RACQ Bank provides residents of Queensland more options in relation to meeting their banking needs.
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 transaction accounts offered by RACQ Bank?
- Everyday Account. Equipped with a Visa debit card, the Everyday Account makes it easy to manage your funds virtually free of fees. Even the $6.00 monthly account fee is waived so long as you meet a minimum monthly deposit requirement.
- First Everyday Account. Perfect for Australians between the ages of 13 and 17, this account allows for unlimited free transactions and no monthly fees or service charges. Once the holder reaches 16 years of age they can enjoy more flexibility with a Visa debit card.
What high interest savings accounts 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 three years with a term deposit from QT Mutual Bank. The minimum investment amount is $1,000 with interest rates getting progressively higher if you choose to invest more into it.
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.
- 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 and pay a one-time shareholder fee of $10.00.
- Technology. While RACQ Bank does provide online banking, they have not introduced an app that lets you bank on the go.
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. Once the account is opened, the $10.00 shareholder fee will be deducted from your account.
- 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.
