, yet through a linked accounts you can make easy transfers for instant access to your cash.
- Savings Plus. With a tiered interest rate that pays you more for higher balances the Savings Plus account gives you good incentive to save.
- Retirement Plus. Pensioners and retirees provides a flat rate of interest at a competitive rate to help keep your retirement savings growing.
- Market Linked. With a minimum monetary investment of $5,000 and time commitment of only seven days, you can earn interest at money market rates yet still make withdrawals from your account as needed.
- Edvest RediFund Plus. This account has all of the same benefits and terms as the Market Linked except interest is earned at a higher rate if you are an Edvest Member.
- Bonus Saver. For each month that you meet the minimum deposit requirement without making any withdrawals you will receive a bonus interest rate on top of the standard rate.
- Mortgage Offset. If you are also a home loan customer with Police Bank you can reduce the amount of time spent paying that loan off. This 100% offset account applies the balance of your account against the balance of your loan before any interest is calculated.
- Christmas Club. Save for the holidays with a special savings account that restricts your access to your money until the beginning of November. Ensure that all of your shopping goals are met by arranging for salary deductions that are deposited right into the account.
- Budget Manager. This specialised account sets your bill paying money aside, helping to ensure that you always have the cash needed to take care of monthly expenses.
- Insurance Saver. With this account a pre-determined amount of your salary is always put to the side so that you have the money needed when your insurance payments are due.
- Dynamo. This kid’s savings account pays bonus interest when $5 is deposited into the account each week. This account is available for any member under the age of 12, with accessibility limited to transfers to another account.
What term deposits are offered by Police Bank?
You are given a number of options when you choose to lock your money away in a Police Bank term deposit. The minimum deposit is $1,000 and you can decide on terms that range from three months to five years. You can even opt for monthly interest payments, bi-annual or at maturity. There are no fees required to maintain the account, but you will need a nominated account to receive interest payments in.
What are the pros and cons of banking with Police Bank?
Pros
- Bonus rates. You are given a number of ways to accelerate your savings with bonus interest paid on your deposits.
- Term deposit. The lower minimum deposit and flexible terms make it easier to invest your money for a set amount of time.
- Versatility. Police Bank has thought of all of your savings needs and provides a number of versatile accounts to help you meet them.
- Police Bank app. Bank on the go with an intuitive app that lets you use many of the functions that you get with internet banking.
Cons
- Transaction account. In order to become a member and open a savings account you must open a transaction account with Police Bank.
How do I apply for a Police Bank Account?
The first step in opening a Police Bank account is to apply for membership and open a transaction account. You will be given the opportunity to receive cash just for joining the credit union, and even more money if you opt to open at least three other savings accounts at the time that you apply for membership. They will attempt to verify your identity electronically with information from your driver’s licence or passport, and once completed you membership and account details will be forwarded to you.
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Ask an Expert
I have a Police Bank account and want to know the percentage for a 12 month term deposit for $140,000
Hi Judy,
Thanks for your question.
At the time of writing, a 12 month term deposit is offering 2.85%p.a. (interest paid at maturity).
Police Bank offer a wide range of term deposits, I’d encourage you to give them a call to see what they can offer you.