Compare Police Bank savings accounts

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Updated Dec 23, 2020

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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.

Savings Accounts
How do Police Bank savings accounts compare?

Name	Product	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees
Police Bank Dynamo Kid's Savings Account		1.7%	0.4%	1.3%	$0	Ongoing, variable 1.7% p.a. when you deposit $20+ each month. Available on balances from $50,000 to $49,999.		Compare	loading Fetching your data...

Compare up to 4 providers

Name	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees
Westpac Life (18-29 year olds only)	3%	0.2%	2.8%	$0	If you’re between 18-29, you can earn a 3% p.a. variable rate each month you grow your balance (excl. interest) and make 5+ settled debit card purchases from your Westpac Choice account, up to a balance of $30,000.	Go to site More Info	Compare	loading Fetching your data...
MyState Bank Bonus Saver Account	1.2%	0.1%	1.1%	$0	Ongoing, variable 1.2% p.a. when you deposit at least $20 into the account each month and make 5 or more Visa Debit card transactions from a linked MyState transaction account. Bonus interest available on balances up to $250,000.	Go to site More Info	Compare	loading Fetching your data...
Virgin Money Boost Saver (25+ year olds)	1.2%	0.1%	1.1%	$0	Customers aged 25+ can earn an ongoing variable 1.2% p.a. each month you deposit at least $2,000 into your linked Virgin Money Go Transaction Account and make 5+ transactions.	Go to site More Info	Compare	loading Fetching your data...
Bank of Queensland Fast Track Starter Account (for 14-24 year olds only)	2.5%	0.05%	2.45%	$0	Only available to those aged 14-24. Ongoing, variable 2.5% p.a. when you link to an BOQ Day2Day Plus Account, deposit $200+ into the Day2Day account each month from an external account and make 5 eligible transactions a month. Max bonus interest applies on balances up to $10,000. Balances between $10,001 and $250,000 will earn a lower bonus rate. Base rate applies on balances over $250,000.	Go to site More Info	Compare	loading Fetching your data...
Citibank Online Saver	1.1%	0.35%	0.75%	$0	Introductory rate of 1.1% p.a. for 4 months, reverting to a rate of 0.35% p.a. Available on balances Up to $500,000.	Go to site More Info	Compare	loading Fetching your data...
Bank of Queensland Fast Track Saver Account	1.05%	0.05%	1%	$0	Ongoing, variable 1.05% p.a. when you link to an BOQ Day2Day Plus Account, deposit $1,000+ into the Day2Day account each month from an external account and make 5+ eligible transactions per month. Available on balances up to $250,000.	Go to site More Info	Compare	loading Fetching your data...
Virgin Money Grow Saver	0.65%	0.1%	0.55%	$0	Earn an ongoing variable 0.65% p.a. each month you make at least one deposit of any amount and no more than one withdrawal.	Go to site More Info	Compare	loading Fetching your data...
Bank of Queensland WebSavings Account	0.01%	0.01%	0%	$0	Introductory rate of 0.01% p.a. for months, reverting to the standard rate of 0.01% p.a. for balances between $0 and $1,999.	Go to site More Info	Compare	loading Fetching your data...
HSBC Flexi Saver Account	0.25%	0.05%	0.2%	$0	Ongoing, variable 0.25% p.a. when you grow your balance by $300+ per month. Earn bonus interest even if you make withdrawals during the month. Available on balances up to $5,000,000.	Go to site More Info	Compare	loading Fetching your data...
Westpac Life	0.4%	0.2%	0.2%	$0	Ongoing, variable 0.4% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.	Go to site More Info	Compare	loading Fetching your data...
HSBC Serious Saver	0.3%	0.15%	0.15%	$0	Receive a maximum variable rate of 0.3% p.a. for 4 months, reverting to an ongoing rate of 0.15% p.a. for each month you don't make any withdrawals from the account. Available on balances below $1,000,000.	Go to site More Info	Compare	loading Fetching your data...

Compare up to 4 providers

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.

What is internet banking like for Police Bank?

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.

Notable features include:

Access to your up to date account balance
The ability to view your recent transactions with your savings, investments and loan accounts
See all of the interest earned on your accounts for the financial year
Transfer funds between accounts
Make BPAY payments
View and print your current statements
Set up your future periodic payments

What about the mobile app?

Image Source: App Store

Login Page	Accounts	Payments

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.
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.
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.

Thank you for your feedback!

Shirley Liu

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Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

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