Compare RACQ Bank Savings Accounts
RACQ Bank provides residents of Queensland more options in relation to meeting their banking needs.
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RACQ Bank has been assisting residents of Queensland for more than 110 years, initially in the areas of car insurance, roadside assistance and automotive services. Over that time, they've expanded to offer their services to the rest of Australia, as well as moved into new areas like banking and finance. With a versatile selection of products, it’s easy for RACQ Bank to handle all of your financial needs.
RACQ Bank savings accounts, bank accounts and term deposits
RACQ Bank savings accounts
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How we picked theseHow 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?
Want more interest on your savings?
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RACQ Bank bank accounts
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How we picked theseFinder Score for bank accounts
We assess multiple product features for transaction accounts from over 100 providers and assign each product a score out of 10.
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RACQ Bank term deposits
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How we picked theseFinder Score for term deposits
Finder Score assigns Term Deposit products a score out of 10, comparing interest rates and features, to make comparison easier. We assess over 150 products from more than 90 providers, assessing products across different terms to determine an average score per product.
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Compare term deposits to grow your savings with confidence.
Rates accurate as at: December 4th, 2025 Learn about our information service
What are the pros and cons of banking with RACQ?
Pros
- Easy-to-meet conditions for earning bonus interest
- No monthly account fees on many products
- Most everyday transactions can be completed without fees
- Access to online banking, ATMs, and local branches
Cons
- Products are only available to RACQ members, and membership is limited to Queensland residents
How to apply for a RACQ Bank savings account
Applying online for a new bank account is fast and easy. You'll need identity documents such as your driving licence or passport. For more about the process, check out our full guide to opening an account online.
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RACQ Bank Term Deposit
Choose a term from one month to five years and earn a competitive, fixed interest rate on your deposit. This account is for Queenslanders only.
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RACQ Bank Everyday Account
Benefit from unlimited use of your debit card when you bank everyday with the RACQ Bank's Everyday Account.
Hi, i am looking at account RACQ Bank Bonus Saver Account. when can I withdraw funds and not loose interest?
Hi, if you make a withdrawal from the RACQ Bonus Saver you will not earn bonus interest that month. You will be eligible to earn bonus interest the following month if you make no withdrawals and meet the $100 deposit condition.
Can you open a term deposit with funds from a Self Managed Super Fund
Hi Peter,
I can’t find any specific information about SMSF term deposits on RACQ’s site. I suggest giving the bank a call and enquiring about this directly on 13 1905.
Hello
I would like to open savings accounts with RACQ
I have money to place into RACQ Bank Bonus Saver Account but it says its capped at $99,999.00
Can you open multiple of the same account if I have more money to Invest
Hi Jason,
Bonus Saver Accounts are restricted to a maximum of two accounts per member. If you would like to earn high interest on all of your money, you could spread it across a range of accounts – you can review some of your options here.
Hope this helps!
I have a $45,000 term deposit due to mature 0n 7 January 2019. I received 3% interest with Westpac for this deposit based on 8 months duration. Should I rollover or is there a better rate another institution could give me?
Hi Jane,
Thanks for reaching out.
If you wish to compare the interest earnings with other term deposit products versus your current rate with Westpac, that would surely help you decide. You can use our comparison table to help you find the account that suits you. To be able to know your interest earnings, just use the calculator on top of the table on that page and enter your deposit amount and term of investment then click calculate. So for instance, we’ll use $45,000 for the deposit and 9 months (no 8-month option) for the term. Based on the results, the following are the top-earning brands:
You may want to visit the official site of the bank so you can open the account from there. Best to check and review the T&Cs and PDS of the account first before considering it’s the right product for you.
I hope that helps.
Cheers,
May