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.
Who is RACQ Bank?
RACQ Bank is a for-member owned financial service provider for residents of Queensland. They are able to provide members with the same benefits and services found in traditional banks, yet focus on fee free banking and helping to build savings. The savings accounts they offer are designed to be manageable, while giving you an extra incentive to save.
What’s internet banking like for RACQ Bank?
Customers can use the RACQ Bank internet banking and mobile banking platforms for different reasons. You can turn online to view your statements and transaction history, you can make regular and scheduled bill payments via BPAY, you can manage payees and transfer funds, and you can even look forward to downloading transaction history.
The online banking platform relies on the use of 128-bit encryption to keep data secure.
Notable features include:
- Its mobile banking platform does not require you to download any app
- Use it to locate rediATM branches
What about the mobile app?
Image Source: App Store| Login Page | Favourites | Account Transfer |
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What transaction accounts offered by RACQ Bank?
- Everyday Account. Equipped with a Visa Debit card, the Everyday Account allows you to easily make purchases in stores and online in Australia and overseas. This account also charges no account keeping fees.
What high interest savings accounts are offered by RACQ Bank?
- eSave account. For individuals with more than $5,000 they want to squirrel away, the eSave account gives you little access to your money while a competitive interest rate is being applied monthly. This is perfect for the person who has a big savings goal they want to meet.
- Bonus Saver account. Suited for adults and kids who need encouragement to save, this account rewards you with bonus interest for making at least one deposit a month and no more than one withdrawal. With no monthly fee and no minimum balance, this is an easy account to save your pennies in.
What term deposits offered by RACQ Bank?
You can choose to lock in your interest rate for terms ranging from one month to five years with a term deposit from RACQ. The minimum investment amount is $1,000 with interest rates getting progressively higher if you choose to invest more into it. For term lengths longer than 12 months, interest is paid annually. For term lengths less than 12 months interest will be paid when the term reaches maturity.
Back to topAny feedback about RACQ Bank?
Pros
- Bonus interest. The terms for earning bonus interest on your savings are easy to meet with careful management of your extra money.
- No monthly fees. Many of the products offered by RACQ Bank are either free from any monthly fees or provide you with ways to avoid them.
- Transaction fees. You are able to conduct most of your daily transactions without incurring any fees.
- Access. You are afforded with online banking, ATM access and the option of visiting a local branch.
Cons
- Availability. The banking products offered by RACQ Bank are only available to members. To become a member you must be a resident of Queensland.
How do I apply for an account offered by RACQ Bank?
RACQ Bank offers you the convenience of applying for their savings account products online. Expect the following as you start your online application:
- Membership. Before you can apply for a savings account, you will first need to become a member of the mutual bank. This too can be done online so long as you are a resident of Queensland.
- Age requirements. You can be as young as 13 to apply for some of the savings products offered by RACQ Bank.
- Contact. Make sure that you are providing a valid email address so that the bank can forward you the details of your new account.
It is always a good idea to compare the features of financial institutions and their various products before choosing one to help you with your financial needs. This will ensure that you are getting the terms that suit you for the best possible value.
Ask an Expert
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.
It actually depends. 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. On this page, you’ll be able to find the different term deposit products available. 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:
1. ME Term Deposit = $945.00
2. RACQ Bank Term Deposit = $928.13
3. AMP Term Deposit $25,000+ = $928.13
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